Will I earn enough money, to send my children to the best of colleges?
Sandwiched between multiplying expenses on my growing kids and elderly parents / in-laws, how do I manage with my limited income?
Will I be able to build a suitable corpus for my retirement years; or will I end up with empty wallets and bank accounts?
How will I pay the exorbitantly high medical bills, in case of any unfortunate critical illnesses in the family?
Given that job losses have become fairly common, what is the guarantee that I would be gainfully employed till 58-60?
How do I enjoy my present, without endangering my financial future?
These are among the many fears that often keep people awake at nights. Practically everyone of us has been disturbed by such scary thoughts.
Well, how our life will actually span out, would be known only as the future unfolds...
... unless, of course, you know a fortune teller who can (supposedly) make accurate forecasts
[and even if s/he can, will s/he tell you the truth if it is awfully grim and terrible?]
Unfortunately (or maybe fortunately) this business of reading the future is still not proven. [By the way, will the life be enjoyable if the entire story is known beforehand? I wonder...]
Also, the fact that such apprehensions are entirely natural, does not provide any consolation.
As such, let's explore if we can do something positive about it; instead of merely increasing our blood pressure count or sleeping with the sleeping pills.
The solution that comes to my mind, is to change our perception about this whole concern of not having sufficient money.
How?
I have often given an analogy on this:
You plan to drive down from Bangalore to Mumbai. And it is night time. So, the journey is going to be in complete darkness, as there won't be any road lights along many portions of the roadway. Even the headlights of your car would lit up the road, barely 10-20 meters ahead of you. Yet, you are not at all concerned. Even with this limited vision, you are confident of covering nearly 1000 kms of distance quite conveniently and reach your destination safely.
Of course, during this journey you will experience many ups and downs. Traffic jams, diversions, breakdowns will slow down your progress. While, on the expressways you would be able to quickly cover the distance. You would also get to enjoy the beautiful and pollution-free countryside, besides the delicious food at the Punjabi dhabas on the way. All in all, it's going to be a mixed bag, but exciting.
The same applies to your financial journey too...
You start with the given income and surplus. Based on the current economic scenario, you make certain assumptions. Accordingly, you begin with your monetary commitments and investments, based on a financial roadmap which is appropriate to fulfill your needs, desires and aspirations.
During the course of this long financial journey, you may have to change your investment pattern; increase (or decrease) your investments; take more (or less) risk; etc. depending on how the economy and your financial position actually unfolds from time to time.
This is exactly like driving, when you have to speed up or slow down; take diversions; stop for refueling and repairs; etc. depending on the actual road / traffic conditions and your car.
In other words, while the goal is quite clear and unchanging, there is a 'repeated' course-correction, both while driving and financial planning.
In short, there are no big and bold steps... to a big and bright future. It is all about small and steady steps, that would add up to the big achievement.
The vision and the goals are long-term.
But, the actions have to be short-term.
And, as long as these short-term actions are well-planned and judicious, there are very good chances that your long-term financial objectives would be successfully realized.
Concluding, never think in terms of 'What if' or 'What if not'.
Always think 'What now' and act accordingly.
Or, to put it differently... Think Future. Act Present.
I guarantee that, with this one small change in your thinking process, you will conquer all your fears about your financial future... and live a financially abundant and stress-free life.
Sandwiched between multiplying expenses on my growing kids and elderly parents / in-laws, how do I manage with my limited income?
Will I be able to build a suitable corpus for my retirement years; or will I end up with empty wallets and bank accounts?
How will I pay the exorbitantly high medical bills, in case of any unfortunate critical illnesses in the family?
Given that job losses have become fairly common, what is the guarantee that I would be gainfully employed till 58-60?
How do I enjoy my present, without endangering my financial future?
These are among the many fears that often keep people awake at nights. Practically everyone of us has been disturbed by such scary thoughts.
Well, how our life will actually span out, would be known only as the future unfolds...
... unless, of course, you know a fortune teller who can (supposedly) make accurate forecasts
[and even if s/he can, will s/he tell you the truth if it is awfully grim and terrible?]
Unfortunately (or maybe fortunately) this business of reading the future is still not proven. [By the way, will the life be enjoyable if the entire story is known beforehand? I wonder...]
Also, the fact that such apprehensions are entirely natural, does not provide any consolation.
As such, let's explore if we can do something positive about it; instead of merely increasing our blood pressure count or sleeping with the sleeping pills.
The solution that comes to my mind, is to change our perception about this whole concern of not having sufficient money.
How?
I have often given an analogy on this:
You plan to drive down from Bangalore to Mumbai. And it is night time. So, the journey is going to be in complete darkness, as there won't be any road lights along many portions of the roadway. Even the headlights of your car would lit up the road, barely 10-20 meters ahead of you. Yet, you are not at all concerned. Even with this limited vision, you are confident of covering nearly 1000 kms of distance quite conveniently and reach your destination safely.
Of course, during this journey you will experience many ups and downs. Traffic jams, diversions, breakdowns will slow down your progress. While, on the expressways you would be able to quickly cover the distance. You would also get to enjoy the beautiful and pollution-free countryside, besides the delicious food at the Punjabi dhabas on the way. All in all, it's going to be a mixed bag, but exciting.
The same applies to your financial journey too...
 |
| You can conquer your fears with long-term vision but short-term action. Try! |
You start with the given income and surplus. Based on the current economic scenario, you make certain assumptions. Accordingly, you begin with your monetary commitments and investments, based on a financial roadmap which is appropriate to fulfill your needs, desires and aspirations.
During the course of this long financial journey, you may have to change your investment pattern; increase (or decrease) your investments; take more (or less) risk; etc. depending on how the economy and your financial position actually unfolds from time to time.
This is exactly like driving, when you have to speed up or slow down; take diversions; stop for refueling and repairs; etc. depending on the actual road / traffic conditions and your car.
In other words, while the goal is quite clear and unchanging, there is a 'repeated' course-correction, both while driving and financial planning.
In short, there are no big and bold steps... to a big and bright future. It is all about small and steady steps, that would add up to the big achievement.
The vision and the goals are long-term.
But, the actions have to be short-term.
And, as long as these short-term actions are well-planned and judicious, there are very good chances that your long-term financial objectives would be successfully realized.
Concluding, never think in terms of 'What if' or 'What if not'.
Always think 'What now' and act accordingly.
Or, to put it differently... Think Future. Act Present.
I guarantee that, with this one small change in your thinking process, you will conquer all your fears about your financial future... and live a financially abundant and stress-free life.
