Abhishek is a salaried individual holding a senior position in a telecom company. He is always hard pressed for time and has been postponing his own financial planning to a future date. He has been investing in random some tax saving plans by buying certain products from friends and relatives to simply honour his relationship commitments. He then one day decided to take some time out and create a financial plan for himself. However, after a major research he made a list of things which has to be implemented to achieve his set goals. However, as soon as the plan was completed there was no implementation on his part. It’s been more than a year since he had listed out the things he had to do. Abhishek decides to go back and review his financial plan just to realize that his financial commitments have increased for the same goal as he has lost considerable time period of investing.
This is a story of many today. We may at times end up getting good advice from our financial planners or we may ourselves create an effective financial plan but a plan which is not implemented falls flat. Let’s analyze the reasons why this happens: –
1) Lack of time: – People are hard pressed for time as there are steep commitments on a professional front. But what you seem to forget is that you work hard in order to satisfy your personal goals which get lost in the process.
2) Fear of commitment: – When a plan is discussed, many times it is recommended to starting investing in certain specific instruments in order to achieve your goals. But this also instils is a fear of not being able to do it correctly and that leads to not even initiating it. The fact is that it might not always be possible to touch the idealistic investment figure needed to achieve your goals but least a start in that direction needs to be done. This is because goals might change and there could always be changes in your income and expenses so we might be able to catch up with the figure needed even at a slightly future date. But not starting anything will lead us nowhere. You need to remember that “a journey of 1000 miles starts with a single step”.
3) Waiting for something wrong to happen before starting: – You may many times ignore some work in your lives which is important until the day it becomes urgent and the deadline arrives. This is could be because you have formed a habit of procrastinating things. The decisions taken in haste usually ends up in an unfavourable result. The same rule applies to financial planning. You may have seen people not purchasing a term insurance plan till they encounter an unexpected death in their family. This aspect of human nature makes them postpone their financial planning implementation. Well, a term plan like Edelweiss Tokio Life – Zindagi Plus aids you in this context. It acts as a financial safety net that ensures there’s enough to cover for your family’s expenses, right from groceries to medical bills to outstanding home loan, and most importantly the cost of your child’s education.
Unless you set a goal for yourself, you will never get there. So, without further delay, look at your future financial goals. Once you have the goals set, it would be easier for you to come up with a full proof plan.