Introduction
It is our responsibility to empower girls to succeed in the world of financial complexities and prepare them for the future. Only if we can ensure that our daughters are provided with the necessary resources to guide their financial future can we give a better direction to the coming generation.
Financial literacy is one of the most powerful gifts you can give. Financial literacy is not just about numbers; it is also about giving people the confidence, independence, and freedom to pursue their dreams without any hindrances. Financial literacy is as important for a girl as it is for a boy.
This guide can serve as a roadmap for parents who want to empower their daughters from an early age. She needs to be reminded about finance every day and told what finance is and how to be successful in the world of finance. By helping her get an education and a career in finance, we can start today. We can encourage her to build a strong financial foundation beyond the simple piggy bank. Taking the time to understand the value of money and the power of saving, and this guide will provide practical strategies tailored to different stages of her life, can help a daughter become financially strong.
1. Why" behind "What":
It is very important to prepare the new generation about finance because finance is the backbone of the economy. Instead of teaching the new generation to save, the guide will focus on "why," i.e., why should one save, what will come in handy - financial decisions should be strengthened and linked to personal goals and finances. For example, one should learn not only about saving for a dream trip but also about saving for a passion project or a future business idea, but also how to strengthen finances. This will not only help in money management but will also reduce the burden of finances.
2. Beyond the Piggy Bank: The Importance of Diversified Savings
This guide should introduce the concept of “bucket savings” from a young age and separate physical or virtual accounts for “spending,” “savings,” and “donating/investing.” This will help you understand how to store and spend money. Doing so will teach you to categorize and prioritize your money, which is an important skill for adulthood today and will be reinforced later on.
3. From allowance to investment accounts
From allowance to investment accounts, it seems difficult for every youth to know about this because they may not have any interest in this area, yet it is important to give information about it because in the future, everyone has to learn to manage finances, so why not start educating your children about it today? The above point emphasizes the transition from simple allowances to more sophisticated financial instruments. It will provide step-by-step guidance to open and manage a custodial account so that he can get acquainted with what a stock is, how to invest in it, and a bond, early, and make the world of investment very simple for him, so that he can get interested in it.
4. Investing in her Identity: The "Girl Power" Portfolio
My daughter turned 21, and I told her a little late about investing and how one can make a big amount by investing a small amount. So I emphasized this area so that in the future she can invest with interest in this area and also inform others about it. Or is it not even Assam, how a section can go beyond traditional investment advice and learn about a portfolio of shares of companies that have strong women leadership, promote gender equality, or make products that empower women, and become an example not only for the country but for the whole world? Our daughters should be taught about investing and mold it according to our values.
5. The Art of Negotiation
Be it a boy or a girl, one must know how to negotiate in the market. This is an art which no one can master. If we are teaching about finance, then negotiation must also be learnt so that we can use this art when the time comes. If things are right in this regard, then women will not have to face the pay gap, especially in jobs. In this guide, we have included a special section to teach negotiation skills – not only for salary, but also for purchases like clothes, necessities, buying a car, house, etc. They will learn the art of negotiating for a better price. It is our responsibility to instill in them the confidence to advocate for their own value.
6. The Family Financial Forum
It is often seen that elders make decisions about doing any big work and ignore the younger ones because they do not understand it. Organizing a regular family meeting to openly discuss financial matters, personal life, family, and marriage-related topics in any family and encouraging children is strengthening the coming generation. This will make the secrets of not only money but also other things clear to them, the possible worries will be reduced, and it will be easy for them to ask questions and participate in financial decisions, which will prepare them for future partnerships and family planning.
7. Building an Entrepreneurial Mindset
We know that every child's mindset does not match the family's mindset. Because earlier the mindset was different, because at that time it was not based on technology, today we have all become technology-based based and not only our mindset but the mindset of children of this generation is also becoming the same. In today's time, there is more mental pressure than physical; doing online business, earning easy money through social media, is more popular. Entrepreneurial mindset is very less or almost non-existent but entrepreneurial mindset can be built: In the future, this section will provide a blueprint for a "business starter fund", where parents can arrange funds for their daughter's first entrepreneurial endeavor, even if it is from a small shop, in today's time the government has also introduced many enterprises like fish farming, poultry farming, one should learn to adopt the work with information about which will increase the revenue, it will give less cost and more profit.
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