Neha Nagar: A woman on a mission to empower people with financial literacy

Elevate your hand should you do not perceive the core of finance. You aren’t alone, many ladies lack the monetary information to deal with cash. And that is what social media star Neha Nagar mentioned. You educate individuals to be financially impartial.

The bridge to monetary literacy is likely one of the most essential on many ladies’s path to independence. To bridge the hole between literacy and monetary literacy, accountant turned monetary advisor Neha Nagar has harnessed the facility of her social media presence to assist individuals keep in command of their cash.

On this unique interview with Well being Photographs, Neha Nagar shares how she began educating individuals about monetary independence and why it is the necessity of the hour.

The transition from being a chartered accountant to creating on-line content material

Sharing her private journey on the planet of finance, Neha Nagar shares, “I took a chartered accountant course however did not move my remaining examination. I had learn rather a lot about monetary issues similar to taxation and auditing. However all this did not work out, so I made a decision to do an MBA. I acquired a job in Wealth Administration the place I used to be managing thousands and thousands of individuals for large enterprise individuals. From there, I acquired the concept of ​​beginning my very own enterprise.

Neha Nagar on the transition from being a chartered accountant to a social media star.

“After gaining an intensive understanding of tax and finance, I began my very own tax firm in 2019. I initially settled on-line with the concept of ​​increasing it later. However Covid-19 hit the world later that yr and the struggle was on. That was the start of my social media journey.

Although the concept behind Neha Nagar’s social media was to advertise her enterprise, she realized how essential the shortage of economic consciousness was, even on social media. Her motivation to start out her journey began with a number of movies that went viral, making her notice the necessity to create extra finance based mostly content material and assist individuals make higher cash selections in life.

Girls ought to have the ability to make higher monetary selections

There’s a frequent saying that ladies are the true architects of society. However most frequently they lack monetary independence. Whereas the narrative is altering, progress is sluggish. In lots of households, ladies’s position in cash issues could also be restricted to the finances. “I come from a village the place property, banking and finance issues are dealt with by the lads of the home and a lot of the ladies assume it has nothing to do with them,” shares Nagar.

A lot of the women, she says, are usually not concerned in discussions about financial issues at house, nor are they urged to be financially impartial.

Lack of economic consciousness is a product of a patriarchal society

In a society the place the social and monetary system is basically dominated by males, it turns into extraordinarily tough for ladies to pave the best way for independence. “I come from a rural background the place ladies’s opinions weren’t given a lot significance. Discrimination is deeply rooted in numerous components of society and ladies are nonetheless despised and never taken critically. After I visited shoppers for wealth administration, I wasn’t taken critically,” says Neha Nagar.

It additionally highlights how gender dynamics at work and at house are totally different for a person and a lady. Speaking about ladies who depart their jobs for no matter private motive, he says: “When a person leaves his job, he’s requested questions. However when a lady quits, she’s appreciated moderately than questioned. The environment indoors and out is sort of the identical. They’re neither taken critically nor made conscious of,” he complains she.

However the web has modified that. Girls can’t solely earn whereas sitting at house, but in addition be taught to make the precise monetary selections. If you happen to can scour the web for different content material, why not do it for finance too, asks Neha Nagar.

Ideas for managing your funds. Picture courtesy of: Adobe Inventory

Challenges of being a lady in a male-dominated monetary world

If you’re younger and a lady, you could not initially be taken critically on the planet of finance. Based on the influencer, the visibility of girls within the wealth administration subject just isn’t too spectacular.

She says the federal government is taking steps to empower and acknowledge ladies within the monetary sector, however they’re nonetheless lagging behind because of private causes. They’re unable to make use of the amenities out there to them. “I see a variety of ladies on the junior stage, however that quantity decreases as soon as I attain the senior stage. That has to alter,” she provides.

Learn additionally: Addressing gender bias can take a toll in your psychological well being! A health care provider tells you methods to do away with it

How one can cut back the gender hole on the planet of finance?

Lack of finance schooling is the place the issue lies! “I come throughout many ladies who do not know they’re exempt from highway tax or house loans. They do not know that they’ll declare additional deductions. There’s a lack of understanding that must be addressed. For instance, some ladies surrender their financial rights utterly as quickly as they get married. They really feel it’s now not their job. It’s mandatory for every lady to handle her checking account individually. Their financial savings account ought to be totally different from their accomplice’s,” Nagar recommends.

Additional arguing how ladies could be financially impartial, Nagar says that ladies ought to concentrate on their rights and may make their very own monetary plans, even when they’ve the help of a father, husband, brother or household.

Learn additionally: 8 feminine content material creators on eliminating gender bias and tackling gender-based violence within the digital world

Nagar suggests that ladies ought to strive a scientific funding plan (SIP), which permits them to take a position a set quantity at common intervals in a schedule and comes with many advantages. “You can begin investing even with 100 or 5 hundred rupees. Aiming to be financially self-sufficient. If you see after ten to twenty years, your cash would have doubled. Right here you get a revenue of as much as 14 %. Whereas in FD you might be solely given a 6 or 7 % edge,” she provides.

One other essential facet of being financially impartial is that you’ll be able to take pleasure in and preserve your relationships in a greater method.

How one can deal with the concern related to monetary independence?

Sure, heeding warnings and listening to experiences of fraudulent instances could make anybody concern the dangers that might include monetary independence. To that, he says, “Threat is in all places. Even your checking account just isn’t secure on this regard. You do not know when a financial institution fails. There’s a danger even in a set deposit. There isn’t a should be afraid of this danger, there’s a want to know this danger. Learn your paperwork rigorously, perceive the market and make investments.

Being financially impartial provides you confidence. Picture courtesy: Shutterstock

Ideas for investing your cash properly

By sharing some fundamental insights on how to save cash, Nagar desires individuals to know that they should be wiser about investing, spending, and saving. “To handle your cash correctly, that you must know your self. The second factor you want is to plan a finances. Apply the 50-30-20 components for budgeting: no matter you make, put fifty % into spending, thirty % into your desires, and 20 % into financial savings,” he shares.

“The third step is to know your targets and plan for them. Plan what you are saving for: a home, a automobile, or your youngsters’s schooling. Fourth, perceive the market a bit bit, you needn’t do a variety of analysis. Even with a bit understanding, you can save higher. And fifth, make your personal monetary selections,” Nagar provides.

A message for ladies attempting to be financially impartial?

To all ladies who need to turn into financially impartial, Nagar’s message is: “You must take cost regardless of societal restrictions and management over your funds. Make your self conscious and educate your self. Vow that you’ll turn into financially impartial!

(Neha Nagar is nominated for the Well being Photographs She Slays Awards within the Social Media Star With A Trigger class. To vote for her or to overview our different nominees, click on right here!)