Financial Fitness --Bootcamp for women held. Addressing 100 plus FLO members on Saturday night in Hotel Radisson Blu in Banjara Hills in Hyderabad, Ms Priti Rathi, Founder & MD of LXME, India's 1st financial platform for women said we believe every woman should aim for financial freedom and have therefore built an ecosystem for them to be financially fearless and ready to take charge of their money.
FICCI Ladies Organisation (FLO), Hyderabad Chairperson, as part of its national initiative, organised a Bootcamp on Financial Fitness. It was one of the series of sessions of Shubhraa Maheshwari, Chairperson of FLO Hyderabad and other FLO Chapters across India on the subject.
Managing Director & Promoter, Anand Rathi Share and Stock Brokers Ltd Priti Rathi addressing her participants said women need not be good at Mathematics and Academics to manage their finances. Women should be in control of their finances. Women retire with one-tenth of the money men retire. Women retire in poverty. Women live longer than men. Women don't talk about money actively.
Women must start talking about their money. She told her participants to start money conversations at home. Normally this subject is brushed under the carpet. Financial literacy is a life skill. The money habit has to be spoken about at home. Don't leave your financial security or goal to some family member. Women need to take care of at least two financial goals such as ---Emergency Fund and Retirement Fund.
Speaking further she added that financial literacy is the most important life skill, but unfortunately, no educational institution teaches it. There is no systematic learning.
Priti Rathi whose business presentation at Harvard Business School has become India's first financial planning app catering specifically to women that helps them invest independently aims to create, through LXME, a new wave of financially fearless women. Believing that women are inherently good investors but have been left out of the investment conversation for far too long, Priti Rathi Gupta wants to end women's reliance on their husbands, brothers or fathers to invest their money.
She told them to bear four pillars of financial management such as 01. Earn 02. Spend 03. Save and 04.Invest
Do not save what is left after spending, but, spend what is left after saving. She gave a golden rule for budgeting. 50% of your earnings must go toward your needs, 20% towards your financial future and 30% towards your wants.
Referring to the findings of Women & Money Power-2022, a study on where women stand on Money Matter, she said 49% of women either do not have their money at all or are not aware of the investments in their name. Only 2 out of 100 women invest for their retirement. Only 9% of women invest independently through self-learning. 58% of women have no insurance in their name. 73% were saving less than 20%of their income.
Earlier welcoming the gathering of FICCI Ladies Organisation (FLO), Hyderabad Chairperson Shubhraa Maheshwari said women still run their kitchens and run their businesses. They still take care of their families. They are multi-taskers. But, somehow leave their financial management to somebody. This must change. They must take control of their earnings and investments.