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Financial planning is both an art and science

The plan has to make space for any changes/ financial developments on a continual basis and has to allow for course correction wherever needed.


Financial planning creates the equilibrium between what we earn and/ or inherit on one hand and what we spend, invest for tomorrow and may will away or donate, on the other hand.

Money is one of the highest forms of energies and for any energy source to be effectively channelised, one needs training. Similarly, for money to be nurtured well, one needs a professional like a financial planner. A financial planner's job requires him to prepare for either contingency, what if the client passes away too early, or what if he lives for too long. The client or his dependants should be provided for in both cases.

Financial planning incorporates both art and science. As an art, it involves creativity, customisation and individual's behavioural relationship with money. All of this can evolve with time. It could also involve (to varying extents) education of minors on money related matters. The scientific part involves mathematical calculations on amounts needed for various goals, assumptions on performance based on historical data set and extrapolation of views leading to certain decisions, like where to buy a certain property meant for investment reasons, should it be residential or commercial, how much of loan to be taken for funding it and how much to be funded from one's savings, does an under construction one makes sense or a ready to move-in one seems more appropriate.

It comprises three steps, i) Risk Control, ii) Wealth Management and, iii) Wealth Transfer

Risk Control: Just as the brakes of the car are meant for the driver to catch speed (based on need and possibility), outsourcing of risk is needed so that individuals' can lead stress free lives and not keep worrying about the financial consequences of different 'what if's'. It covers various kinds of insurances like: life, medical, personal accident, etc, not just the right amount, but also appropriate products. It also involves keeping money aside for contingencies like, job loss, prolonged illness, any other unforeseen situation, etc.

Wealth Management: It incorporates planning for various goals. Just as we all slog at our workplace, every rupee we earn is our employee and there's no reason why it should not sweat it out for its master (us). Broadly, wealth management includes seeking to strike a fine balance between instant gratification and delayed gratification and between risk and returns.

Karunanidhi recently passed away at 94; so many of us might actually live to be 95 in times to come, largely owing to rapid medical advancements. Under these circumstances, we'd prefer our money outliving us, rather than the other way around, leaving us at the mercy of our kids or grandkids. In addition, a tendency to avoid investing in high volatility products like equities could nudge one towards sub-optimal returns. And, buying high risk products is not necessarily a precursor of superior returns.

Wealth Transfer: It refers to putting your game plan, of smooth transition of your assets to beneficiaries after your death, on paper. Writing a will decreases the chances of conflict and stress between beneficiaries and/ or relatives after one's death. It is believed that all great souls keep all their matters organised and sorted at all points of time.

For the financial plan to be holistic and relevant, the financial details required are; cash-flows (both inflows and outflows), assets, liabilities (how much you own and how much you owe) and goals being planned for.

After the financial plan starts getting adhered to, it makes sense to keep reviewing it on a quarterly or six-monthly basis. The plan has to make space for any changes/ financial developments on a continual basis and has to allow for course correction wherever needed.

The author is founder partner of Srujan Financial Advisers and author of 'Why greed is great'
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The love for flying starts at a time when most of us are young. It can start by simply getting excited whenever a plane flies overhead, or reading about them and developing more of an interest in aviation. The concept of flying ignites such a passion in some people that they want to pursue their dreams and become pilots. From there, it is only a matter of time before you start taking the first steps towards looking into a commercial airline pilot school and obtaining a pilot licence.

The road can be long and there are a lot of steps you need to take, so to give you a better insight, this guide is what an average pilot goes through before working for an airline.

Flight training usually begins with studying an RPL (Recreational Pilot Licence), which entails flight theory, learning the basic controls, simulation and aircraft training and the first live experience you will ever get in a cockpit. What follows depends on what you want to get out of flying, whether it is for pleasure or as a profession. The CPL (Commercial Pilot Licence) course is for students wanting to get paid for their flying services and the PPL (Private Pilot Licence) course is for students wanting to fly for fun.

Some airlines now offer cadetship roles that have no minimum hourly requirement, but it is still a good idea to gain a reasonable level of aviation experience and knowledge before applying. For standard entry into an airline pilot role, there are required flight hours and experience that need to be obtained before you can successfully pilot a big commercial airliner.

A good way to earn those hours and the necessary experience is by becoming a flight instructor. This way you get to sharpen and refresh your skills and at the same time you also get to impart valuable knowledge to a fellow enthusiast. It is also possible to obtain work as a charter pilot, and this can give you a great opportunity to travel and see some fantastic places in the country whilst gaining the needed experience and flight hours.

When you are at the required level to consider airline pilot jobs, it is highly advisable to enrol in an Airline Interview Coaching Session or a Cadet Pilot Interview Workshop. These give you an in-depth look at what airlines are looking for, giving you a huge advantage over other applicants in what can be a very competitive recruitment process. The topics the courses cover can include technical assessments, flight control systems training, the various stages of the airline interview process and much more.

Once you are selected by an airline, the job role and lifestyle is extremely rewarding. You will visit a lot of places all over the world and get to enjoy the sights and sounds of different countries. Almost anyone who has been an airline pilot would recommend it as a career in a heartbeat! When looking for a commercial airline pilot school, Learn to Fly has a range of courses designed for students looking to fly for fun or professionally. Browse their website for all the information you need to pick a course that is right for you today!

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