Finwise Personal Finance Services LLP is an AMFI-registered mutual fund distributor. This website finwise.in (and the contact details given on this website) are of Finwise Personal Finance Services LLP. We do not, directly or indirectly, provide any form of financial assistance, lending services, or loan facilitation. We are not affiliated with, nor do we endorse, any digital platforms or applications—specifically including but not limited to “FinWise: Financial Assistant” or the website <fin-wise.co>—that purport to offer such services. Any unauthorized use of our trademark ‘FINWISE’ by third parties is expressly disclaimed and is currently subject to legal action. Users are advised to exercise due caution and verify authenticity before engaging with any financial service provider.

financial planning

Hype and hysteria surround Indian weddings – what about your investments?

Prathiba Girish Financial Planning, Personal Finance, Retirement , , , 0 Comment
Hype and hysteria surround Indian weddings – what about your investments?

Weddings are big in India, it is an event for which people plan and save for years, sometimes decades. The recent celebrity weddings have the attention of the entire nation. There is so much interest in what did the bride and the groom wear, the jewellery, the locations, the food, the guests… Everything is scrutinised and fed for public consumption which we lap up hungrily. What’s wrong with that? Who doesn’t want to look at beautiful people and extravagant weddings? True, it’s all quite harmless to be an animated spectator to a celebrity wedding.

 

But look closer home and chances are that you will see the same thing being repeated. The focus is always on the event. Somewhere, one forgets that the wedding itself signifies a happy beginning rather than a happy ending.

 

Curiously, in my many meetings with customers, I have noticed that we often behave the same way when we invest. We speak to a lot of people, make a conscious choice of the product and pat ourselves on our backs when we actually execute our decision to buy. But what after that?  Are these reasons for the investment not important to remember later, when one decides to take a sudden decision to liquidate that investment prematurely due to a sudden (hitherto) unplanned need?

 

All the initial research and focus signify a happy beginning in your investment’s journey and its extremely important to stay focussed even later during the lifetime of the investment. One needs to invest with a purpose and a clearly articulated expectation from the investment. Expectation is again a two-way street where you need to put down what is it that you will commit to do eg. quantum of money you are willing to invest, the time for which you will stay invested and therefore the kind of returns you expect to make.

 

With many of my clients, I have noticed simply naming the investment with the purpose brings in a lot more focus and avoids knee jerk reactions which could greatly harm the portfolio. For eg. if you are saving for your child’s education you could name it “Anu education fund”.  The other thing which keeps you on track is understanding the volatility and having realistic expectations from your funds. 

 

Remember, while the act of investing itself is the wedding, the financial plan required to support it is the marriage, and just like in a marriage, it takes a lot of effort and time to keep investments on track.  You must review your investments with your planner at regular intervals and evaluate if you would invest for the same purpose in the same scheme if you had to do it now. If the answer is yes then you are sorted, else it’s time to rethink and learn from your earlier decision.  Wishing you the very best in your wealth building journey.

 

We would like to thank our unnamed friends whose wedding image has been used in this blog, with permission.  

 

Finwise is a personal finance solutions firm that helps people plan for their financial goals, follow their passions and achieve financial independence. For consultations, please reach us at prathiba.girish@finwise.in or +91 9870702277.

 

There are some things money can’t buy, for everything else there can be a financial plan!

Prathiba Girish Financial Planning, Personal Finance , , , 3 Comments
There are some things money can’t buy, for everything else there can be a financial plan!

It’s the time of the year when there is so much hope, joy and festivity in the air. I have beautiful memories of Diwali. This was a festival we looked forward to as children and we would count the days to Diwali and await it with great excitement. I keep asking myself what is it about Diwali, that makes it so special.

 

Diwali caters to all our senses. It suggests bright colours and lights, the lovely fragrance of flowers, the sound of music and crackers, and of course the aroma and taste of great food. We used to stay in an independent house. The road which lead to our house was a dead end and I remember practising rangoli so that I did justice to my half of the road. My neighbour was really artistic and would effortlessly make neat, large rangolis in front of ours.  The camaraderie we shared planning these rangolis brings a smile even today after twenty years.

 

We had marigold torans on the doors and the rose petals soaked in rose water in a mud “urli” lent a beautiful touch. And we would deck our hair with fragrant jasmine, without which no festival is complete down south. Diyas were simple and made of mud, not painted and nothing fancy, but the string of diyas on the compound wall made the whole house come alive. 

 

The food is altogether another story, preparations would start days earlier with one sweet or savoury item being made in decent quantities every day. I remember the days when Amma would scream her lungs out and expect us to come and help. Both my brothers and me would help her for all of 15 minutes and the moment the first batch was ready we would scoot with our spoils. The coconut burfi, thenkuzhal, murukku, ribbon pakoda and karanji were made only on Diwali and we would attack the food  with complete enthusiasm.

 

The crackers would be purchased at least a fortnight in advance and split equally amongst us under our watchful eyes, we would not budge during this exercise lest the sibling gets a better deal.  Once this was done our trading would start can you trade your rockets from some flowerpots? The list would go on. New dress was non-negotiable.  The rustle of silk and women in their beautiful kanjivarams is so intrinsic to Diwali. 

 

Forward to today, I struggle to create similar memories for my children. They do enthusiastically help in making the rangoli, and help me string lights on the windows.  But they are kind of taken aback by my excitement to make all the traditional sweets at home.  Dutifully they do their bit and help me in preparing the same.   My son asks “why are you making so much? Who is going to eat them?’’ They are not really interested in the traditional sweets or savouries unless I think of a way to incorporate some cheese, chocolate or some such thing into it.  My defence that Diwali is not the same with store-brought sweets falls on deaf ears. The kandils and flowers are in place and so are the rangolis and diyas. What is needed to bring a smile to our faces and warm our hearts is the getting together of family and friends in the old-fashioned way.

 

This is a time when realization dawns that happiness and memories are formed from small inconsequential things and with meeting and greeting loved ones. It is truly like the ad “there are somethings money can’t buy”.  So true! Think back and you will agree that your happiest memories are not about your material acquisitions but about experiences that have brightened someone else’s day along with yours. May the spirit of Diwali live in us all year through and help us value the simple things which bring so much joy.

 

We at Finwise wish you and your family a very happy, prosperous and safe Diwali!. Finwise is a personal finance solutions firm that helps people plan for their financial goals, follow their passions and achieve financial independence. For consultations, please reach us at prathiba.girish@finwise.in or +91 9870702277.

 

Title inspiration : MasterCard. The intent of this blog is to share a similar thought as what MasterCard intended – that life’s simple pleasures cannot be bought with money.