Homemakers do a great deal of good to the society. They contribute in shaping good citizens and building a healthy workforce. Apart from being the backbone of their families, they are also adept at donning different hats. They can seamlessly shift their role from a manager to a doctor to a chef at different points in a day.
Managing household finances is one of the things they excel. They know all the tricks and tips of budgeting and are experts when it comes to saving money. These independent and self-sufficient women are now expressing an interest in generating income. Their financial acumen makes equity markets a good choice for this purpose.
If you are a homemaker, here is how you can learn the various aspects of trading.
Get started - Equity markets may seem daunting from the outside. However, once you start gaining knowledge, you will realise that it is not difficult. You can start educating yourself by watching news channels and reading business newspapers. Choosing and focusing on one sector is also an excellent way to commence. Gradually you can move on to understanding the financials and performance parameters of a company.
Learn the basics - Once you get a grip on the financials of a company, you can move to understand the stock market. Simply put, selling shares is a way in which organisations raise capital. When you buy company stock, you become an investor. When the company is doing well, stock prices increase, and you profit from the increased cost. It thus becomes imperative that you invest in stock only after thorough research.
Start trading - You need to open a demat account and link it to your savings account. You can open this at your bank or with any broker. This account should allow you to transfer your money into another account. You can transfer earnings to your savings account only after 48 hours of selling your stocks. It is advisable you understand brokerage charges before opening a trading and a demat account. To trade, you will need a computer and a fast-working internet connection. Keep the contact number of your broker handy in case any problem arises.
Download apps - Several apps can help you in this journey. They are designed for beginners and can give you deep insights into stock trading. You can also receive investment suggestions on these apps. It is advisable that you do your thorough research before following any stock tips.
Don’t lose hope if the market falls - The stock market is prone to external factors like political, financial and socio-economic environments. Don’t get bogged down if the market falls. Treat all vicissitudes as part and parcel of the trade. For all you know, buying stocks in a falling market may give you better returns in the long run.
Women are likely to take calculated risks and make well-researched calls. If you are a homemaker who is eager to make money, equity markets may be a good option for you. Who knows your drive could result in your own business one day.