by Vivek Karwa, Certified Financial Planner and Investment Adviser
India was only an agriculture driven economy once upon a time. Bharat was considered as dark world and we were not figuring in any global map for any reason except for our rich heritage and culture. Business wise and Economy wise, we had no worth and value.
Over the last two decades with emergence of Information Technology companies, BPO companies, ITeS and other related companies (herein referred as IT Industry and Techie’s), India has been able to place herself in the forefront and literally no country can now ignore us today.
We are being looked as a threat and not so long ago even the American president advised children in U.S. to study well otherwise Indian kids would take away their jobs.
For almost 20 years the IT guys ruled the scene. Every student wanted admission in a Computer Science Engineering course. IT guys were envied by many since they were cornering all high paying jobs. Many parents found that the salaries which their children are getting as a new entrant in an IT company was higher than what they were getting after rendering 30 years of service in their company!
This resulted in fuelling of the economy. We all know what happens when young Boys and Girls start getting huge money in their hands. They start spending!
Some techie’s spent all the money on lifestyles, some spent on automobiles, some guys are still not aware where all the money went, some techie’s even acted smart and bought homes on EMI’s, others who married themselves with more than one EMI, actually acted over smart!
The question is how many thought about their future and saved money? Very few! And those who did, got trapped into products which were pushed by unscrupulous agents who visited their offices in the months of Jan-Feb-Mar and sold products in order to Save Tax. Most people who have been investing in the last moment to save taxes have ended up buying useless, low yielding and rigid products. Trapped!
IT employees need to get Financial Planning done in early stages of life. Even if you have missed the same at early ages get it done immediately after reading this article! Further delays will harm none other than you. You may ask why particularly IT employees? These are some of the reasons:
High Pressure Jobs: Jobs in the IT industry may be High paying, but at the same time they involve High Pressures! Pressures during day time itself can harm your body and mind, but some take these pressures at odd times! How long can you continue with such high paying job in case your health deteriorates? You Need Financial Planning immediately!
Short term work span: I have come across IT employees who proudly lead team of large number of people. The team members keep getting promotions and generally the new entrants are always of young age. The leader at times is 30+ and team members are below 25 leading to mismatch of thoughts and experience which in turn creates rift.
The retirement clock starts ticking the moment you cross 40. How many of you are confident that you can continue in the same company as an employee till age 60?
No wonder we see many people aged beyond 40 take up IT consultancy job/business. Hence if you have to retire early, your family will still require money, even if you need to start a business you’ll need money. You Need Financial Planning immediately!
IT is yet another sector today: There was a period when IT used to be high growth sector. You would easily get on-site projects in various countries leading to good cash flows. Today IT is like any other industry, growing around 10% to 15% so don’t think you can make big in small period.
Salary increases are not more than 10% in the sector today! You Need Financial Planning immediately!
Financial Mistakes: Most of the financial mistakes are committed by Techies as explained in the start of the article. Few are so busy with the office pressure that they become lazy about their own families future. You Not only Need Financial Planning, You Need a Right Financial Planner as well.
Not to make the reading too long, cutting short the article here. In spite of reading this and realizing the truth, if you take things lazily, God Save You!
If you are serious, contact your Financial Advisor NOW! You can contact VRIDHI also. For us the Place you live does not matter, we can still guide you. We want to make sure people are safe and planned hence not particular that you should call us, but yes we are particular that you should surely call any Planner of your choice.
Keep in mind, in Times of Need, your Friends may Un-Friend you and Your Relatives may defy Relativity! – You Need Financial Planning immediately..!
If any of you or any HR managers want to hold a small lecture program on ‘Money’ at their company premises, can surely contact us.
Please share this Article with your Friends, Relatives and Colleague’s for their benefits… To contact us Click Here
Vivek, like on joining these companies, they give a booklet which spells about their tie up with banks to open Zero balance accounts…why don’t they mention their top financial advisers rated based on their employees feed back..to contact..think over this to approach…they way in which every one fools the common investor is extreme.. I was told today by the Point of Sales list guy on KYC norms that, without any investements, they cannot process their form…I know this is against SEBI rule, but who to cat the bell