Eight timeless truisms to start your engagement with money this New Year on a good note

<strong>Eight timeless truisms to start your engagement with money this New Year on a good note</strong>

Another year has come to an end, and another New Year has peeped into our lives. Every New Year, by its very birth, fills us with optimism, which in a way is good. And every New Year, we try to channelize that rejuvenated optimism into action through resolutions.

 

This is also a good time to go back to the starting line again, and a good way to do so is to re-affirm your belief in principles or truisms that resonate with you, and which you can build into your way of life. Let me share with you eight truisms that I find useful in terms of defining my attitude and my actions towards managing money.

 

 


Our latest article, published in Moneycontrol.



https://www.moneycontrol.com/news/business/personal-finance/you-will-work-shorter-and-live-longer-than-you-think-are-you-prepared-9837611.html

 


Image credit: Moneycontrol

 


Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families invest for their financial needs, follow their passions and achieve financial independence.

 

To receive our articles through email, pl subscribe here.

 

 

Avoid these three mistakes when it comes to Retirement Planning

Avoid these three mistakes when it comes to Retirement Planning

We are all aware that retirement is inevitable. It is a very important phase of your life which requires careful planning and thought since it is one goal for which you are not going to get a loan. However, one always feels there is plenty of time for retirement and hence planning for it takes a back seat.

 

Retired life can be a joyful phase in your lives, filled with abundance and time to fulfill some long-suppressed desires, provided you plan much in advance. The list of mistakes one makes when one plans for retirement is quite long, let us look at three of them today.

 

Our latest article, published on Money9.

 

https://www.money9.com/news/investment-planning/retirement-planning-avoid-these-mistakes-91692.html



Image credit: Money9



Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families invest for their financial needs, follow their passions and achieve financial independence.

 

To receive our articles through email, pl subscribe here.

Go beyond financial planning for a happy retirement

Go beyond financial planning for a happy retirement

All of us love vacations, and the very thought of a vacation is good enough to cheer us up. Why then is it so difficult to enjoy the longest vacation of your life – “Retirement”?

 

Many of us do wake up to the impending retirement and the financial needs for the same at least a decade before we retire if not earlier. What I am referring to here is therefore not money but the important aspect of how to keep oneself busy and add meaning to retired life.

 

It is all very well to eat, drink and make merry when you are on a short holiday, but can you think of doing that and nothing else for years? When we look at retirement from this context it is sobering indeed! Imagine, we need to spend one third of our lives in retirement and yet we don’t give it the mind space it deserves.

 

Our latest article, published on Moneycontrol.

 

https://www.moneycontrol.com/news/business/personal-finance/go-beyond-just-financial-planning-for-a-happy-retirement-7502351.html

 

 

Image credit: Moneycontrol

 

 

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families invest for their financial needs, follow their passions and achieve financial independence.

 

To receive our articles through email, pl subscribe here.

Why your retirement plan has to factor in the needs of your parents

Why your retirement plan has to factor in the needs of your parents

When we discuss parents with most customers, they are prompt to let us know that their parents are sorted and are independent. Many believe that the situation will remain the same, and at worst one would need to increase the financial support to ensure the parents are not cutting corners and are comfortable.



What we have noticed over the years is something different. Many of them have lived life independently despite having a healthy and happy relationship with their parents. They do not envisage the need to become the primary caregivers to ageing, and many a times, sick parents. Not only can this throw your retirement cash flows haywire if not adequately planned for, it can also impact your planned lifestyle in retirement.

 


Our latest article, published in Moneycontrol.

 

 

https://www.moneycontrol.com/news/business/personal-finance/why-your-retirement-plan-has-to-factor-in-the-needs-of-your-parents-6483411.html

 

Image credit: Moneycontrol

 

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families invest for their financial needs, follow their passions and achieve financial independence.

To receive our articles through email, pl subscribe here.

3 Investment habits of the elderly to follow and the ones to discard

3 Investment habits of the elderly to follow and the ones to discard

Have you ever had conflicting emotions regarding the same issue?  It seems to happen quite often to me when I look at the ways in which senior citizens handle their money. At times I feel, I wish I could be as well planned and involved with my own finances.  At other times I roll my eyes and make myself a promise never to end up like them when I grow older.  I guess its only natural that there are somethings which you envy and some which you absolutely detest and don’t want to emulate ever.

This my attempt to list down 3 things I would love to work on with the older generation as an inspiration and 3 things I would want to do differently than them for sure.


Pl read our latest article, published on Moneycontrol

 

https://www.moneycontrol.com/news/business/personal-finance/3-investment-habits-of-the-elderly-to-follow-and-the-ones-to-discard-5731961.html

.

 

Image credit: Moneycontrol

 

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

To receive our articles through email, pl subscribe here.

Don’t wait for a hard landing to set your money matters in order!

Don’t wait for a hard landing to set your money matters in order!

The last few weeks have been a turbulent roller coaster of a ride, and even the most astute and calm investor would have had stressful moments while their portfolio values gyrated violently.



Given this kind of unseen volatility, it is not uncommon to expect calls from customers during such times, wanting to discuss their portfolios and share their concerns. Even then, there are some calls though which startle me and forces me to take a break.

I do also realize though that in some cases, counselling can only do that much and sometimes, only a hard landing sometimes serves the purpose of making people realize the risks of living without a financial safety net.

Read more in our latest article, published on Moneycontrol.

https://www.moneycontrol.com/news/business/personal-finance/dont-wait-for-a-hard-landing-to-set-your-money-matters-in-order-5217561.html



Image credit: Moneycontrol



Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.


To receive our articles through email, pl subscribe here.For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

Protect your loved ones from lifelong guilt – have the conversation

Protect your loved ones from lifelong guilt – have the conversation

The last couple of weeks has seen a couple of friends go through unimaginable trauma. Can you imagine helplessly watching your parent slip away bit by bit? One would think what a terrible thing, there can be nothing worse than going through this. But there is! What if the decision of continuing further aggressive medication and lifesaving treatment (albeit with highly degraded quality of life) or letting your loved one go with basic treatment rests with you? Suddenly the situation is many times worse!

 

Huge dilemma, right? It is natural to wonder what the sick person would have wanted in such a situation. Why then, is it so difficult to have a conversation about death and disease with our loved ones? Somehow our culture forbids us from talking about these unpleasant situations. Even if you broach the topic, you are likely to the shooed away saying “yeh kya apshakun bol rahe ho?”. It is almost as if you are inviting death and disease just by talking about it.

 

A small minority does think of what happens to their material wealth post death and manages to make a will. While this is a very important step, and everyone must do so, is it not our responsibility to ease the guilt and emotional trauma for our loved ones? All one needs to do is to have a conversation on what you would like them to do in case you are to be put on life support or given aggressive treatment which will reduce the quality of life.

 

When you are sick, they may choose not to follow your wishes. If they do, they will live guilt-free that this is something you would have wanted for yourself had you had your mental faculties intact to decide. As against not knowing and doubting if they should pursue all means possible to keep you alive and living with the guilt of ‘not trying enough’ if they choose to relieve you of your suffering.

 

While we are on this topic, it would be good to dwell upon a document called “living will”. A living will is a document that sets out a patient’s wishes regarding how they want to be treated if they are seriously ill. It allows a person the right to die with dignity.

 

In March 2018, the Supreme Court of India passed a landmark judgement, where it recognised that a terminally ill patient or a person in a persistent vegetative state has the right to die with dignity, and to do this the person will have to have executed a living will.

 

The difference between having a conversation with your loved ones on what you would like them to do if you are seriously ill and have no scope of recovery and any treatment that would prolong your life is likely to compromise heavily on the quality of life versus making a living will is stark. In the first case, all that the loved ones can do is decide not to pursue aggressive treatment and let time take its course. Whereas in the case of a living will, subject to a lot of conditions, including having a board of doctors granting permission, among others, it is possible to end one’s life immediately without any suffering.

 

The concept of a living will is new to India, and while being a step in the right direction, it remains to be seen how it practically pans out. It is for you to evaluate whether it makes sense or not to go for a living will. However, having the crucial conversation with your immediate family (spouse, children, siblings, parents) is non-negotiable. Let’s put aside our inhibitions to do just that, this week.

 

Image Credit: Gerd Altmann, Pixabay

 

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.
To receive our articles through email, pl/ subscribe here.
For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

How women should plan for their parents’ financial and other needs

How women should plan for their parents’ financial and other needs

Somehow in our society, while it is an understood thing that a man needs to take care of his parents, it is not such a given for the woman. It is strange when you think of it, since equal share in property post demise of parents is accepted by all, while equal share in responsibilities not so easily so.

 

However, a woman has the same instinct as a man’s and would like to be there for her parents, financially or otherwise. So how can you plan for such debts, which in a way, can never be fully repaid?

 

Read our latest article, published on Moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/how-women-should-plan-for-their-parents-financial-and-medical-needs-4579881.html

 

Image credit: Benjamin Elliott, Unsplash.com

 

Women must develop the right money mindset for a fruitful post-retirement life

Women must develop the right money mindset for a fruitful post-retirement life

When we are still working, we make so many plans of things to do once we retire. And as we get onto the home stretch in the last few years, the excitement begins to build, of course, with a few butterflies in the stomach as well. So many places to see, so many people to meet, so many suppressed aspirations to fulfil, all of course, while juggling one’s hard-earned wealth and believing that there is enough, not only for ourselves but also to bequeath.

 

But retirement is not always as rosy as you imagined it to be. The transition to retired life is sudden, and there is a vacuum of time, that has to be fruitfully filled. That vacant space has to be occupied with activities that need to be created, not only to feel gainfully employed, but also to feel good about oneself. The actual retirement, therefore starts with a whole lot of unexpected dilemmas and mental adjustments.

 

What are those scenarios that one must adapt and adjust to?

 

Read our latest article, recently published on Moneycontrol.com (link given below).

 

https://www.moneycontrol.com/news/business/personal-finance/women-must-develop-the-right-money-mindset-for-a-fruitful-post-retirement-life-4479141.html

 

In retirement, the role of money is to allow one to fulfil our bucket list of desires, while ensuring that there is enough to take care of our balance life-times, including exigencies. Nothing more, nothing less. Hence, as a retiree, use money to bring you happiness and add meaning to your life, while taking care that it is safely working for you as well. 

 

Image credit: Moneycontrol.com

 

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

To receive our articles through email, pl subscribe here.

For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

 

 

 

 

 

Dear Woman, write a Will to ensure your wealth doesn’t go to undeserving hands

Dear Woman, write a Will to ensure your wealth doesn’t go to undeserving hands

Having a will is a must for easy and fair distribution of your wealth as per your desires. After all, it would be a shame that a lifetime of effort towards wealth creation for your loved ones, to meet their aspirations and goals, gets derailed in case of an unfortunate death intestate.

 

Read more in the below link about how a will can help you protect your wealth, in our latest article, published in our monthly column on Moneycontrol.com.

 

https://www.moneycontrol.com/news/business/personal-finance/viewpoint-dear-woman-write-a-will-to-ensure-your-wealth-doesnt-go-to-undeserving-hands-4147641.html

 

Image credit: mastersenaiper, Pixabay.com