While we are celebrating womanhood on 8th March as International Women’s Day, I thought of asking 3 life-related questions to understand a woman’s perspective about the past, the present and the future.
Free flowing answers were an eye opener. Candid expressions stood tall.
95% – Regrets not planning financial freedom early in life.
90% – Wants independence, love and family safety.
75% – Wants to live their dream life without worries.
This data has created a small chain of thoughts in me. I am not particularly addressing this to women, not to men, neither to parents nor to their children, but to the family as a whole. A home woven together with love, happiness, health, wealth and legacy.
What would be your Life without an income?
I do not wish to patronize any gender. From time immemorial, the word income has always been associated with men in our society, due to the patriarchal overtone. Today, I would like to address Family Income as a subject of utmost importance, here family means equality.
With the dawn of 21st century, the tides and winds have shifted in the direction of women taking the center stage in terms of earnings and decision making. This has come into effect due to better education, investment awareness, social reach, sense of equality and pride of being self-reliant and sufficient in its true sense. The transformation is happening as we speak, a vibrant society is in the making. Bold and beautiful nuclear family structures are being born with purpose of individuality and values.
Recently while attending our business management class, our chief coach Mr. Sudhir Sakpal made a statement so deep and thought provoking. “A boy marries a girl; however, the same girl marries not just the boy but safety, security, stability, and societal status.
You may contradict this thought but history has witnessed it as thus in the past. When I look around, even at present it still remains largely true to. I do know for a fact that in some rarest of the rare cases, the tables have turned.
If the family or home is made of love, happiness, health, wealth and legacy, then the first 3 (love, happiness, and health) are your duty to get it on track. To be honest, none can help you find that until you decide to bring an end to the erroneous ways of meaningless living. As a wealth farmer, I can only help you build wealth and legacy for the present and future. In this edition, I wish to talk about Active Income and Passive Income.
Let me share an age-old wisdom, “If you want to get Financial Independence to Retire Early (FIRE) in the future, you must replace ‘Active Income’ by ‘Passive Income’.” It does not matter who brings home active income, what matters the most is when you stop working for an income, will you have enough passive income to support your lifestyle?
What is Financial Independence to Retire Early?
It is the status of having sufficient monthly income to pay your living expenses for the rest of your life without having to look for an employment or be dependent on kith and kin. (Trust me this is not as simple as you think, it is a herculean task).
There are 2 parts to this lifestyle maintenance, Current Income and Future Income. Your current income is only the half part of financial Independence, however, if you manage the current income efficiently and effectively for a long period of time, you will be creating a corpus for future income. This is the moment of reckoning – achievement of FIRE.
Let me share another data from a reliable source. Bill and Melinda Gates Foundation India Report, ‘The Financial Agency of Women’ released in 2019 says.
74% of total women population in India is financially dependent on others.
Most of the women in my family does not fall into this category. They are fiercely independent and truly decision makers. I feel proud of this fact, and I wish every family associated with Trackfinder Financial Services LLP are also creating a fundamentally strong family foundation like that.
Few steps and tips to the lovely ladies who are reading this and to the men who need to action this at home.
Step 1 – Write down your current annual income (e.g. ₹7 Lakhs)
Step 2 – Multiply that amount by 25 (e.g. ₹7 Lakhs x 25 = ₹1,75,00,000)
If you have this in your account, you can retire today. If not, move to step 3….
Step 3 – You need to call us immediately. Trackfinder can create a Comprehensive Financial Plan for you and your family in just 30 min
This will show a projection of the target amount and the investment strategies you need to follow. Now you are on track with Trackfinder.
Step 4 – Once this plan is put in to practice, you will see the wonders of 30:20:20:20:10 asset allocation, 90:10 risk reward ratio, 7 – 9% passive monthly income plan and goal progression chart.
Now some simple tips to follow.
- Start saving early
- Save regularly
- Save for long term
- Select right saving and investment product
Your Achievements will be
- You stop feeling financially dependent
- You become a role-model
- You are a responsible contributor
- Your actions will boost morale of family and friends
- You stop worrying about rising cost of living
- You can manage emergencies and lifestyle enhancements
Thus, we empower woman to be Stronger, Wiser and Richer.
All said and done, remember, “action speaks louder than words”, Women’s Day, Men’s Day and Children’s Day will come and go. I will continue to remind you too. If you do not take action, we all are back to square one.
Warm Regards
Antony Trackfinder, The Wealth Farmer
End Credits: Sparrow’s Sprout, Leena Antony, Roman Miranda and all my enthusiastic women clients who participated in the question-and-answer survey.
Malfunctions of My Brain by Antony Trackfinder 
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