Money9 Helpline hosted Finwise’s co-founder Prathiba Girisht to discuss why and how women must plan their finances individually, and what are the common mistakes to avoid while planning their personal finances.
Girish: The basics of financial planning starts with outsourcing your risk. So first, you should take solid term insurance for the sole breadwinner of the family, not a negotiable one just simple term insurance, and then set up an emergency fund in case of loss of income. Once you have built a backup to help the family after this you can take a step towards investing by making small investments in a SIP. As you feel more confident about your knowledge in finance you can invest further.
Girish: You have a long time of 18 years to go, if you are investing for the first time then I will suggest you go for a good Flexi cap or a large cap. Whenever you invest, you should aim not to bear the capital loss, it’s completely fine if you earn less profit. I can also suggest you some funds which you can consider like Canara Robeco bluechip fund and Canara large cap fund as both the funds belong to the same AMC, so you can consider these funds while investing.
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