National Women's Day 2024: Three money lessons you can learn from these female entrepreneurs
Three money lessons women investors can learn from these entrepreneurs
1) Consistency is key
Rachna Baruah, Founder of Madchatter Brand Solutions, highlights the significance of consistency in savings. “It could be a fraction of what you would save otherwise in an ideal case but consistency helps in building habits and a balanced portfolio in the long run," said Rachna Baruah.
2) Long-term horizon Baruah also stresses the importance of investing with a long-term perspective. While it may seem insignificant initially, she points out that every contribution compounds over time, ultimately creating significant wealth for the future and reducing financial stress.
Preety Singh, Co-Founder and Managing Director of Boomlet Group, adds that strategic fund allocation and effective working capital management are essential for long-term benefits. She encourages embracing calculated risks, as they lead to growth and financial wisdom. “In the realm of investment, the crux lies in strategic fund allocation, directing resources toward areas conducive to long-term benefits.
The key to achieving this is effective working capital management. Embrace risks with resilience, recognizing that calculated risks pave the way for growth and financial wisdom. Be prepared to take calculated risks, as doing so not only unlocks opportunities but also imparts invaluable financial insights," said Preety Singh.
3)Financial literacy
Megha Chopra, Entrepreneur and Poet, underscores the necessity of financial literacy. Understanding investment complexities, budgeting, and cash flow management is crucial for making informed decisions, especially in entrepreneurship. “A lot of accomplished female business owners stress the significance of financial literacy.
