Fee Only Financial Planners

divider

Financial Planning Blogs

separator


“Desire- a powerful factor in your finances”

/ 0 Comments /

Desire, this one little thing has significant impact on everyone’s life. When we were infants, we had the desire to eat whatever we can, be it mud or father’s calculator. As we grew up to watch things around us, desire emerges as an outcome by the influence of surroundings. Desire to taste an ice cream, desire to own a tricycle, as our consciousness grows so does desire.
As a child, you have constantly been changing the desire to be someone, a soldier or an air force pilot, movie star or a politician/govt. officer e.t.c. but as we come to our teens, the realization hits hard and we work towards some certain career. Very few people in this world come to a point, where they have decided to be someone at 5 or 6 and achieved the same while beginning their working life, be it, Sachin Tendulkar or Sonu Nigam.


As you got a job and career is now set, the desires be to own THINGS will also grow. Things come in different shapes and prices and individual choices. Some want to buy a phone from their first salary or some want a new bike, as and when this thirst is satisfied, we will upgrade the desire to next level. Desires are also results of our passions like sports, technology or automotive. It’s okay to have a desire, ok! let me rephrase, it’s essential to have desires. Without desire and the need to fulfill it, we would live on a flat ground with nothing to do except sleeping and do natural essential chore.
In my teens, I had a craze for super cars and followed the industry for a while. I still remember, I used to share my desire of starting car manufacturing with my friends. Like me being an air force pilot, this desire also faded with time. I still have few desires but those are not to own anything rather do things which I am able to if time and my financials permit.
As a human with desire more over being a financial planner, I understood an important thing, that there are people like me with desires and i must understand them. Be it a client or a friend, everybody has a desire, my job is to help them to realize whether it’s possible in financial terms to fulfill it and if not, then delay. We hear lots of discussion like buy vs rent (house), own vs hire (car) and everybody has their own point of view, which is okay. Furthermore, it’s our own responsibility to judge our own decision rather than others.
One of my client is into real estate and lives in Lavasa, a hill station near Pune. He shared  his desire to own a used car, as they frequently need to commute to the Pune and every time they need to wait for a shuttle which runs on a specific time. I have been to that place a couple of times and the drive in the mountains is quite a scene to experience. So, we looked up and tried to find money for the down payment, checked whether his insurances are updated or not(he was not), so made him wait a couple of months to secure this frontier first because as you know, we need to cover our risk first before adventuring out with our desires(buying a car in this case). Later he was all ready to buy the car and got a good small hatchback 2-3 years old from the first owner, a senior citizen. The car was financed with a 3-year loan and now he is driving with his spouse on the navigator seat.
The intent of writing this blog is to make a point which is not to judge other’s decision to own something which you didn’t. I was a culprit too, but not anymore. As for yourself, be it a friend or relative, your job should be to support, let the loved ones analyse the need, and help them to fulfill the desire. Don’t take an emotionally influenced decision. Some time back I heard a friend, his cousin (jobless) was asking for a Mercedes from his dad working in the middle east, as a parent let your children take the pain to fulfill their goals, your work is only to stand by and support the cause rather than take on the whole responsibility of the kids desire. It will be emotionally driven decision here if dad had wired the money. As per me, desire should be dealt with patience, one should let it ripe like a fruit and then enjoy its sweetness. You may have all the money in the world, but spending it not always gets you the utmost happiness. As a part of financial planning we understand you and your desires before dealing with your finances, we suggest you to Prepare, Wait and Strike to fulfill. Best of luck!!!

separator

No comments so far!

separator

Leave a Comment


separator