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By:

Kaustubh Kale

10 September 2024 at 11:37:15 pm

Nine Financial Tips for a Prosperous Navratri

As Navratri draws to a close, I wish you and your family happiness, prosperity, and continued success. Festivals are a time of celebration, but they also serve as a valuable reminder to reflect on our financial habits and strengthen our financial discipline. In the spirit of the nine days of Navratri, here are nine essential financial tips to help you stay on track with your financial goals and make your journey towards financial freedom smoother and more secure. Build an Emergency Fund Make...

Nine Financial Tips for a Prosperous Navratri

As Navratri draws to a close, I wish you and your family happiness, prosperity, and continued success. Festivals are a time of celebration, but they also serve as a valuable reminder to reflect on our financial habits and strengthen our financial discipline. In the spirit of the nine days of Navratri, here are nine essential financial tips to help you stay on track with your financial goals and make your journey towards financial freedom smoother and more secure. Build an Emergency Fund Make sure you have at least six months of living expenses saved in a bank fixed deposit or a debt mutual fund. This reserve will serve as your emergency fund for unforeseen situations and ensures you are prepared for any rainy days. Review Your Asset Allocation Revisit your investments to ensure they align with your goals. For short-term goals within three years, bank fixed deposits, recurring deposits, or debt mutual funds are appropriate. For long-term goals beyond three years, a diversified combination of hybrid/equity mutual funds, direct equities, and gold should be preferred. Do Sufficient SIPs Systematic Investment Plans (SIPs) are the backbone of disciplined investing. At least 25-30 percent of your in-hand monthly income should ideally be invested through SIPs in mutual funds, equities, and gold. This consistent approach will steadily build wealth over time. Make Lumpsum Investments Along with SIPs, voluntary lumpsum contributions into long-term assets whenever you have surplus funds can accelerate wealth creation. Even occasional lumpsum additions make a significant difference to the overall corpus. Increase Your SIPs Annually As your income increases, make sure your investments grow as well. Increasing your SIP amounts every year helps your wealth stay in line with inflation and your rising lifestyle needs. Increase your SIPs yearly and anchor them to at least 30 percent of your monthly income. Stay Invested Remain invested until your financial goals are achieved. Avoid redeeming investments unnecessarily. Frequent withdrawals disrupt compounding. If liquidity is required, consider taking an overdraft loan against your investments rather than breaking them prematurely. Health Insurance Safeguard your family with adequate health insurance. Opt for a minimum cover of 25 lakhs per family member with comprehensive features. Remember that relying only on employer-provided insurance is risky. Independent health insurance is essential. Term Life Insurance Protect your loved ones with a pure term life insurance policy. Ensure a cover of at least ten times your annual income, along with provisions for any outstanding loans. Stay away from mixing insurance with investments. A simple term plan is the most effective solution. Consult a Financial Advisor A full-time, well-qualified financial advisor can simplify your financial journey. Professional guidance ensures disciplined planning, correct product selection, and proper execution of your financial strategy. May this festive season bring abundance and lasting financial peace. (The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

The Woman Behind Lijjat’s Enduring Legacy

1 day ago
2 min read

Part - 7

Who: Swati Ravindra Paradkar

Where: Mumbai, Maharashtra

For the unassuming Swati Ravindra Paradkar, President of ‘Shri Mahila Griha Udyog Lijjat Papad’ (SMGULP), ‘Lijjat Papad’ is more than an institution - it symbolizes and the dignity of the handful of seven women who launched and built an extraordinary enterprise with their blood, sweat and tears, surmounting untold odds.

 

Paradkar, 66, is heading SMGULP since over a decade – a place she tiptoed as a shy 10-year-old schoolgirl after her father’s demise – and has since dedicated 56 years of her own lifetime to build the organization that has transformed the lives of over 45,000 poor women across India, helping to make them Atmanirbhar in the truest sense.

 

Launched on March 15, 1959 by seven women from Girgaum on a ‘borrowed’ capital of Rs 80, Swati’s mother had joined the Wadala branch in 1969. She followed in 1970 to enrol as a ‘papad-rolling’ Sister-Member to supplement the family income and completed her SSC. What began as a means of earning a livelihood became a lifelong association with an institution whose story mirrors the courage and determination of generations of working women.

 

Armed with her experience in different positions in Bandra, Kandivali and other locations handling multiple departments, she grew rapidly in SMGULP. She became a Managing Committee Member in 1989, and served as Secretary till 1995 – growing with the organization.

 

Starting with rolling out modest papads, SMGULP has today become a massive industry giving economic independence to over 45,000 women. Their grueling daily regimen begins at 4.30 am – kneading the dough, rolling and shaping it and then the papads are dried, packed and marketed to domestic and international markets, said Paradkar, speaking with The Perfect Voice and Vruttamanas.

 

Working in humble, next-door surroundings, dingy chawls in slums or rented premises, sharing all responsibilities with a smile and commitment while adhering to strict quality controls, and fighting growing market competition, the women were determined to earn with dignity while balancing domestic chores and family commitments.

 

Over the past 67 years, the modest initiative has mushroomed into an awesome institution with 84 branches and 31 divisions across 16 states, providing self-employment to more than 45,000 sister-members, who produce over 5 billion papads, with turnover of over Rs. 1,600-crore, annually.

 

Besides papads, SMGULP offers a bouquet of other home products and provides self-employment opportunity to women by giving them a window to national and global markets.

 

The deserving children of the sister-members are awarded scholarships to pursue higher education. The SMGULP is heavily involved community services, and contributes to providing relief to people affected by natural calamities like earthquakes or floods.


Paradkar says with pride that “Lijjat’s legacy is not simply the humble papad that reaches millions of homes but the dignity, independence and collective strength of the women whose hands have rolled and shaped its history.”

 

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