We always do meticulous planning if it is related to our job, or a holiday or simply a party for friends. But we don’t we plan our money… why? There can be lots of answers to this but let’s first consider blasting some common lame excuses;
| Excuses | Solutions |
| It’s tough, complicated … | Well, nothing worthwhile is simple and easy anyway. Do you get paid for free?” |
| There’s just no time … | “If you don’t make time for your finances, who else will?”“An expert will cost you 12 hours a year, that’s 1 hour a month out of 720 available hours … is that too much time?” |
| I have just started earning. Why plan from now…? | “That is the golden time to start planning. On a scale of 1 to 100, you get full marks for beginning planning the day you start earning…it reduces as time passes by…and you get zero for starting beyond 50.”Investing is as important as spending, perhaps more!” |
Some other factors which are not so obvious…
| Excuses | Solutions |
| Knowledge is inadequate. I don’t want to lose … want to play safe | When pushed to the wall, when safe investments give returns below inflation…the best strategy is to perhaps attack. As it is said… that sometimes the best defence is to attack!Of course help is available, if you need it! |
| It can be a dangerous game. Planning job-related matters is ok… company has more money than an individual. In the worst case if things go really wrong… we can get another job, the salary will continue nevertheless. | But, if we lose the little we have that we call our own… there is no recourse, if something went wrong, it could really be a troublesome situation.But if we are taking calculated risks and climbing corporate ladders day in day out… then why so much apprehension when it comes to taking calculated risks on managing personal financial affairs? |
| My husband / CA / agent manages all this… ….he knows his job / his business and therefore I am in safe hands | Managing your finance is nobody else’s business except yours. It’s simple; it is your life and not someone else’s. We must be a little more aware…and take small steps in this direction.Can your husband attend office for you?Will your CA finance your retirement?Will the agent be able to fix a financially devastating situation?
Where a professional is needed, he is needed!!! Can you compromise in a medical situation, not go to the doctor for example? Then why compromise on a financial situation? |