Today…

“And they lived happily ever after..“,said Satvik as he closed the story book and looked at his youngest grand-daughter Nisha. “GrandPa tell a different story which does not end with marriage..It’s so boring to listen about them “. “Dumbo they are fairy tales not real life. Real life is not a bed of roses, right GrandPa,” said Vrishti, the older one. Without waiting for the answer she continued “I have so much to do..Maths, Physics, and that English Assignment that Maam gave. We are drowning in work..How will I become doctor if I have to write that stupid English Assignment”

“A dream without a goal is a wish. A Goal without a Plan is just a dream“, said Satvik. “You need to have a goal, plan for it and then start working on it..” Kal ko Khoobsurat banana hai tu aaj se shuru karo.” “Aap bhi..Mauka milta nahin hai ki shuru ho jaate hain..” said Grandmother ,Neha,as she walked in the room. “Girls I have got your favourite dessert Gulab Jamun.”  “Dadi you should come often or rather stay with us, we love your Gulab Jamun..but you keep on travelling the world..” Yes it was my dream to travel the world, since I read the book around the World in 80 days when I was your age and your Grandpa made my dream come true.” Satvik said “Not I but we. It’s God blessing but we had to plan to make your Dadi’s dream and our other dreams come true. Nisha let me tell your story which starts from marriage and it is not they lived happily ever after”

35 years ago…

“Money is almost gone and half a month is still left,” said Neha to Satvik. “And we have those tax saving investments to work. We both work in good organization, enjoy our life but money seems to slip through our fingers faster than sand. What do we do? ” replied Satvik  “Why are we in this situation? We have to think and also how to avoid it? If we go like this how will we have the life we want and we don’t even have kids”. Both Satvik and Neha were lost in their own thoughts. They have had a good life, good school, engineering degree, got job in MNC as soon as they passed out, got married,work hard, partied harder ..so how did they land in this situation and important question is how to come out of it. Suddenly Neha jumped “Lets ask your father Satvik, he will surely help us to find the missing piece of our financial life”

Without wasting any time Satvik called his father , Rajesh Sharma.  After satisfying his father that everything is fine, he explained to his father the situation.  “So what’s your financial plan? What’s your net worth” asked his father. “My plan is to work hard and enjoy life”, said Satvik.  “That’s your wish Satvik, I am asking about your plan?”, said Mr Sharma. ”  “That’s my plan”, replied Satvik. “So where are you going this vacation. Anything zeroed in or still looking at Seychelles, Paris, Switzerland?” asked Mr Sharma.  Satvik and Neha looked at each other wondering why is Mr Sharma talking about their vacation plan. Neha replied “We have zeroed on to Singapore.” Mr Sharma replied, “That good to hear. So you have decided your flight tickets, hotels and your sight seeing itinerary”. Satvik replied “Yes Papa I have those 5 days fully planned. But I want to ask about is my financial situation” Mr Sharma , answered “Always putting cart before the horse. I am also talking of the same thing. For a 5 day trip you have a plan but for your life your don’t have one. Before a person builds a house, he or she usually calls in an architect to draw up the plans. Could you imagine what could happen if someone just called in some people and began to build a house without a plan? Well, that is what happens to many people’s financial houses” “If you are failing to plan, you are planning to fail,” Neha quipped.

“Well said Neha, Meri bahu se kuch sikh” said Mr Sharma between his laughs. “Planning is bringing the future into the present so that you can do something about it now. A plan is like a road map, it shows the final destination and usually the way to get there” The rules of money don’t change from class VI to age 60. The relative heaviness or lightness of the journey through life depends on how clearly monetary goals are articulated. Just like Seven steps of vows there are seven steps of financial freedom are , as articulated in Monica Halan (editor of  Livemint), book  A Family’s Guide To Seven Steps To Financial Freedom by Monica Halan

Step 1: Find the Bearings : Your current financial status Calculate your net worth
Step 2: Protect the Present :Insuring your assets and income
Step 3: Identify the Dreams :setting your goals
Step 4: Choose the Route : risk profiling and asset allocation
Step 5: Put It All Together : Making your own plan
Step 6: Begin the Journey : Implementing your plan
Step 7: Review the Progress :monitoring your plan

“Thank You  Papaji. Satvik shall start our current financial status” ,said Neha. “No..you cannot let Satvik look into it alone. For better or for worse, good times and in bad, in sickness and in health you have agreed to honour and love him. As this affects your future happiness you have equal stake in it and should take responsibility also. How will he know about your dreams, what you want in life  I love this  Exide Life Insurance Advertisement in which the couple are talking about their dreams and planning for Happiness , not getting scared . If you plan then you will have Long and Happy Life, Kal Khoobsurat Hona Hi Hai.

The other thing that I liked about this advertisement was there Long and Happy Scrap Book. A goal without a plan is just a wish. I totally believe in power of writing and when I have written down somehow…” Neha chirped in  “Itni shidaat se main tumhe paane ki koshish ki hai,hi har zaare ne mujhe tumse milane ki saazish ki hai” I loved that dialogue in Om Shanti Om. “Kehte hain ki …… Agar kisi cheez ko dil se chaaho to puri kayanat usey tumse milane ki koshish mein lag jaati hai.”

“My Shahrukh Khan fan, picture abhi baaki hai,” replied Rajesh. “You need to write down what you want, plan for it .  Infact there is a book Think and Grow Rich  by 1937 Napoleon Hill, personal development and self-help book.  “But Writing about goals? It’s boring!” complained Satvik. “There are few success practices more important that articulating your most closely held goals and then reviewing them daily. And guess what? Most people don’t spend more than an hour a year doing this. There are 4 big reasons for you to set goals: Focus, Measurement, Alignment and Inspiration. If you don’t know where to go, young man how will you reach there..Remember what Cheshire Cat answered to Alice in Wonderland”

Rajesh continued “You should setting three kinds of goals: emergency funds (three to six months of essential bills) one- to five-year goals, such as for a down payment or a trip, and then long term goals, kids education, marriage, retirement. Both of you should also be on the same page , you need to talk about many things  career, travel, kids and finances. A few factors that play into financial issues for couples are Money Issues in Marriage : Your, Mine and Ours. Not understanding how each spouse uses or manages money. Not knowing their habits is your spouse a big spender? Not being honest about debts. And if you want to come together financially then you have to: have open communication about your finances (financial transparency), share information credit card and bank statements, establish goals and a budget, and meet frequently to discuss finances. Be equally responsible for your financial life.

“Papa this is all theory, sounds good but how to do it?” asked Satvik. “Good question son. To prepare financially for a long and happy life use The Money Book. ”

Money book

The Money book

• It would be one stop for all your financial information. Your insurance,(life, health,motor), your bank details(Accounts,Lockers,Demat Account,Credit Card), Your Loans(Home loan, Auto loan), your investments(FD,Mutual Finds, PPF,EPF, Others..) It would help you to stay organised as it will have all your information in one place
• It would be your legacy book : So your family don’t have to go through the inconvenience of searching for documents and whom to contact,

Key people of your financial life

Money Book and investments

Basically it will help you to plan your life, a  Well Planned Life for a beautiful tomorrow.

Today…

“It seems that we had this conversation yesterday. How fast the time has flown . It has been hard work, we had to give up partying, buying new mobile every 6 months, going to mall for every sale, maxxing our credit card limit but we didn’t have regrets for we knew where we wanted to go” said Neha as she looked at Satvik.  “That’s what I call a Happy Real Love story. Time for bed”. “So If you want to achieve something in life than write down, my princesses,” said Satvik.

Related Articles:

• Investing in name of Wife
• Oh you are only a housewife!
• Changing Name:What to do?
• Reliance : Dhirubhai Ambani,KokilaBen DhiruBhai Ambani
• Money Issues in Marriage : Your, Mine and Ours
• Beginner to Investing – Approaches, Plan, Psychology

So do you have a money book? How do you plan your financial life? Do you handle your finances jointly or alone? How do you organize your financial information? Would you like the money book to organize one?