Myth #1: Men are better than women in financial matters.

How to fix it:

Find role models, find success stories that highlight women's achievements, and work with someone who is willing to provide comprehensive financial advice and education even as you work toward your financial goals.

Myth #2: You don't have time to manage your finances.
How to fix it:

• Start by allocating time each week or month to review your financial situation, track your expenses, and plan for the future.
• Remember, taking charge of your finances is a precautionary step to creating the life you want.
• Tracking your spending habits, cash flow, and budgeting are key steps to getting started on your financial journey.

Myth #3: Investing is complicated and only for men.

How to fix it:

• Start by educating yourself about different investment options such as stocks, bonds, mutual funds, and real estate.
• Seek professional advice from a financial advisor who understands your goals and risk tolerance.
• Remember, with the right guidance, accessing investments can be a rewarding endeavor.

Myth # 4: Women only save more when they have more income.

How to fix it:

• Start by creating a realistic budget and setting aside a portion of your income for savings each month.
• Even small amounts can accumulate over time, giving you a safety net and the freedom to pursue your goals.
• It's also important to set aside time to allow the power of the compound to work for you.

Myth #5: Women are risk-averse and bad investors.

The fact is that women always make investment decisions: how they invest their time, invest in education for children, run a business. Investing is very important for women across the spectrum of life.

How you invest your time, how you invest in your community and your family, these decisions require the same amount of attention as investing in the market. Even if you don't know what the P / E ratio is, that doesn't mean you'll be a bad investor.

How to fix it:

• Women aren't risk takers - they're risk takers! "Hate risk" is a very pejorative term, and secondly, "risk awareness" is an incredibly positive skill.
• Start small, ask for help, get advice, and learn.

Myth #6: There is a solution to every financial problem for women.

How to fix it:

• Don't trust the hype surrounding these one-size-fits-all financial success plans.
• If you don't buy them, it doesn't mean you're not a go-getter or driven.
• These plans are often more fictional than real, and just because they worked for two women doesn't guarantee it will work for you.
• Never lose sight of the fact that you and your financial needs are unique.

Age-based financial planning steps to be followed by women

Women in their 20s and 30s

• Budget, cash flow, set goals, save for retirement, and buy adequate insurance such as term life and health insurance.
• Have an emergency corpus for medical needs, wedding expenses, baby showers, and rest periods.

Women over the age of 40:

• Collect the retirement corpus and pay off the debts.
• Have term life insurance that covers the education of children and the obligations and goals of dependent parents.
• Ensure critical illness coverage along with high health insurance coverage.

Women over the age of 50:

• Plan the supply phase, manage the empty nest requirements.
• Have a hobby that engages you.
• Continue to improve health insurance coverage in line with health inflation.

The best ways to manage money

• Make sure you have a property in your name - shelter overhead is important.
• Women should keep money separately - there are no joint accounts.
• Have control and charge of your own money - take the help of a mentor / advisor.
• When paying for the wedding, keep a list of all the bills received and paid by the parents.
• Make sure it is covered by the Married Women's Protection Act (MWP) in your husband's life insurance. Know this: Pre-nuptial agreements are not valid in India - they are illegal.
• Economically, women need to work and contribute to self-development.

It is essential to bust myths that hold women back from achieving economic empowerment. Taking control of your finances isn't just about saving or investing - it's about creating the life you want. By understanding and addressing these common misconceptions, women can adopt financial literacy, invest wisely, and plan for the future with confidence. With the right guidance and proactive measures, every woman can build a secure and prosperous financial future.