Are you financially prepared is good question to ask and almost IMPOSSIBLE to answer! Here is an attempt – and I am sure another author can create a set of 20 questions! Lets see what I think are important:
- You have a formally written down financial plan: this one thing alone says a lot about you. It means you have thought about the whole process, the activities of your financial life, the documentation, the emergency fund, insurance, etc. Of course the assumption is that you and your wife made this together and your children also know about the documentation like will, etc. If not please complete the process that you have started.
- You have enough knowledge, resources, and capability to be a good DIY, or you have a financial planner who has sat with you and your spouse and talked about your life situation. Again a reflection on your financially responsible behavior. The confidence for your next of kin has to come from the confidence that you have/had.
- You are adequately insured, your documentation is very good: These are steps that you have taken to protect your health, wealth, and trained and taught your family to live well in your absence. Death can happen anytime, just remember that past data is completely useless in this regard. You just do not know whether you will die like Sanjeev Kumar at age 47, Mohd. Rafi at 51, Kishore Kumar at 61, Rajesh Khanna at 70, Naushad at 90, Pran at 93 or AK Hangal at 95. You need to be prepared for all eventualities.
- You have more than money: You have created a great group that you play with. Your ‘satsang’ has to have people your tastes, your age, your interests, and you should look forward to and feel like meeting them regularly for some activity – bhajan, kirtan, cycling, running, swimming, badminton -or a combination of these. This is your go to group so that you get to relax.
- You are financially healthy, and you have good financial habits: Your financial numbers look good, the path looks fine, goals look reachable – your life is realistic not some pie in the sky kinda life.
Five steps are good. Chances are it is difficult to remember beyond 5. Will come with more.
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