Can you share any instances where the women have come back and shared the positive impact that HerMoneyTalks had on their life?
There are many such instances. One was the friend that I had previously mentioned. We had helped her restructure the loan and counseled her on how to clean up her finances. She was able to restructure her loan from 40k monthly EMI to just 20k. We also aided her in straightening her personal finances.
Through our consultations, many women entrepreneurs have turned their business successful. Most of them were neither aware of the basics of bookkeeping nor the taxation format. For example, startups have Income Tax concessions for the first three years, something you will know only if you have a personal CA. There were women who came to us with no one to give right advice on these things and were paying heavy tax.
We have also helped women who wanted to invest their money but did not know how. For parents with only daughters, they have to rely on their daughter’s income once they retire, and the daughter has to ask her husband, as she has no control over her finances. Our society is such that only sons are freely able to take care of their parents, there are women who will want to help, but not independent to do so. Women need to keep aside a small amount from their earnings, so they can help their parents. We advise them to either invest part of their income in Mutual Funds to build a corpus for themselves or try a Recurring Deposit (RD) to build a corpus for various needs. They can invest in medical health insurance for their parents.
Being a young venture yourself, how would you describe the growth of HerMoneyTalks – both as a brand and a business?
The learning process will never end for an entrepreneur. Right now our main focus is to grow as a brand. The first year, we focused to create awareness of our services, evangelise the concept and build the brand. Going in the second year, we are looking towards growing as a business. We are expanding our networks in different cities, getting into more collaborations, etc. We are already in discussion with different partners and are launching chapters in different cities. We are using various platforms to connect with people and growing this as a business.
The last few years have seen many women entrepreneurs in businesses, both service and product-based. What are your general thoughts on women joining the workforce and contributing to the economy?
I think this is something we need to do, because men and women are talented in their own way. The society does require women to focus on personal commitments, but that doesn’t mean that we have to end our career and spend time at home. We are social beings. We need to get satisfaction by using our knowledge and talents. Also, today, dual-income is very important for the family, and both men and women are equally contributing on a personal and professional front. The kitchen, which was perceived as a woman’s domain, is being equally used by men and women. Lifestyles have changed, especially in the cities. Men are also getting paternity leaves to contribute on a personal front.
So it is not just about who works how, or who is contributing the income. It is about growing as an individual, and growing together, by utilizing their talents and skills. I have seen many educated women simply end their career because of family commitments. However, once their children grow old, they feel restless at home. They will want to rejoin the workforce but assume that they are no longer eligible. This leads to a lot of frustration and depression. So, the psychological impact also matters.