With changing times, it is important to change ourselves as well. Society is a lot more liberal today than it was 10 years back, and our daughters have a greater chance of having a successful professional career. Whether they want to be doctors, engineers, pilots – our daughters can be all of those and more. With the right investment tips in mind, your daughter can be financially independent.
The infographic shows how hard women have to work in order to be able to command a substantial corpus. Before our daughters step out into the world, it is our job to prepare them for harsh realities such as this. Being financially independent is a huge determinant behind our daughters living independently and enjoying a life of dignity; and as parents, it is our duty to prepare them for it.
We should give our daughters and women investment tips that can help them grow their fortunes. One major way that we can help our daughters become financially independent is by starting an investment plan for them well in advance. Unit Linked Investment Plans (ULIPs) are an instrument that fulfill the two-pronged objectives of ensuring both insurance and also act as an investment instrument. If you invest in the best ULIP plan on Finserv MARKETS for your daughter when she is comparatively young, she will have a substantial corpus at her disposal in a few years. You can buy ULIPs online and watch it mature as she grows in age too.
Read on below to learn 10 tips on raising a financially independent daughter.
Teach them the importance of savings:
This is a skill that can be taught to children right from a young age. Children are sometimes given money by older relatives during festivals or on other occasions. You can advise your daughters to not spend this money, and instead save it until they have accumulated it to buy something bigger and more worthwhile than chocolate.
Encourage them to start working early:
You can teach your daughters to be financially independent by encouraging them to get jobs right from a young age. This behaviour can be inculcated by giving them money for chores around the household, and encouraging them to get small jobs while they are in college or graduating. This way, not only do they have extra money to spend as pocket money; but they are also well on their way to being financially independent.
Answer their money-related questions honestly:
Many parents might think it best to not discuss money matters with their children, owing to a plethora of reasons. However, if parents honestly answer any questions their daughters have regarding money and related matters; there is a good chance that the daughters will be more financially independent.
Teach them the importance of entrepreneurship:
Earlier, having one job was enough to live a comfortable life. However, the economy and changing lifestyles have shown that these days, one job might not be enough to have a comfortable lifestyle. Teach your daughters to have an entrepreneurial spirit that will help them generate additional streams of revenue, or at least more profitable ones.
Educate them on investment options:
Previously, a house was supposed to be the safest form of investment and one often advocated by our own parents. However, this is no longer true. Educate your daughters on different investment instruments that can yield higher returns over a shorter period of time, as compared to real estate, such as ULIPs. The best ULIP plans, available on Finserv MARKETS, will allow her to benefit from the dual advantages of insurance and investment. Additionally, after a fixed lock-in period, she can also make partial withdrawals from the fund in order to meet unexpected financial emergencies. Buy ULIPs online to watch the corpus grow as she ages too.
Teach her to pay bills on time:
A major expense and responsibility in life revolves around paying the bills. Teach your daughter the importance of paying bills on time, whether for electricity, gas or even paying the domestic help. This will teach her to be more cautious with her spendings as well.
Teach her to use credit cards responsibly:
While credit cards bring a ton of perks with them, they are also a financial responsibility. Though your daughter may be tempted to use her credit card indiscriminately while shopping, educate her on the perils of not paying the bills in time. Teach her the importance of maintaining a good credit score.
Show her the necessity of living within her means:
With credit cards and loans becoming easily available, many people now live life flamboyantly on means they cannot actually afford. Teach your daughter the importance of living within her means, otherwise she will end up getting caught in a vicious circle of credit that will be extremely harmful in the long term.
Teach your daughter how to plan and budget:
Whether you are going to the movies or to a fancy restaurant for dinner, show your daughter the bills and make her understand the budgeting the family does for spending on treats. Explain to her the importance of making a budget, even for availing luxuries.
Teach your daughter to accumulate wealth:
It is important to accumulate wealth to live comfortably in the long run, and it is best to prepare your daughter early on in life for that. Whether it’s through savings, investments or having a side hustle; teach her the importance of accumulating wealth responsibly.
A financially independent daughter will make you proud, and knowing that your manner of upbringing helped her groom herself will make you prouder still. Teach her everything you wish you had known when you were her age, and watch her flourish. Teaching her to invest in the best ULIP plans, such as those available on Finserv MARKETS, will ensure she will never have to depend on anybody else financially. Buy ULIPs online and give women investment tips to your daughter today to watch her mature into a financially independent person.
To know more on ULIP investments in depth, you can check out these blogs:
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