Lady, just by being a woman, chances are that you earn less than a man in the same role as you! This is called the Gender Pay Gap and is a proven statistic. As a country, we rank 108th in the Gender Pay Gap and earn about 20% less than men (Source World Economic Forum- 2018). With the COVID crisis, this is set to increase even further. So we have no choice but to “up” our quotient at least 1.5 times! Worried? Don’t be because we got you covered! Read on..
Employed Professional
Negotiate the right pay-Benchmark with peers within and outside the company. Are you at par or if below then why? Women normally don’t ask for a raise. An interesting study published in Harvard Business Review also highlights the fact that half of the men had negotiated their job offers as compared to only one-eighth of the women.
Build your brand and Career Path-Continuous consistent quality work will raise your value. Charting a clear career path with defined milestones along with indicative bonus, incentives and raise is a good motivator. If your organization doesn’t provide it, ask for it.
Be penny wise-Opt for EPF, Mediclaim and any other benefits that your company offers. An Insurance premium that your employer subsidises help greater risk cover. EPF(Employee Provident fund) is a good investment tool that helps build a corpus for retirement.
Be Tax efficient-Discuss with HR the most tax-efficient structuring of your package. Larger organizations do not give this flexibility, but smaller/boutique companies are more open to personalized salary structures.
Self-employed
Stay Lean-When the going is good, we tend to build a lot of flab in terms of costs. Make reducing overheads a continuous process. There is always space to cut costs.
Lower Fixed costs-Structure as much of your costs as possible into a variable model. This helps in greater productivity and efficiency and also reduces burden during cyclical downtrends.
Capital Management-Have an ideal debt-equity ratio and stay as debt-free as you can to save on interest costs. Working capital management by effective measures like inventory management, variable pay structures and lower overheads will ensure larger margins.
Thumb rules for everyone
Build multiple income streams – invest and diversify your money to add to the main income
Upskill – Enhancement by way of education, courses and seminars will keep you ahead of the curve and hence greater opportunities.
Spend and save efficiently- at LXME, we call this being “Smart and Samajhdaar”. Remember every tiny drop makes an ocean.
Do an appropriate asset allocation with some investment in Equity – Over a long term period, an addition of equity by way of mutual funds of direct equity has always given a higher return on your portfolio.
New Investor? Request a Callback.
Fill in your details and we will guide you at every step
other blogs
Smart Money April 30, 2024
Fixed Deposit vs Recurring Deposit: Which is a Better Option?
You might be wondering, what is the difference between FD and Recurring deposit? And between FD or RD which is better? Is there any benefit of FD over RD and vice versa? Well, allow us to clear all your doubts with this blog. Keep reading! What is a Fixed Deposit? Fixed Deposits are fixed-term investment … Fixed Deposit vs Recurring Deposit: Which is a Better Option?
Smart Money April 25, 2024
New KYC Rules: Here’s what you should know if you are a Mutual Fund Investor
What is KYC? KYC stands for Know Your Customer which refers to the process of verifying and authenticating the identity and address of all customers and clients by banks, insurance companies, Mutual Fund companies, and other institutions they are availing financial services. What is the change from 1st April 2024? SEBI issued new guidelines on … New KYC Rules: Here’s what you should know if you are a Mutual Fund Investor
Smart Money April 17, 2024
Bear and Bull Market: What’s the Difference?
In bear markets, prices are falling, investor confidence is low and the economy is declining. While, in bull markets, prices are rising, investor confidence is high and there is good economic growth. You must have heard the terms ‘bullish market’ and ‘bearish market’ on the news. But, what do bear and bull market mean? Is … Bear and Bull Market: What’s the Difference?