Being a stay at home mom is a full-time unpaid job. This makes it hard to add enough income to afford household needs. Fortunately, there are several ways to earn money while you stay at home and have children to look after. You can work from home and learn financial planning from the comfort of your home.
Work from home to save extra capital: There are a lot of avenues for you to work from home such as freelance writing, home business and online teaching. For freelance writing, you can decide what you want your blog to be about, when you want to write, which products to promote, or you can get in touch with agencies that hire writers on a part time basis. You could even set up a home business. For instance, many home-makers have set up businesses such as hand-made jewellery, food services, kitchen essentials such as pickles, nut butters, etc. You can also teach an online course using your knowledge and expertise. It is also important to maintain a monthly budget and cut out unnecessary expensive. Making savings a priority and spending what is left from them is an ideal approach. This gives one capital to invest in financial instruments.
Learning about investing in the stock market: As a stay at home mom, you need to educate yourself about various financial instruments, about long-term investments and about trading. You can learn online about different aspects of personal finance from a credible news website or from trusted friends who are in the finance field. It is important to understand different asset classes like Equities, Debt, Cash, Gold and Real estate, and how each of them function. Furthermore, learn about instruments such as stocks, mutual funds, fixed deposits, etc. Before taking the step of investing, it is also important to assess one’s own financial goals and pick financial instruments to meet them accordingly. Thus, take your time to learn the details before investing, but don’t postpone the same. The earlier you start, the better it is because the power of compounding comes into play.
Don’t Panic: Once you begin your investment journey, remember to build a good temperament. The stock market witnesses a lot of volatility and seems like an uncertain space. Yet, in the long run, the market behaves in a much more predictable manner. Therefore, note down your goals and invest in them for the long run. An investment charter helps with the same. You can also diversify into different asset classes to ride through any volatility. Another option to get through fluctuations, is to invest through Systematic Investment Plans (SIPs). This will ensure that you budget for them in your monthly expenses, create a discipline around investing and enjoy the benefits in the long run.
Thus, being a stay at home mom does not mean that you have to be financially dependent on your spouse. In a world where we are striving for gender equality, both the partners must have equal access to finance. Both men and women have personal needs and staying at home to look after your children should not mean that you have to compromise on these aspects.
Conclusion: This Navratri could well be the right time to start your investment journey. Don’t forget to celebrate the colours of Navratri with the market. Always remember to start your investment journey with a trusted and reliable financial partner. Angel One wishes all aspiring investors a happy Navratri, and may the goddess bless you!