How to become a rich woman in 2023? Your Money Masterplan

Anais Nin once asked How wrong it is for a woman to expect the man to build the world she wants, rather than to create it herself We do not have a measure for how much it is. Women and men are equally bestowed with faculties and ipso facto are equally adept at handling the reigns of their finances.

Have you ever wondered what makes those people enjoy life in all those comforts in times of such global financial adversity while you bear thrashings from the recession? The answer is a planned financial approach.

We show you how: THE MASTER PLAN

EARN

How to Expand Your Earning?

Create multiple income sources.

If you are not in the money earning bracket of women, it's time to become self-dependent. Brace up! Become an entrepreneur. You can do it. Put your inner creative genius to use and create something unique. Sell products or services. Uniqueness and novelty sell. Great businesses are based on simple ideas. Just find a target market and learn to sell whatever products you make or services you offer.

The Internet can be your key to opulence with a host of opportunities it provides for income earners. Even if you are already a working woman, do not forget to sell your services through the internet to reach a wider audience. Get yourself a blog or a website and learn how to monetize it to your benefit with advertisements. You can even write an e-book about your experiences, expertise, or things of your interest and publish it to mint money. Even online video channels like Youtube let you make money by posting on it.

The world is your oyster if you decide to embark on that journey of self-dependence.

How to Save More Money?

Women are most generally associated with the notion that they act on impulses more than men. A smart woman always keeps logic handy and emotions at bay when it comes to living life. While it is as easy as a child's play to spend all the money in your kitty, it seems like a real herculean task to save some dimes in this world of consumerism. Here is how you can mend your ways to save more money than usual in your day-to-day life:

• Pigs As Banks

Yes, we are taking you to the primary school of the pathway to a secure financial future. Start saving money in a small money bank. Make it a strict habit to spend money at regular intervals like daily, weekly or monthly. Be strong enough to resist the temptation of taking the money out and spending it. In time, the entire money cushion that will form in your financial kitty will be a great source of comfort.

• Differentiate Between Needs and Wants

Before pursuing financial literacy at length, it would be prudent for you to learn how to differentiate between your needs and wants. While needs are for the things that you absolutely can't live without i.e. the essentials, wants are for things that you desire for various reasons. Learn to kill impulses. And in case this got you wondering, No! The little black dress you saw in the show window last weekend can not be categorized as a need, honey!

• Embrace Dealing In Cash - No Credit policy

It has been proven that visual phenomena affect our psyche in more influential ways than non-visual ones, for the same reasons it is advised that while shopping one must steer clear from buying stuff on credit. First of all, buying on credit will cost you the value of the item plus the interest amount. Secondly, buying things with cash makes us more mindful of purchases than on credit. When you make it a habit of shopping only with cash, you will eventually notice your expenses going down, as long as you stick to the difference between needs and wants that we just taught you.

• Choose Tax-Free Saving & Investing Options

What can be easy as a wealth builder than tax-free saving and investment options The answer is hardly anything. The government of the country offers a myriad of such schemes to raise investments and provide incentives to people to save. Rajiv Gandhi Equity Saving scheme is one of our favorites to start with. Jump onto them!

Where Should You Invest?

Money fetches more money. That is one rule that holds only if you make prudent investments. For an economy like India, with a brand new government that is ready to take on the world and a favorable investing climate, there are tons of avenues that you can channel your funds into. Here is a list of smart investing options for a woman who looks to be rich sometime soon:

• Banks!
  • Saving Bank Accounts
  • Fixed Deposits
  • Recurrent Deposits

If you just rolled your eyes looking at the heading given to this paragraph, think again. Banks today offer handsome interest on saving bank accounts and thus can be an attractive option for hassle-free savings. Additionally under section 80 TTA of the Income-tax Act, 196, the interest income from deposits in Savings Bank Account in Banks, Co-operative Society, and Post Office will be exempted up to INR 10,000.

• Bond, Zero Coupon Bond.

Zero Coupon Bond is a bond bought at a price lower than its face value, with the face value repaid at the time of maturity. While it pays no periodic interest to the investor, it appreciates over some time (assumed) and can be en-cashed at maturity. Although the bond has a long gestation period of around 10 years, it is a great tool for people who are looking for handsome gains. One thing that you need to focus on while purchasing a Zero Coupon Bond is the taxation criteria at the time of maturity.

• Post Paisa

If this one sounds old school to you, there is one notion that you need to change. National Savings Certificate VIII issue, the National Savings Certificates IX issue, Post Office Time Deposit Receipts, and Senior Citizen Savings Scheme are some of the good and safe investment options you can blindly trust. Tax deduction under section 80C is also one of the benefits of making such investments.

• Public Provident Fund

Interest income from PPF will now be earned at a rate of 8.7%. What is more, is the fact that income from such investments will continue to be exempted from income tax. However, there is a limit of 1 Lakh rupee over the amount which you can invest in this channel.

• Fixed Maturity Plans

FMPs are close-ended mutual fund schemes. It comes with a fixed time limit. The investment period can vary from one month to five years. These funds invest in debt instruments and thus offer impressive returns.

• Funding Indian Startups

Venture Capitalists and Angel Investors are risk-takers that undertake investments in companies that they perceive have great potential as businesses. India today is brimming with start-ups that aim high, just the thing for you is to help all these aims materialize and earn meanwhile you are at it. However, make sure you thoroughly study the market for the business you are about to invest in, and also remember that the risk here remains high.

• Real Estate, Real In-state

Real Estate is one sector that can bring home some great returns to you after a considerable period. The new Indian Government is working a lot towards development in the country with the introduction of concepts like that of Smart Cities, which are guaranteed to give a boost to the land value in these areas. This one is a great option if you have got time and money at your hand. You can even rent out these properties for the time you own them to earn additional income.

• Stock Up!

Indian stock markets present you with a myriad of opportunities to make investments with their fluctuations. While the risk involved is high, a little market study can make any novice an expert. The newfound emphasis on industrialization makes some sectors like the power sector, banking sector, capital goods sector, and real estate show bright indications for the near future. However, the stock in which the investment is being made should be thoroughly studied, the sector analyzed and a stop-loss fixed. A smart investor carries a diverse portfolio.

• Mutual Funds & Systematic Investment Plans

If figures abuzz at the stock exchange boggle you, mutual funds are an option you must consider. As mutual funds allow an expert to invest money in the stock market on your behalf, for a fixed percentage called an expense ratio. Equity funds invest primarily in equity shares. Debt funds- invest in debt securities issued by the government and corporate sectors. Factors like risk appetite and the goal and period for the attainment of that goal of an investor define the decision of buying mutual funds,

Systematic Investment Plan (SIP) is an investment vehicle offered by mutual funds to investors, allowing them to invest using small periodical amounts. These work on the principle of compound interest and thus grow more with time.

• Gold & Silver

Indian women are smitten with Gold, Silver, and everything else that sparkles. Both precious metals are good long-term investment options that fall in the sort of? evergreen? category.

Any other approaches to getting rich? We would love to hear!