The Rite Plan

Should we save for our Child’s post-graduation?

I grew up in an environment, where everything was given to me on a platter. Being the only Child of my parents, I could get whatever I wanted. My parents never asked any question or never even shared how difficult it was to earn money. Even when it came to my studies, I just had to study, and all the bills were taken care of. And now, when I’m married, I’m expecting the same thing from my Husband, but somehow he is not as coordinating as my parents. He asks, if this thing is really necessary for the house to run, or is it a value proposition to buy.
I’m sure most of us can relate to the story above even if we keep the gender aside. Everything was so simple in those days. But now the times have changed. If I fend for all the whims and fancies of my children, I won’t be able to fend for my retirement days and I will have to look at them the same way, they used to look at me when they were kids. And God knows, if they will do the same, what …

What is Financial Planning?

One of my friends came to my place for a cup of coffee and while chatting over how life is going, where is it heading, he told me that his elder daughter wishes to go abroad for her graduation. And when I asked him that how is he planning to fulfill her wish, he just laughed it off saying that her graduation is 10 years away, why should he get worried about it now. This attitude of his made me think about the importance of planning ahead of our financial goals and how many of us are conveniently ignoring this very fact.
The Term Financial Planning defines itself as planning your finances well. It is a perfect marriage between your finances and your life goals. Efficiently managing your expenses and savings in order to achieve your future goals is nothing but Financial Planning. What are future goals? They differ from person to person. Some might want to take a luxurious trip abroad and some might wish for own home. But there are few goals which might be com…