Over the years, many people have reached out to me to understand the advantages of Financial Planning but very few have implemented it in true spirit. Since I had limited success, this morning I reached out to ChatGPT to help me encourage the uninitiated. Money, money, always on our mind But if we’re not …
After writing many blogs, I believe it is time to reiterate the basics of Personal Finance Management. There are 3 pillars of Personal Finance Management a) Risk Management b) Goal-based Financial Planning c) Estate Planning Risk Management Emergency Fund Get it ready as soon as you can Keep 6-12 months of expenses aside You can …
The involvement of women in managing family finances has come of age. Traditionally, because of the societal set-up, women were more focussed on managing daily expenses including the purchase of vegetables and groceries whereas the rest of the financial decisions including investment decisions were taken by the spouse. This is changing. The participation of more …
Come December and everybody starts thinking about a few important tasks which they could not take up this year but would love to do in the upcoming New Year. This comes with a feeling of guilt but a stronger determination to make it happen soon. I have a guilt of my own. I wanted to …
As a child, I never heard my dad talk about Financial Planning. He used to earn a reasonable salary to take care of our living expenses but had little to save hence had less motivation to create a financial plan. Whatever he could save would typically get invested in simple investment products including Savings Bank …
People find it difficult to invest their savings optimally and arrange money for their financial goals. Your financial life and in turn your personal life is largely dependent on your approach towards money management, your interest to learn the nitty-gritty of investment and your ability to use it to your advantage. One has to make …
It is December month and you are getting anxious that even this year you may not be able to put your financial plan in place. It has been almost 3 years since you realized that this activity is very crucial for you and your family and it requires immediate attention. But every year some or …
Are you procrastinating your decision to start planning your finances (Financial Planning) to ready money for your financial goals? Are you doing it because you do not have the knowledge and you will not get the right advice to help you? Are you doing it because your work is very demanding and you are not …
In my discussions with friends, colleagues and clients, financial planning does not quite get the attention it deserves and for the right reasons. Some believe that a formal approach to financial planning is not necessary to manage personal finance, while some others have reasonable comfort with the finances they have and believe that everything will …
Why is it risky to have adhoc approach for financial planning? Read More »