Financial Planning Revisited

 Today's condition is very complex as whatever things are happening in the country is very tragic.

Anyone getting a chance to loot is utilizing the situation for benefit of his own.

But the average person who has only meaningful earning is not in a position to hold on as things are out of reach for him.

If we look at the current situation, whosoever has been hospitalized is getting a major shock.

As there is no absolute control on the tendency of people to exploit the common man.

It is an Indian situation, in this, we are a totally integrated country.

Here is what is wrong in our planning, which is making us so poor in the current situation.

Normally we do the planning by considering all inflation like consumer price, medical, education, and so on ...

But nature is so strong that we haven't imagined today prevalent situation.

Due to two consecutive lockdowns, we have already been under stress(financially).

Many have lost jobs and someone is not getting full salary.

In the first lockdown, we have had solutions for that time. But after unlocking we get shocks aftershocks.

Now again the lockdown has created the situation worst, as no one knows what is going to happen in the next day or week, or month.

But the lesson which is taught to us this pandemic is that we have to be very alert while doing financial planning.

Liquidity and protection should be more in the mind while we are doing the planning.

Here we are saying liquidity to be a major parameter, it is due to the hospitals and market which are treating the person.

Now we know that even if we have medical insurance, hospitals are insisting on cash for admission.

Also, the cost of medicine and other ancillary items which are needed for life-saving is out of reach for ordinary people.

Overall the planning should be reviewed in the context which is prevalent currently.

Now other issues like education cost and other which we are facing and will face in near future are not known.

If the third wave comes and the market doesn't perform as per prediction is going to increase the financial burden on each one.

Only we want to say that take time to sit with your family and your financial advisor to review the portfolio and also the course correction needed.


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