Chasing thrills
*THP1M50317/ /02/C/1* /02/K/1* /02/Y/1* /02/M/1*
A WEALTHY START
2 l Sunday, March 5, 2017
PHOTOS COURTESY: GETTY IMAGES
If the quest for exploring a new destination and a new experience is what drives you, then this Women’s Day, we’ve listed five different trips that every woman should embark on to fulfil her travel dreams
Here’s all you need to know about your finances and the power of money management Saurabh Mittal [email protected] EAR WOMEN, DON’T LET THE complex world of investments and money management deter you from maximising your monetary growth. It is one of the best times where all participants—products, markets, regulators and advisors—are at their most evolved stages and are continuously innovating for the betterment of the investors. It’s time for all women to prepare, know the potential risks and take over the reins of their financial life as efficient money managers. The change in social and health behaviours has led to more and more people staying alone or in nuclear families. Many women delegate their financial security to their significant other or parent and in hard times plunge into poverty due to lack of understanding about money matters. Let’s look at the various steps and actions that you can take to control your financial life and create wealth.
D
URTESY PHOTO CO
AGES : GETTY IM
Get an accurate picture ➻ Let’s start with understanding some basic terms. Look at your current cash flow and net worth statement. Cash flow is nothing but a schedule to see your saving potential, and the simple formula to calculate it is to add all your income and minus the expenses. Start budgeting your expenses and keep track of all outflows on a monthly and annual basis. A good ballpark figure is to save 20 to 30 per cent of your income; plan your budget to achieve this target. Your net worth statement is the summary of all your assets minus liabilities.
Chasing thrills Ankita.Shreeram @timesgroup.com
trip to the wild. Several national parks in India and even in Nepal offer great walking safari experiences in the core areas without disturbance to the wildlife. “The forest is a visual delight of natural colours and rela-
F YOU OFTEN feel the urge to pack your bags and head out for a solo sojourn, think no more. There are times when you crave for some adventure to kick your boredom and times when you just want to be pampered and bask in the glory of nature. Here are five trips that will challenge and inspire you in equal measure, helping you grow into the woman you always wanted to be.
BACKPACK ACROSS EUROPE ● Europe is incredibly safe and convenient for solo travel. The best way to country-hop is to travel light and stay at hostels. “Europe is the smallest continent, yet it remains so diverse every one hundred kilometres. Experiencing this diversity and seeing how it has persisted for hundreds of years is quite an eye-opening encounter,” says Shikha Uberoi Bajpai, co-founder, Indi.com. “I did a 10-day trip to Paris, Amsterdam and Berlin when I was about 21
Determine your direction and financial goals
➻ Once you know where you stand, the next logical step is
grammes enhance physical endurance and offer prolonged lifespan and beauty,” suggests Sakshi Vij, founder and CEO, Myles. “Every woman needs a bit of pampering once in a while, and spa vacations provide the perfect getaway from the rigours of today’s fast-paced lives,” agrees Ambika Sharma, founder, Trails of India.
TRAVEL FOR A CAUSE ● Volunteering in India’s hinterland or
years old. Pack light; try the local food wherever you go—fish and chips in Amsterdam, truffles in Paris and beer in Belgium. Wear a smile and make conversation with interesting people, but watch out for conmen, and buy a train pass because it’ll save you so much expense,” advises Rashi Menda, founder and CEO, Zapyle.
TREK TO MOUNT EVEREST BASE CAMP ● Scaling the Mount Everest may not be everyone’s cup of tea, but making it to the base camp is a challenge you can still undertake. Roshini Sanah Jaiswal, promoter and chief restructuring officer, Jagatjit Industries has done mountaineering at Kala Patthar, Mount Everest at 18,000 feet. “This may be the only mountain you climb, but the lessons of preparation, endurance, humility, persistence, courage and teamwork will help you navigate the many hurdles you’ll encounter in different walks of life,” she avers. “Many private tour operators provide complete and customised trips to the Everest Base Camp that take around two weeks end to end,” says Yogesh Mudras, MD, UBM India.
GO ON A WALKING SAFARI ● Reconnect with your primeval self with a
even foreign countries allows you to give back to the society, while also experiencing a different side of life. “Voluntourism is a growing trend and
tionships that co-exist in harmony with a purpose. Women empathise and appreciate both the aspects better, and when out in the forest, definitely see the jungle differently. It’s the best way to get your adrenalin pumping,” he says. “A walking safari is a great way to slow down, disconnect from mundane life and immerse yourself in nature,” agrees Nidhi Batra, co-founder, Nirvana Excursions.
INDULGE IN A SPACATION ● Not all great travel has to be about rocky
roads and stiff backs. Women often forget to take time off from their responsibilities and a spacation is just what you need. “A spacation is a perfect way to relax and rejuvenate your mind, body and soul. While there are various types of spa services you can pick and choose from, I personally recommend a detox spacation. Such detox pro-
not only do people take these trips to earn good karma, but it’s also a fantastic way to appreciate your own life and be grateful for what you have,” explains Bajpai. If you love travelling and are into social service, then it is never too late to think about our society. “The change that can be brought by offering your time while travelling can be much greater than we imagine,” feels Aloke Bajpai, CEO and co-founder, Ixigo.com. You could teach a new language or help out at a farm. So take your pick and enrich yourself with memories and loads of new learnings to unwind and broaden your horizon.
to determine what your destination is. List down all your financial goals and prioritise them. You can also assign existing investments to each goal so you know when to liquidate those investments. All your future financial decisions should be guided by these goals. So every investment that you do, should bring you closer to these goals. One of the most important goals is financial freedom. Simply put, financial freedom is the stage where your work/job is replaced by your assets as a source of income. Investment options In India, a retail investor primarily invests in four asset classes. ● Fixed income: Anything which gives you a fixed rate of interest ● Real estate: In the form of commercial or residential space or land ● Equities: Opportunity to benefit from the growth in economy ● Commodities: This is primarily in the form of gold Different products have different features like liquidity, tax benefits, cost of investments and maintenance. You should choose the product keeping in mind the overall asset allocation and goal tenure. It is recommended that you don’t shun any asset class nor should you be dangerously overexposed to any one of them. Most people tend to be overweight in real estate and fixed deposits and underweight on equities, however, ideally, it should be the other way round. It is best to consult an investment advisor, who is not biased towards any product or company, for designing your portfolio. Some great products that you can choose to invest in are Equity Mutual Funds, Portfolio Management Services (PMS), National Pension System (NPS), Short Term Debt Fund for liquidity management, amongst others. The main crux is in monitoring these investments. Every year, with your lifestyle changes, your financial conditions and goals will also change. A wise way to multiply and maximise would be to have a regular course correction in the portfolio to ascertain that you are moving in the right direction. Other important actions towards reaching financial security are: ● Make a will: The right time to make a will is when you have any asset. It is one of the most important documents that determine how your wealth will be distributed. ● Taxes: Take control of your taxes, learn various exemptions and tax benefits. Understand how the tax is calculated and why it can be one of the biggest enemies of wealth creation. ● Emergency fund: It is advisable to keep anywhere between three to six months of your expenses in liquid form, may be in a fixed deposit or a short term mutual fund. This will help you sail through rough patches without impacting the long term financial plan. ● Insurance: Insurance is a pure risk mitigation tool and should not be looked upon as an investment or tax-saving vehicle. Term insurance with a minimum risk cover of 15 times your annual income is a must. Also, buy your own health insurance even if you are covered by your employer. The author is a certified financial planner
Gender no bar >> Continued from page 1
Ishani Sawant, a professional rock climber, says, “People would question the fact that a girl is teaching NDA cadets. I was not taken on a lot of Himalayan expeditions because I was a girl and was told that my menstruating days could hamper our expedition. To prove them wrong, I climbed a 6,000 metre peak with another girl, in under two days, which was a record in itself, as people generally take four to five days to summit it.” Captain Sneha
Sharma, pilot and national racecar driver, agrees, “Earlier in my racing career, I received various negative remarks, but I always stayed strong. Once the helmet is on, I am only a racing driver. With time, my performance spoke and the comments gradually stopped.” The burden of having to prove yourself can be daunting, yet once accomplished, can be immensely fulfilling as Kashyap explains, “You ought to have nerves of steel. Initially, when I forayed
into racing, I was called the ‘picnic rider’, who never posed any competition to the men, but things changed following the Raid de Himalaya, in 2016, where I was the fastest Enfield in the race amongst all riders.” Arjuna awardee and Padma Shri recipient paraplegic sportswoman Deepa Malik is yet another shining example. She is the first woman to win a medal for the country at the 2016 Summer Paralympics in Rio. “For me, the challenges were magnified because I was a woman in an older age group, and also physically challenged. When I was
*THP1M50317/ /02/C/1* /02/K/1* /02/Y/1* /02/M/1*
about to start, besides the infrastructural constraints and challenges, there were many questions about how I would play, whether I would perform, and why I was taking up sports at an age and time when I should have been focusing on my children and building their careers.” As Shroff expe-
rienced in her line of work, sometimes the limitations are not societal, but imposed by the government too. She explains,
“There are ridiculous laws restricting women from working in bars. Currently, there is some rule preventing women from working in a bar beyond 11 pm; previously, there was a complete ban on women working in bars.”
➻ WORDS OF INSPIRATION Every journey begins with a single step and no matter what you want to do, it’s
important to take that first step. Sawant shares, “I have always believed that you can make anything happen. If you truly want to do it, you will end up doing it despite all the odds.” Kapur exalts every woman to think of herself as an individual with dreams, talents and aspirations. She guides, “Women should remember that their life isn’t limited to only their families; they should do something for
THP1M50317/1R1/02/M/1 THP1M50317/1R1/02/C/1 THP1M50317/1R1/02/K/1 THP1M50317/1R1/02/Y/1 CMYK
themselves too. Every woman has a huge potential hidden within; it just needs to be nurtured.” Yagnik concludes, “There is no such place in our society where women don’t face stereotypes, but I must say that empowerment today is the name of the game. The number of growing female entrepreneurs and achievers will prove to the world that no job is gender specific.”
A WEALTHY START
2 l Sunday, March 5, 2017
PHOTOS COURTESY: GETTY IMAGES
If the quest for exploring a new destination and a new experience is what drives you, then this Women’s Day, we’ve listed five different trips that every woman should embark on to fulfil her travel dreams
Here’s all you need to know about your finances and the power of money management Saurabh Mittal [email protected] EAR WOMEN, DON’T LET THE complex world of investments and money management deter you from maximising your monetary growth. It is one of the best times where all participants—products, markets, regulators and advisors—are at their most evolved stages and are continuously innovating for the betterment of the investors. It’s time for all women to prepare, know the potential risks and take over the reins of their financial life as efficient money managers. The change in social and health behaviours has led to more and more people staying alone or in nuclear families. Many women delegate their financial security to their significant other or parent and in hard times plunge into poverty due to lack of understanding about money matters. Let’s look at the various steps and actions that you can take to control your financial life and create wealth.
D
URTESY PHOTO CO
AGES : GETTY IM
Get an accurate picture ➻ Let’s start with understanding some basic terms. Look at your current cash flow and net worth statement. Cash flow is nothing but a schedule to see your saving potential, and the simple formula to calculate it is to add all your income and minus the expenses. Start budgeting your expenses and keep track of all outflows on a monthly and annual basis. A good ballpark figure is to save 20 to 30 per cent of your income; plan your budget to achieve this target. Your net worth statement is the summary of all your assets minus liabilities.
Chasing thrills Ankita.Shreeram @timesgroup.com
trip to the wild. Several national parks in India and even in Nepal offer great walking safari experiences in the core areas without disturbance to the wildlife. “The forest is a visual delight of natural colours and rela-
F YOU OFTEN feel the urge to pack your bags and head out for a solo sojourn, think no more. There are times when you crave for some adventure to kick your boredom and times when you just want to be pampered and bask in the glory of nature. Here are five trips that will challenge and inspire you in equal measure, helping you grow into the woman you always wanted to be.
BACKPACK ACROSS EUROPE ● Europe is incredibly safe and convenient for solo travel. The best way to country-hop is to travel light and stay at hostels. “Europe is the smallest continent, yet it remains so diverse every one hundred kilometres. Experiencing this diversity and seeing how it has persisted for hundreds of years is quite an eye-opening encounter,” says Shikha Uberoi Bajpai, co-founder, Indi.com. “I did a 10-day trip to Paris, Amsterdam and Berlin when I was about 21
Determine your direction and financial goals
➻ Once you know where you stand, the next logical step is
grammes enhance physical endurance and offer prolonged lifespan and beauty,” suggests Sakshi Vij, founder and CEO, Myles. “Every woman needs a bit of pampering once in a while, and spa vacations provide the perfect getaway from the rigours of today’s fast-paced lives,” agrees Ambika Sharma, founder, Trails of India.
TRAVEL FOR A CAUSE ● Volunteering in India’s hinterland or
years old. Pack light; try the local food wherever you go—fish and chips in Amsterdam, truffles in Paris and beer in Belgium. Wear a smile and make conversation with interesting people, but watch out for conmen, and buy a train pass because it’ll save you so much expense,” advises Rashi Menda, founder and CEO, Zapyle.
TREK TO MOUNT EVEREST BASE CAMP ● Scaling the Mount Everest may not be everyone’s cup of tea, but making it to the base camp is a challenge you can still undertake. Roshini Sanah Jaiswal, promoter and chief restructuring officer, Jagatjit Industries has done mountaineering at Kala Patthar, Mount Everest at 18,000 feet. “This may be the only mountain you climb, but the lessons of preparation, endurance, humility, persistence, courage and teamwork will help you navigate the many hurdles you’ll encounter in different walks of life,” she avers. “Many private tour operators provide complete and customised trips to the Everest Base Camp that take around two weeks end to end,” says Yogesh Mudras, MD, UBM India.
GO ON A WALKING SAFARI ● Reconnect with your primeval self with a
even foreign countries allows you to give back to the society, while also experiencing a different side of life. “Voluntourism is a growing trend and
tionships that co-exist in harmony with a purpose. Women empathise and appreciate both the aspects better, and when out in the forest, definitely see the jungle differently. It’s the best way to get your adrenalin pumping,” he says. “A walking safari is a great way to slow down, disconnect from mundane life and immerse yourself in nature,” agrees Nidhi Batra, co-founder, Nirvana Excursions.
INDULGE IN A SPACATION ● Not all great travel has to be about rocky
roads and stiff backs. Women often forget to take time off from their responsibilities and a spacation is just what you need. “A spacation is a perfect way to relax and rejuvenate your mind, body and soul. While there are various types of spa services you can pick and choose from, I personally recommend a detox spacation. Such detox pro-
not only do people take these trips to earn good karma, but it’s also a fantastic way to appreciate your own life and be grateful for what you have,” explains Bajpai. If you love travelling and are into social service, then it is never too late to think about our society. “The change that can be brought by offering your time while travelling can be much greater than we imagine,” feels Aloke Bajpai, CEO and co-founder, Ixigo.com. You could teach a new language or help out at a farm. So take your pick and enrich yourself with memories and loads of new learnings to unwind and broaden your horizon.
to determine what your destination is. List down all your financial goals and prioritise them. You can also assign existing investments to each goal so you know when to liquidate those investments. All your future financial decisions should be guided by these goals. So every investment that you do, should bring you closer to these goals. One of the most important goals is financial freedom. Simply put, financial freedom is the stage where your work/job is replaced by your assets as a source of income. Investment options In India, a retail investor primarily invests in four asset classes. ● Fixed income: Anything which gives you a fixed rate of interest ● Real estate: In the form of commercial or residential space or land ● Equities: Opportunity to benefit from the growth in economy ● Commodities: This is primarily in the form of gold Different products have different features like liquidity, tax benefits, cost of investments and maintenance. You should choose the product keeping in mind the overall asset allocation and goal tenure. It is recommended that you don’t shun any asset class nor should you be dangerously overexposed to any one of them. Most people tend to be overweight in real estate and fixed deposits and underweight on equities, however, ideally, it should be the other way round. It is best to consult an investment advisor, who is not biased towards any product or company, for designing your portfolio. Some great products that you can choose to invest in are Equity Mutual Funds, Portfolio Management Services (PMS), National Pension System (NPS), Short Term Debt Fund for liquidity management, amongst others. The main crux is in monitoring these investments. Every year, with your lifestyle changes, your financial conditions and goals will also change. A wise way to multiply and maximise would be to have a regular course correction in the portfolio to ascertain that you are moving in the right direction. Other important actions towards reaching financial security are: ● Make a will: The right time to make a will is when you have any asset. It is one of the most important documents that determine how your wealth will be distributed. ● Taxes: Take control of your taxes, learn various exemptions and tax benefits. Understand how the tax is calculated and why it can be one of the biggest enemies of wealth creation. ● Emergency fund: It is advisable to keep anywhere between three to six months of your expenses in liquid form, may be in a fixed deposit or a short term mutual fund. This will help you sail through rough patches without impacting the long term financial plan. ● Insurance: Insurance is a pure risk mitigation tool and should not be looked upon as an investment or tax-saving vehicle. Term insurance with a minimum risk cover of 15 times your annual income is a must. Also, buy your own health insurance even if you are covered by your employer. The author is a certified financial planner
Gender no bar >> Continued from page 1
Ishani Sawant, a professional rock climber, says, “People would question the fact that a girl is teaching NDA cadets. I was not taken on a lot of Himalayan expeditions because I was a girl and was told that my menstruating days could hamper our expedition. To prove them wrong, I climbed a 6,000 metre peak with another girl, in under two days, which was a record in itself, as people generally take four to five days to summit it.” Captain Sneha
Sharma, pilot and national racecar driver, agrees, “Earlier in my racing career, I received various negative remarks, but I always stayed strong. Once the helmet is on, I am only a racing driver. With time, my performance spoke and the comments gradually stopped.” The burden of having to prove yourself can be daunting, yet once accomplished, can be immensely fulfilling as Kashyap explains, “You ought to have nerves of steel. Initially, when I forayed
into racing, I was called the ‘picnic rider’, who never posed any competition to the men, but things changed following the Raid de Himalaya, in 2016, where I was the fastest Enfield in the race amongst all riders.” Arjuna awardee and Padma Shri recipient paraplegic sportswoman Deepa Malik is yet another shining example. She is the first woman to win a medal for the country at the 2016 Summer Paralympics in Rio. “For me, the challenges were magnified because I was a woman in an older age group, and also physically challenged. When I was
*THP1M50317/ /02/C/1* /02/K/1* /02/Y/1* /02/M/1*
about to start, besides the infrastructural constraints and challenges, there were many questions about how I would play, whether I would perform, and why I was taking up sports at an age and time when I should have been focusing on my children and building their careers.” As Shroff expe-
rienced in her line of work, sometimes the limitations are not societal, but imposed by the government too. She explains,
“There are ridiculous laws restricting women from working in bars. Currently, there is some rule preventing women from working in a bar beyond 11 pm; previously, there was a complete ban on women working in bars.”
➻ WORDS OF INSPIRATION Every journey begins with a single step and no matter what you want to do, it’s
important to take that first step. Sawant shares, “I have always believed that you can make anything happen. If you truly want to do it, you will end up doing it despite all the odds.” Kapur exalts every woman to think of herself as an individual with dreams, talents and aspirations. She guides, “Women should remember that their life isn’t limited to only their families; they should do something for
THP1M50317/1R1/02/M/1 THP1M50317/1R1/02/C/1 THP1M50317/1R1/02/K/1 THP1M50317/1R1/02/Y/1 CMYK
themselves too. Every woman has a huge potential hidden within; it just needs to be nurtured.” Yagnik concludes, “There is no such place in our society where women don’t face stereotypes, but I must say that empowerment today is the name of the game. The number of growing female entrepreneurs and achievers will prove to the world that no job is gender specific.”
