Financial planning: In saving intensely for the future, don't forget to enjoy the present
Financial planning has different implications for different people. To those like us, who have been interacting and partnering with people in their pursuit for financial well-being, it means living a fulfilling now while planning to sustain the same lifestyle throughout your life.
In our numerous interactions with people, we have noticed many kinds of investors. A few are balanced in their need to live a good life today as well as save for the future. Some are very involved in the now, and live an indulgent life-style with no worries about the tomorrow. But many are constantly worrying about the future, so much so that they compromise on even little things which bring them great joy. We are going to discuss this last category since we have noticed some common traits which distinguish them and we strongly believe a different approach can significantly change their lives.
I remember a recent interaction very vividly. We had met a family and were discussing their goals and current investments. Normally, getting people to give us realistic expense statements is a tall ask, requiring us to really push people to get it done. What was pleasantly surprising in this case was that both the spouses had a complete handle on their current expenses. As is normally the case, we got down to discussing their goals and investments. I noticed they were restless with this discussion and would soon circle back to their expenses. They wanted to know by how much they would have to cut their expenses to be ...
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