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Do You Need Financial Planning? – Rounak Bhavsar

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Do you need Financial Planning? By the end of this article, you will have found your answer.

Photo by Thomas Drouault on Unsplash

Immediately after we complete our college education, we automatically participate in a race call rat race. Everyone starts the race with a cart. In this cart, we have personal bills, loans and our allowance. As we are single, everything is good and manageable. We can spend what we earn without worry. And we tend to not worry about anything about the future.

Then we meet our partners and get married. Thus, we begin our next chapter in life. Our cart becomes heavier and we now worry about our spouse’s bills and loans and kids allowance. Some must support their parents too. As we grow older, our carts get heavier and heavier. Do you have enough savings to meet these expenses?

As we know, life is never a straight and smooth path. We will encounter obstacles. Some of these obstacles may set us back in terms of our financial standing. If we do encounter a big obstacle (e.g. critical illness, operation, surgery, business failure) and need a huge sum of money to recover, do you have enough money to meet this expense? What if the big obstacle results in us being permanently bed-ridden or out of work for a long time, what is going to happen to our cart? Do you have enough money to support yourself and family if that happens? Do you have enough saving to meet any additional unexpected expenses?

Many may say, well we have friends and relatives to turn to for help. But our friends and family have their own carts to pull too. If they help push our cart, who is going to push theirs? They might be able to push our cart for a month or two, but not more.

We will all retire from work eventually. From then on till we all rest in peace, we do not have regular income but our life must still go on. We still need to pay our bills and we still need to eat. This is why majority of the old people are going back to work today as they don’t have enough retirement savings done in the past and nor they can depend solely on pension income. Do you have enough money or have started saving something to support yourself during retirement?

At old age, our body is no longer working as well as they used to. Our health conditions deteriorate, as we get older. We will need to seek medical help frequently. We may even need to employ a person to take good care of us. Do you have enough money to spend on these medical expenses?

Photo by Nik MacMillan on Unsplash

So do you need Financial Planning? If you answered ‘Yes’ to all the above questions, then you are safe and need not worry about Financial Planning. Otherwise, I suggest you start thinking about it.

© Rounak Bhavsar

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