Money With Monika Season 4: The Corona Conversations

I am doing a special short video series on the #covid crisis and what it means for your money.
#MoneywithMonika Season 4: The Corona Conversations
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India’s RDR opens door to new generation of female investors

In which I get quoted…

 

However, Monika Halan, certified financial planner, consulting editor at Mint and author of financial advice book Let’s Talk Money, says that despite this, financial decision-making is still often left to male family members.

‘That crucial difference between saving and investing is really the key to female empowerment,’ Halan (pictured) said.

‘As you grow up, money matters are usually dealt with by the man in the house, whether that’s a father or a brother. Women grow up seeing their mothers spend and save but never invest.’

Over the past few decades, the drive towards female empowerment has shifted from getting women into education to getting them into work, Halan believes.

‘You discover that even when women go to work, the financial power remains with men,’ she said.

Opinion | Discover your relationship with money this Diwali

Very often, when we embark on the journey of financial planning, we can get caught up in the process and forget the purpose. A too-tight focus on money and its care has the potential to leach away the joy that money can bring. And equally on the other side, a too-tight focus on instant gratification has the potential to reduce us to our baser instincts. Diwali is the time when we have the opportunity to reconnect with the deeper meaning of money in our lives, discover our relationship with money and then if we don’t like what we find, to change it to what the aspiration is.

For us to discover our relationship with money, we should be able to wade through all the insecurities, emotions and experiences that having money or not having it have brought into our lives till now. This is not easy to do since the money energy is deeply entwined with every aspect of our lives such that it is difficult to unravel the real reason for doing what we do. It helps to see this through three lenses—how we earn, spend and look after money.

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In which women move away from visual imagery of being the devi diva

Women’s Day imagery often shows a sari-clad woman with multiple arms bearing various implements that run the home and work—a laptop, a belan, detergent, kid, a phone. The woman is usually smiling and looks serenely on top of all that there is to do. Not a hair out of place. If women don’t think deeply about this image, there can be a feeling of pride in being able to manage and stay on top of all there is to do. But step back and see the subliminal messaging of this image. It says that a successful woman can do it all. Work outside the home. Inside the home. Be the one to take off in case of a family emergency. And manage to keep it all together while looking good. Look again and you see that most of these images don’t have money in her multiple arms. Why not? Oh, she gave it to the father, husband, brother or son to manage. In doing that, she has tried logically to reduce one job from her already packed schedule. Hand over money and its investment to the trusted man in the family. Notice that the monthly household spends are still part of her work load. She is fully capable of managing the home spends. It is just the control over asset creation—and therefore the assets—that is not part of her work. The social messaging around money to women aims to stop her from claiming her share of assets.

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