(So it’s a chill Sunday evening! Jaya and Sushma are just catching up and talking about what’s been going on in their lives.)

We are about to eavesdrop on their entire conversation!!?

Jaya – So, how’s life treating you these days?

Sushma – Life’s been okay, you know,  just the usual routine. And what about you?

Jaya – I totally get it! Sometimes we get so caught up in our day-to-day activities and forget to look at the bigger picture.

Sushma – Exactly. Well, I’ve been thinking about investing lately. Do you have any tips on how to get started?

Jaya – Absolutely! Let’s dive into the Investment Starter Pack and understand what goals you should prioritize to get started on your investment journey! 

(Conversations like these keep happening in our community. Check them here.)

Welcome to the Investment Starter Pack! Let’s simplify investing – 

Starting an Investment Journey is a crucial step for every woman to secure their financial future. Having a clear roadmap and goals in place is essential for long-term success. In this blog, we will discuss the key goals that should be a part of your Investment Starter Pack. These include –

  1. Building an emergency fund – 
  • Before diving into any other investment strategy, it’s crucial to build an Emergency Fund. Life is unpredictable, and unexpected expenses or emergencies can occur anytime.
  • An emergency fund acts as a financial safety net, ensuring that you have readily available funds to handle unforeseen circumstances without affecting your long-term investments. 
  • Aim to save at least 3 to 6 months’ worth of living expenses in a liquid and easily accessible account. 
  • Click here to start building your Emergency Fund in LXME’s Gulluck
  1. Retirement Plan – 
  • Retirement Planning is crucial for a stress-free post-retirement life.
  • As per the LXME Women and Money Power 2022 survey, only 2 out of 100 women save for their retirement
  • It is important for women to start planning for their retirement because, women outlive men, they have to take career breaks due to maternity or family requirements, and face the gender pay gap, requiring them to save more than men for maintaining the same standard of living post-retirement.
  • You can use the LXME Retirement Calculator, to determine the required corpus and amount you need to invest to reach that corpus by just adding your current, your age at the time of retirement, life expectancy(age till you expect to live), monthly expenses, and the expected rate of return. It gives you options for SIP/lumpsum investment.
  • Secure your post retirement life through LXME’s Long Term Portfolios and start investing now!! Click here
  1. Child Education Plan – 
  • Moms are their child’s biggest cheerleaders. According to the LXME Women & Money Power Report 2022, more than 70% of moms are highly involved in their child’s education and 1/4th of their income is spent on education fees.
  • As the cost of education is constantly rising, having a dedicated plan ensures quality education for your child without compromising your financial stability.
  • Plan wisely with LXME’s Child Education Calculator. Just enter the child’s current age, his age at the time of admission, the current cost of education, and the expected rate of return, and considering inflation the calculator will determine the required corpus and the amount you need to invest. It provides options for both SIP/Lumpsum investments.
  • Start planning for your child’s education today to ensure a brighter tomorrow. Check out LXME’s Child Education Plan.
  1. Health and life Insurance – 
  • Protecting yourself and your loved ones is an essential part of a comprehensive financial plan for women
  • According to the LXME Women & Money Power Report 2022, 58% women have no insurance(life or health) in their name.
  • Health insurance safeguards your financial well-being by covering medical expenses and reducing the financial burden during unexpected health issues.
  • Life insurance ensures that your family is financially secure in case of an unfortunate event. 
  • Consider obtaining adequate coverage for both health and life insurance based on your family’s needs and your financial situation. 

Keep in mind to review your portfolio’s progress against goals. In case there are changes in your goals, you can modify your investment plan accordingly. 

Be a savvy investor and diversify your investments in various asset classes like equity, debt and gold to achieve a balanced investment portfolio that helps you manage risk effectively

The proportion of equity, debt, and gold in your portfolio depends on your risk appetite and goals. 

Equity aims at offering inflation-beating returns, debt and fixed-income instruments offer stability and security and gold acts as a hedge against inflation

Visit the LXME app where you can start investing in various goal based portfolios that are  well-researched, diversified and curated by experts.

Embarking on an investment journey requires careful planning and goal setting. By including these essential goals in your investment starter pack, you’ll establish a solid foundation for your financial future. With a well-thought-out plan, you’ll be on your way to achieving long-term financial success.

Share this blog with your family and friends if you find it insightful!!

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