#Financial Planning Day#
Embracing Financial Planning on World Financial Planning Day
As we celebrate the 8th Annual World Financial Planning Day on October 9, 2024, I find myself reflecting on a crucial topic that often goes overlooked—our financial future.
Many of us hesitate to engage with savings plans, pensions, or mutual funds, especially when the conversation feels forced. However, it's essential to recognize the reality of our financial landscape, particularly as we approach retirement.
Think about it: after decades of hard work, what will we truly need to sustain ourselves in our golden years? Most people won't have a reliable monthly income from pensions or annuities. Instead, many face a daunting reality where hard-earned savings are depleted by educational expenses, marriages, or risky investments in schemes that may not yield expected returns.
As we age, the need for financial security becomes even more pressing. Physical and mental capacities may decline, making it increasingly difficult to work or earn an income. We may find ourselves supporting aging parents, covering medical expenses, or relying on caregivers—all of which can be financially burdensome. It’s vital to ask ourselves: can we expect the same level of support from our children in the future?
To ensure a comfortable retirement, we must take proactive steps to establish our own medical funds and pension corpus, tailored to our expected lifestyle. The solution is straightforward: Invest, Invest, Invest.
Before diving into investments, consider the following:
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Finally, when it comes to finances, trust is paramount. Whether you’re analyzing your needs yourself or seeking advice from a trusted professional, ensure that your financial strategies are sound and logical.
Let’s take this opportunity to commit to our financial futures, so we can enjoy our later years with peace of mind.
Warm regards,
Renju Nair, CFP