Pay Cheque

Hello Readers

 

Hope you are doing well.

 

Okay! the ground reality is, even though, you are around the kindest of people, you need money to survive so please start working towards that!

-Unknown

 

It has been quite some time since I blogged, always great to be blog again.

 

My last blog, https://harishmurthy.blogspot.com/2021/01/blue-tick.html got some good hits, people like and agreed, and debated my thoughts on social media, messengers, the communication world so on.

Glad you guys echoed my thoughts and came back with honest feedback.

 

For today, I chose to continue about one of my old blogs:

https://harishmurthy.blogspot.com/2020/02/money-plant-delusion-or-reality.html , this one was a bird's eye view about financial planning and the options available at a high level, I knew for a fact that it needed more emphasis and thought it as it is a very vast topic. It is the need of the hour.

 

Before moving forward, how many of us are aware of and sensitive about financial planning can we call it future planning. According to some research papers on the net, the average is around 38.6 percentage worldwide.

 

This is a global percentage, and the United States cover 18 percent of this total percentage. The world together is left with only 20.6 percent of individuals who are thinking and planning.

 

Financial Planning Standards Board a very reputed institute which is famous for awarding the certification called "Certified financial planner" popularly called as CFP had conducted surveys during the Q3 and Q4 of 2015, here are some findings:

 

Consumers lack confidence in achieving their financial goals. Just 22 percent believe strongly that they will achieve their financial goals. Only 17 percent believe strongly in their financial know-how, and just 19 percent feel successful in sticking to their financial strategies.

 

Being debt-free is most important to consumers globally. Being free of significant financial debt (55 percent) and being free of typical consumer debt (54 percent) are most important to consumers, with being prepared for an unexpected financial emergency (52 percent), home ownership (52 percent) and building up savings (51 percent) next on the list of significant priorities.

 

Consumers are interested in financial planning services to help them get on track financially. Survey respondents view retirement planning as the most helpful financial planning service (50 per cent), followed by investment planning (38 per cent) and then budgeting, cash flow and debt management together at 36 per cent.

 

However, most rely on friends and family – not professional financial planners – for information on financial matters and planning. More than four in 10 (44 per cent) consumers rely on friends and family, while another 41 per cent rely on financial information websites. Fewer (31 per cent) turn to a financial planner.

 

Knowing whom to trust is the most significant barrier to working with a financial professional. Among those surveyed, 68 per cent rate "trustworthiness" as especially important when choosing a financial professional – higher than any other consideration. Yet, two in three consumers (66 percent) agree either strongly or somewhat that they do not know whom to trust when getting financial planning advice.

 

Those who work with a financial professional generally feel better prepared to achieve their financial goals. While those who work with a financial adviser express more substantial confidence in achieving their financial and life goals (31 percent strongly agree versus 15 percent among those who do not work with a professional), those working with a CERTIFIED FINANCIAL PLANNER professional are even more confident (43 percent).

 

Consumers with a plan are more confident. And those who have a written, comprehensive plan are nearly three times more likely to feel confident they will achieve their life goals (38 percent strongly agree versus 14 percent among those who lack such a plan).

 

source: Global Survey By Financial Planning Standards Board Finds .... https://www.fpsb.org/news/global-survey-financial-planning-standards-board-finds-consumers-lack-strong-confidence-achieving-financial-goals-2/

 

In the United States, demographically & psychology retirement planning is enormous, big corporates milk their business from providing these services to be precise.

 

The Indian situation is quite different. We are a transition mode a generation who are getting "pension" which is gradually fading away. The Central Government abolished pensions for new recruits who are in the Government service after the year 2004.

 

The percentage of youth who get into jobs into multi-national corporations is also huge since the last decade.

 

Personally speaking, agreed that it is easy money, what they call the information technology-enabled services and the whole gamut of outsourcing which has happened since the IT boom has even enabled individuals to have money and has become goals to many fresh college pass-outs whose dream is to be part of such companies.

 

Education and our academia are of course, less practical, and more bookish.

 

But the need to switch on the torch in our brains is most important at earliest of ages, by which I mean to say, the moment you hit a working floor and get your pay cheque, that should rub the fire-stones of thoughts in our brains towards financial planning.

 

Nevertheless, we all have commitments to pay off, and situations keep coming in life related to your health or health of your loved ones that needs money which is inevitable.

 

Your planning starts after all this or long with  this, trust me it is possible.

 

The goal is to diversify your options. Trust me, this is an era of possibilities for the people with the right attitude and the acumen to achieve their goals. It should start with savings that should transform into fixed and movable assets.

 

Trust me there are enterprises out there, who are not frauds who are actually ready to help you to convert whatever savings which you had kept it aside for investment purposes into something fruitful, or there will be those trust worthy friends who have already have experience in this area who will definitely help you out.

 

Start investing in financial instruments available in your country, which is all together a world by itself.

 

The goal is always to have a second income and not depend on one this is time and again told by great people like Warren Buffet.

 

Courtesy google images

 It is a wide-open space for you, you decide you just want to walk with a pay cheque or play ball with investments or hit a home run with sound financial planning? and if you do that planning in the right time, every ball you hit is bound to hit a home run!

 

Thanks for your time.

 

Helios.