Met a few defence personnel and asked them ‘what their financial challenges were’. Based on the maximum time spent on the topic, here is the list of problems. I am doing this post so that the people reading this can add their comments..and enrich this post!
- Not knowing where to turn for financial advice.
- Banks selling them completely unsuitable products, and people being saddled with it for long periods of time.
- Managing money during foreign deployment, during long stints in places with poor communication access.
- Regular transfers – making it very difficult to keep changing address – thus losing track of investing.
- Education not making them technology savvy enough to do all transactions online.
- A few of them losing money to phishing scams, and other E-based frauds.
- Losing money to many scams like plantation schemes, chit funds, etc.
- Banks getting them to open E brokerage accounts – leading to trading losses.
- Balancing the spouse’s career: there are many restrictions on the spouse’s career, and quick transfers mean that the spouse cannot really have a serious career. She/he can have only short term careers. So this mode of income is very small, if at all!
- Children’s education is just not affordable if they want a higher education in Arts, or want to go abroad.
- Children’s expectation in terms of their love for branded products, etc. – aspirations are beyond salary.
- Transitioning to a civilian life: there is help in terms of seats in good colleges, etc. but not many of them are academically inclined to study at age 35 to be able to take advantage of those offers…
- No legal protection against frauds – and their vulnerability of not being able to chase – again because of transfers..
- Not being able to find the right person to ask for managing their money…
please add your views / points in the comments section…
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