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 the other preoccupation on the family or the job front has pushed this activity on the backburner. You are losing time, losing opportunities and possibly few irreversible important financial decisions. You are worried that your financial independence could be in jeopardy and it’s now or never situation.
In December month, for the majority of the folks, office workload is comparatively less. The office plants are shut down and important activities are put on hold. Since this is year-end, the companies do expect people to take some time off to unwind. For the folks who have not been able to put their personal finance in place, this may be the best time to get their act together and get it done.
COVID has made us realize that basics (Emergency Fund, Term Life Insurance and Health Insurance) are not negotiable. Some of the people whom I know held their ground better during this pandemic despite being infected by the COVID and job losses because they had taken care of their basics. A few others were not lucky and are not with us today but had the vision to create a financial plan which would protect their family financially and emotionally in a situation like this and help them bounce back. Their foresight in having joint account, nominee and a Will has ensured easy transfer of assets to their family.
Every year-end, at the risk of repeating myself, I post a similar blog to remind my readers, particularly those who have not put their financial plan in place, to take it seriously and not delay it any further. They will do themselves and their family a big favour.
Wishing you all a very Happy New Year!
You may like to read Why is it risky to have adhoc approach for financial planning?
The writer is a SEBI Registered Adviser and Founder of FinMyn (https://finmyn.com). He provides Fee-Only Financial Planning and Investment Advisory services. If you want to know more about him, click on https://finmyn.com/about/.