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 savings and no emergency
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By Nikhita Arora MONEY July 21, 2020 Is it possible to manage and improve your finances during lockdown? Yes, here's how A financial advisor draws on five real life experiences From lounging on plush hotel beds to sleeping without the AC because “Electricity bill dekha hai?”, COVID-19 has dealt a swift blow to your plans of becoming a billionaire. Even experts are hesitant to offer magic solutions to manage your finances during lockdown, with the future being as unpredictable as it is. Representative photo: Freepik Binoli Dodhiwala, co-founder and CEO of a financial firm called The Money Managers, also warns that “once companies start coming back to normal, they will feel cost burdened. They might try to downsize the teams, having received more insight during lockdown into which designations they can do without.” So much like we are expected to gear up for another wave of COVID-19, we must ensure that we’re also prepped for riding out these tough times.