Importance of Financial Planning : CA. Amit Vangani
Author
CA. Amit Vangani
amitvangani18@gmail.com
Planning is important, but the most important part of every plan is to plan on the plan not going according to the plan.
Once upon a time, there was a person, Mr.X who desired to be an ideal Family man.
Hence he made all kinds of planning and invested accordingly in various FDs, MFs, Insurance, Real estate etc …but as we all know LIFE whose favourite hobby is to give surprises which it also gave to Mr.X.
For some reason GOD was missing Mr.X and he called him back little earlier.
But unfortunately Mr.X had all of his planning and track of his investments in his mind ( FYI – He won many gold medals🏅at multiple levels in memory game/competition. Also he had an outstanding home loan and a personal loan )
After his sudden demise, family of Mr.X(for whom he planned all the things) were forced to play the game of treasure hunt as they had no idea about any of the investments that Mr X made, but they easily found out the liabilities(courtesy – banks who sent frequent reminder of the outstanding dues both via mail & by meeting personally) that needs to be paid off.
As per a recent article Rs.8,20,00,00,00,000 is lying idle in various unclaimed accounts like PF, Bank accounts, MFs, LIC policies, matured FDs, Dividends etc.
Article Ref : https://www.moneylife.in/article/shouldnt-regulators-be-accountable-for-returning-rs82000-crore-of-unclaimed-money-to-savers/64694.html
Seems like Mr.X and his family were not the only ones to suffer, in fact it reflects that the same situation happened/might happen (god forbid) in the majority of the Indian families.
So, here is what we can do :-
1. Mention nominees in all of our accounts/Investment (DO IT TODAY ITSELF, as we know we are champs in procrastination)
2. Fill out “My Financial Organizer” document (which contains A to Z about us) and try to maintain both hard & soft copy of it.
3. The most important one, take out a day out of your busy schedule and explain what all you have filled in the form and hand over a copy of it to your family.
NOTE: Be very careful with the soft copy of your form and protect it from going to the hands of a wrong person.
