Selling a financial plan to an incorrigible shopaholic
- All attempts being made to free soldier in Pakistan captivity: Rajnath Singh
- SC cancels Mohammad Shahabuddin's bail, orders police to take him into custody
- Congress and I stand by PM Narendra Modi: Rahul Gandhi on surgical strikes
- Bihar liquor ban: Patna HC strikes down govt's prohibition law, terms it 'illegal'
- LIVE: PM Modi calls second Cabinet Committee on Security meet
My friend Angelina likes life throwing surprises at her …obviously the pleasant ones. Planning for eventualities was never there on her radar.
A chance meeting with her, and I could guess her life was all about shopping, dinning and enjoying.
I asked her, "How are you prepared for your daughter's higher education?"
On this she shot back, "What is there to be prepared about? It will happen and it is good two years away."
I knew this coming from her, so I wasted no time in apprising her that how important it is to be well planned with your expenses, savings and investments so that you remain worry free when the time comes. After giving me a patient hearing, she was ready with her volley of questions.
Sample this: "What will happen to my weekly 'Mall' ing sojourns? What will happen to my gifting sprees? What will happen to my annual vacation? How will I fulfill wants of my 'fashionista in the making' teenage daughter?"
I could sense that she would find it difficult to scrutinise her earning, micromanage her expenses, maintain the account of where and on whom she has spent during the month, which was the first step towards financial planning.
It was just too much to ask from ladies like Angelina. But I was determined to put her money to better use, and so I planned to meet her again.
We met over dinner at a sports club in the vicinity. I had come prepared to put her finances on track.
After a sumptuous dinner, Angelina finally obliged, "OK, will you help me with that?"
To this I replied that only a financial planner could help her. She was quite surprised at that. She quipped, "Till now I have known media planners, town planners, wedding planners or even travel planners but how will a financial planner help?"
- The emergence of Akhilesh Yadav as a popular leader is an indicator of the same-old in the SP
- Poverty caused by expenditure on health has doubled in India in the past 15 years
- India’s aggressive response to Nawaz Sharif’s lies at the UN was a clear indicator of the things to come
- Let’s not allow debate about what it means to be Indian to be held hostage to jingoists and bigots
- People, policymakers can be led by subtly influencing their choice architecture
- Edit - Defining moment