11 basic financial planning steps for women @ALLIESFIN
• She must ensure that as a couple her husband has bought a Term Insurance plan.
• She should advise her husband to buy loan insurance for any running loan, be it a home loan or a car loan.
• She can suggest her husband to get a Life Insurance Policy effected under Married Women's Property (MWP) Act.
It will be instrumental in transferring her husband's assets only to her and the children even in the face of challenges like creditors, family disputes, property distribution, bank loans and business loss.
• Women should ensure that family accounts including a statement of all assets and investments are maintained properly
• Custody of passwords for all financial investments must be with the woman.
• Ensure that all investments made are in joint names
• Ensure you are the nominee for insurance policies.
• Working woman should buy adequate life Insurance for herself because in that way she can ensure that in case she faces some uncertainty, her husband will continue getting the financial support from her end.
• Working woman should invest a certain sum of her money towards her own mother's financial independence.
• Last but not the least, learn to earn. “Financial independence will set you truly free. This can be through education – learn formal and informal skills to give yourself the ability to earn a living for your family and support yourself during the worst events,”
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By: via @AlliesFin Serve T.ME/ALLiESFiN
