Managing money and finances is stressful and overwhelming for most of us. 28-year-old Roshan had always got what he wanted and after becoming a partner in a renowned law firm he thought himself smart enough to chart his own path when it came to financial planning.
Drawing a handsome salary and foreseeing a bright future, he bought a ready-to-move villa in a posh residential area, purchased a high-end car, and splurged money on maintaining a high-fi lifestyle- using 4 high-value credit cards. After paying his EMIs on his house and car, and settling down credit card bills, paying for life insurance and health insurance policies, Roshan was left with hardly any money.
Then came Corona and its catastrophic impact left Roshan’s world upside down as he had to bear massive pay cuts and he is still struggling to come out of this financial crisis.
Roshan is an example of how managing finances without proper understanding and help of professional financial planners or investment planners is like meeting one’s Waterloo.
Would a professional financial planner or financial advisor have saved Roshan from such a debacle?
Undoubtedly, hiring a financial planner or seeking the services of an investment planner would be worth every penny for Roshan and he would never have fallen into this situation.
If Roshan would have consulted an investment planner, how things would have been different?
The experienced guidance of an investment planner or even an online investment planner would have helped Roshan in clearly mapping a good financial plan by:
a) Clearly defining his financial goals like buying a luxurious car, purchasing a villa, going abroad on vacations, retirement plan, etc.
b) Evaluating his current financial status would have assessed his source of income, assets and liabilities, and last but not the least, his spending versus savings.
c) Creating an emergency fund to deal with untoward and unexpected situations in life.
Thus, Roshan would never have faced the financial crisis that he is facing now due to his ignorance, if he would have hired a financial planner.
How can financial planners or financial advisors save you from facing the same fate as Roshan?
By not taking a professional guidance from an experienced financial advisor, you tend to be penny-wise and pound-foolish like Roshan.
As you go to specialized doctors for different illnesses, in the same way, consider financial advisors and investment planners to be the doctors of financial matters. These professionals are qualified to guide you towards thorough financial planning which will help to cushion you in adverse circumstances along with keeping you motivated to reach your goals. Team Fincart understands every individual’s unique situation and helps customize financial plans accordingly.