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Post by suhasini on Mar 29, 2011 17:41:48 GMT -5
Inspite of the advanced technology and modern world, I feel that women are still not financially independent. - What are the steps we can take to secure our future?
- Would the spouse feel offended if his wife prefers to deposit her salary in an individual A/C or maintains a separate savings A/C?
- I am already repaying my Education loan from my salary - should I co-sign the home loan?
- My parents own some property that will be split between my brother and me. When I inherit the property, will my spouse automatically be included as a owner for that property?
- My jewellery that my parents gave during wedding are with my in-laws. How would you approach your inlaws to get the jewels back?
- How do I start a financial discussion with my spouse to understand who are the nominees on his account, etc? Any suggesions.
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Post by bollywoodmania on Mar 29, 2011 22:56:08 GMT -5
Looks like Modus_operandi is different than other females in having a financial planning in place (I read the her post on financial blogs). May be she can shed more light on some of the things. 1. Enroll in 401k. Actively follow the trends and do rebalancing once in 6 months. Have a 70/20/10 ratio for stocks/bonds/MMF in 401K. 2. We try to follow 1/4 rule. We set aside quarter of each one's paycheck for individual investing in separate accounts. Each one can use their savvy to grow the egg and based on the confidence and good return rate on whose portfolio, better of the two can volunteer to handle or share the tips. I am the conservative one with lesser growth and lesser risk but the account and the benefits are for myself and not set for family fund. 3. If you are joint owner, you have to co-sign the loan. 4. No, your spouse will not be beneficiary unless you mention so in your living trust or designate him in the property papers. 5. Do this ASAP when you/they still remember. Bring this up in family meeting when your spouse and you are present along with in-laws. You don't want them to be distributed among family members without your approval. That's what happens if you do not hurry. 6. Start bringing up planning of living trust, joint accounts , beneficiaries etc . If the discussion do not lead to some decision making, increase the whining  |
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Post by suhasini on Mar 30, 2011 12:26:03 GMT -5
Thanks for your response. I will try to see how I can work these out.
What is 401K?
By living trust, do you mean like Will. Do I approach a lawyer here - In India, it is such a big taboo to approach a lawyer. I am really scared and afraid to bring up such topics. I guess, I will never know till I give it a try.
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Post by modus_operandi on Mar 30, 2011 13:59:01 GMT -5
is this thread about general investing or about women's financial independence. For general investing, first thing is to get an AAP. Womens financial independence is more mental in nature...once you are free in mind then it is easy to get financial independence |
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Post by iplrocks on Mar 30, 2011 14:16:10 GMT -5
is this thread about general investing or about women's financial independence. For general investing, first thing is to get an AAP. Womens financial independence is more mental in nature...once you are free in mind then it is easy to get financial independence What ways you suggest for women to gain mental fortitude to achieve Independence which will lead to financial independence ? |
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Post by suhasini on Mar 30, 2011 21:43:01 GMT -5
Womens financial independence is more mental in nature...once you are free in mind then it is easy to get financial independence It is so easy to preach. As someone who had been brought up in a household where we wont even mutter a word in the presence of my father and being married to someone who would not take a step without consulting his mom, it is not that easy to think about independence, etc. For people like me, it is more of training and courage. As of now, having a job has opened up and freed me of several of my inhibitions. It would be helpful if we can share notes on certain things that a women should know from financial perspective. Like, bollywoodmania had mentioned about discussing about nominees in wills, etc. I would like to know how our incomes are spent and towards what end. But am scared to bring up the topic with my husband. |
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Post by iplrocks on Mar 31, 2011 14:24:11 GMT -5
Thanks for your response. I will try to see how I can work these out. What is 401K? By living trust, do you mean like Will. Do I approach a lawyer here - In India, it is such a big taboo to approach a lawyer. I am really scared and afraid to bring up such topics. I guess, I will never know till I give it a try. Please read wiki link as starting point to understand what is 401K. en.wikepedia.org/wiki/401(k). 401K is available in majority of the employers. If you are working as contractor, you can save in SEP IRA. Living trust and will are different. First one is private and is not probated and is a better option. I will discuss more as this site is not allowing me to cut and paste links, When that problem is fixed, I will come back with more. |
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Post by modus_operandi on Mar 31, 2011 14:33:02 GMT -5
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Post by iplrocks on Apr 1, 2011 15:20:45 GMT -5
This forum is read by many in guest mode as the will/trust issue for women came up today elsewhere Any one else think so.. |
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Post by celebi on Apr 1, 2011 15:33:05 GMT -5
Reallyyyy.. I am surprised..
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Post by iplrocks on Apr 1, 2011 18:57:09 GMT -5
Reallyyyy.. I am surprised.. No , it might have just been a con-incidence, Don't worry : ) |
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Post by sportsisking on Apr 9, 2011 15:11:41 GMT -5
Women should take proactive approach in becoming financially savvy. So far only few women have gone outside their traditional domain (of health care and teaching) to acquire knowledge in domains dominated by men. Financial, Accounting and Market prediction/modeling jobs are traditionally held by men and even in this generation, it is tilted very heavily towards men.
But CNBC has around 30 female anchors like Maria Bartiromo, Suze Orman, Becky Quick etc who are not that young. So it's not late for women to pick up financial savvy at any age.
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