Let’s give a thought over the below few questions and we would get the answers ourselves.
1. Concept of Joint Family is dieing fast, we have to take care of ourselves in the current nuclear family system which can be done only if we plan properly.
2. This is not to scare you but the hard fact is that life has become so unpredictable. Diseases, Accidents, Terror, etc., can strike anyone anywhere. Even a small appendix operation could lead you spend minimum Rs.20000/- in a small hospital.
3. Inflation is biting into pockets of everyone. A family could survive with Rs.5000/m in the year 1998 imagine the scenario today yourself. If your monthly household expenses are Rs.25000 today the same would be Rs.41000/m approx ten years hence at just 5% inflation rate. Actual rate of inflation today = 12% approx!
4. If we require hot cash today in case of an emergency, be it for hospital expenses, children’s fees, in case you miss a months salary due to sudden unexpected lay off, etc., would you like to seek help from relatives, friends? If yes how many would seriously help you? How nice would it be if you have a plan in place to meet such adversities?
Many more situations like the above can be mentioned, but we feel the answer to the question “Why Financial Planning” has been already answered in your mind.
Vivek Karwa being a Practising Certified Financial PlannerCM and can help you achieve your Financial Goals & Aspirations.
For all details, contact us in your own Interest!