As we get into the second quarter of 2021, life seems to have come full circle, as they say, and we seem to be well into a 2.0 version of last year. But just a few weeks back, the memories of 2020 and the troubles wrought by the pandemic seemed distant and fading. Life had more or less returned to normalcy in most parts, and people seemed to be mingling as though social distancing was a bad dream.
While the memories of last year seem short-lived, I have a different view on this – keeping the experiences of the last 12 months alive in our memories and better still, taking actionable insights from it to prepare for the future, may be one way of being safer and more secure in a future increasingly turbulent and uncertain. So, as we go into a vicious relapse, it may be prudent to quickly assess how each one of us fared during those stressful times.
Most of you would have heard of a “Stress Test”. In personal health, a stress test assesses the state of your overall fitness and particularly your heart. Simply put, a stress test simulates the health and strength of any system that you wish to test, through appropriately designed procedures. Similarly, one can design a stress test to check how prepared one is financially to endure a financial crisis, like what happened in the last few quarters.
Answering this simple six question test below will be a rudimentary yet effective way to check how healthy your personal finances are. Our latest article, published on Money9.
How do you plan for your financial well-being? Are the priorities the same for everyone or does it differ depending on your unique circumstances? In our experience over the years, we have noticed that a one-size-fits-all approach does not work when it comes to your finances.
When it comes to single women specially, their circumstances are different and to an extent unique, driven by not just their needs but also the prevailing laws, and therefore need to pay attention to the following.
Conventional wisdom has it that financial planning is the same irrespective of gender or marital status. I have interacted with a disproportionately high number of single women and beg to differ. The challenges that are faced by these women are vastly different.
|How then should they go about putting the pieces of their financial tapestry together?