WELL-BEING // July 29, 2020 The Financial Planning Mistake You Should Never Make Expert tips to map a thriving future, one that sees you comfortably sitting on wisely invested assets. By Binoli Dodhiwala , Social Entrepreneur at The Money Managers Photo by Micheile Henderson/ Unsplash Raj Mehra (name changed) was working in one of the top airline companies. He was married to a poet and had a two-year-old daughter. He felt his good six digit monthly salary was enough to serve the loans and household expenses, including the EMI on their luxurious 3BHK house and sedan. As we all know, the aviation sector is very cyclical and the firm was going through a tough time due to very high oil prices. One fine day, Mehra suddenly got the pink slip and was asked to not return to work from the following day. Life shattered for him as he had a family to run, EMI for a luxurious house and a car loan. The most important thing which was missing in this was that he had zero s...
WELL-BEING // September 16, 2020 What to Invest in Depends on Your Financial Goals Aligning investment to your fiscal dreams helps in fulfilling them. By Binoli Dodhiwala , Social Entrepreneur at The Money Managers Photo by Tierra Mallorca/ Unsplash Imagine that you’re in college, studying to become a lawyer, and imagine your pleasure the day your degree arrives. It is the same with financial goals, where we plan for something tangible or intangible, and we feel a real sense of achievement the day it gets fulfilled. Ankit Jain (name changed) was staying in a 1BHK house along with his two sisters, grandparents and parents. Throughout his education, he faced difficulty in studying because there were too many people in the house and he had to study among all the noise. After completing his studies he started working in an investment company and with his first paycheque, he began investing in mutual funds with the sole goal of buying a bigger house. In between, there...
According to research conducted by Charles Schwab in the USA in 2020, 72% of households do not have a written financial plan. Only 40% of them have undertaken some amount of planning but not at a formal level, while the rest have made no preparations at all. The figures are still lower in India! This shows an evident pressing need to make financial advisory accessible to the masses. In recent years, many stakeholders have put considerable effort into spreading financial literacy. Every individual must have a financial plan tailored to their risk profile, family history, cash flow, liabilities, and financial goals. Given the dynamic nature of one's income and aspirations, regular analysis and revisions to financial plans are inevitable. Being well-versed in the latest developments in economics, finance, technology, taxation, and other nuances of investing is imperative. The seemingly complex and time-consuming nature of financial planning makes many people shy away from it or seek ...
Comments
Post a Comment