Arti Arora, CFP | Head Financial Planner
Life seems to have come to a standstill as we pass through this very difficult covid phase and it is only our mental strength and agility that will get us past this more than any other thing.
Where does one derive this mental strength from? Does our financial well-being play a role here?
We all know that this too shall pass but the important thing is, that it passes without denting our financial aspirations and goals and that we are still in control of our financial lives and are able to steer it in the right direction. This control can only be manifested when we are clear about our financial objectives and all of our financial resources (existing and potential) are linked towards them. This clarity can only be brought about by a process wherein we write and record our finances and everything related to our money matters and then devise suitable investment strategies towards meeting our life goals. This process is termed as Financial Planning. Just talking, discussing and worrying about meeting your financial goals never helps. A concrete and focused action towards fulfilling them as well as smart work does. The best part is that most of us have the time in hand to get the much-needed financial discipline we have been yearning for. If I was to draw an analogy here, just as a robust, detailed and extensive business plan creates the premise for a successful business venture; similarly, a comprehensive, exhaustive and a customized financial plan lays the foundation of an optimized financial life in particular and a satisfying personal life in general. Your finances play a pivotal role in determining your capacity to get any other service you need and purely by this logic, they always deserve the most special attention and best expertise. This is not a Do It Yourself (DIY) activity especially considering ever-changing micro and macro situations and the dynamic and complex financial world.