Despite the growing awareness among women about their finances, and many of them taking up the task of saving and investing, there is a large percentage who are facing an uncertain financial future. This is because they allow other people in their lives, often close family members, to manage their money, either because of a lack of it. financial expertise either reluctance To manage it yourself. If Relationship break down, they are often left to fend for themselves. To avoid such dependence and achieve financial security, here are some issues women should never compromise on.

1,
Don’t let your spouse/in-laws control your salary

Whether it is because of a sense of obligation, fear of upsetting the spouse, affecting the relationship, or because of intimidation by in-laws and husband, many women are forced to part with their salary. , even if they are professionally qualified and earning Well. They need to remember that only they have the right over the money they earn or own.

They can, by all means, contribute to the household in proportion to what they earn, but they should not undermine their financial independence by paying their full salary. They can discuss with the spouse and seek counselingIf necessary, but if confronted with resistance or refusal to cooperate, they should consider exiting the relationship as they may eventually be forced into such a situation after years of harassment.

2,
don’t leave a legacy

Many women give up their inheritance, both movable and immovable, because of pressure or threats from male siblings, sometimes their parents, or other relatives. Unless a will specifies that a self-acquired property is to be gifted to a particular person, daughters have the same rights over their father’s property as sons. Also, as a daughter, you are the first-class legal heir and you have the first claim on your father’s property. Consult a lawyer if necessary, but don’t give up on your right just because you were given a dowry at the time of marriage or you were told that as a woman you have no rights over the property.

3,
Don’t Sell Your Own Home to Adult Children

If you are retired and living in your only residential property, do not get carried away by emotions and sell it if your adult children are facing financial crunch or pressurize you to settle it. Allow them to handle their own woes without getting you involved, because if you sell the property, you will be at their mercy for shelter.

4,
Don’t Leave Your Finances to the Men in the Family

Even if you don’t like handling money, consider it a necessary evil and educate yourself enough to save and invest instead of relying on your father, brother or husband. Learn the basics of personal finance and seek advice from financial planners, lawyers or other experts when needed, but make sure you are not tied to your earnings or inheritance.

5.
Do not take loans to others or give without compromise

Do not take out a loan to your spouse if you do not have joint or exclusive ownership of the property for which you are taking it. If you lend money to a family member, make sure you have the proper legal documents and agreements drawn up by an attorney that can be in a court of law.

If you have money, write to us…

We all get into financial trouble when it comes to relationships. How do you say no to a friend who wants you to invest in his new business venture? Should you take a loan from your married brother? Are you worried about your wife’s impulsive purchases? If you have a concern that is difficult to address, write to us at etwealth@timesgroup.com with the subject ‘Wealth Vines’.

Disclaimer: The advice in this column is not from a licensed health care professional and should not be construed as psychological counseling, therapy or medical advice. ET Wealth and the author will not be responsible for the outcome of the suggestions given in the column.