At age 35 people suddenly realise that death, old age, etc. CAN happen to them also….
So suddenly they look for somebody who will ‘help’ them to plan their finances. They get to somebody and find out somebody who comes to their house or their office.
They think (thanks to the TV ads, I am sure) that Retirement / Life Time planning is simple. All they have to do is to sit with the ‘consultant’ for 15-20 minutes and hey presto…it will all be done.
Sadly that is not the case. Alas!
It takes some homework, some understanding, willingness to consult with your partner, understanding of risk, etc. ALSO you are better off using a pencil or a white board instead of paper and pen. IT WILL CHANGE – as your understanding of retirement changes.
I am convinced it is time I wrote another ‘New and Revised’ Retire Rich..Invest Rs. 40 a day – simply because of the new things that one has to consider.
HOWEVER, do not wait till you understand everything. Start doing a SIP in an equity fund IMMEDIATELY…as and when you have your full plan in in place, you can make this a part of the plan.
Does not mean the answer will be different if we are talking about your kid’s wedding or education…START, START, START….understanding will come in 4 weeks, 4 months or 4 years….at least do not lose the power of compounding!
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