THE SHATTERED PLANE WINDOW AND YOUR MONEY

Greetings Friends, 

You know how they say heart disease is a silent killer?
Well, it's not exactly silent.
It shouts loud and clear with a terrifying statistic: 37 lakh people in India lost their lives to heart-related issues last year. That's nearly the entire population of Pune gone in just 12 months! But here's the thing: big numbers don't always hit home.

 

Think back to 2018 and that Southwest Airlines flight. Jennifer Riordan, a mom of two just trying to get home, was settling into her window seat. She had a book and was planning to complete the racy thriller.
Then, a deafening boom. An engine had malfunctioned, causing shrapnel to blast through Jennifer's window. The force was unimaginable. Despite heroic efforts by the crew and passengers, Jennifer tragically lost her life.

 

Now, we all know, logically, that flying is incredibly safe. You're statistically more likely to be struck by lightning than die in a plane crash. But Jennifer's story, it shook us. We saw ourselves in her shoes and felt the terror of that moment. But when it comes to heart attacks, general tendency is to say I WILL NOT BE AFFECTED. exactly the way we tend to think about our finances, how often do we think, "It couldn't happen to me"? We assume our job is stable, our investments are sound, and our health is ironclad.

 Many Indians focus on building wealth, often overlooking the crucial aspect of financial security. We diligently invest, and chase high returns, yet shy away from confronting the uncomfortable truth: life is unpredictable. 

Just like a sudden engine failure, unexpected events like job losses, health emergencies, or market crashes can leave our financial lives in shambles.

Instead of living in denial, let's draw inspiration from that shattered plane window and fortify our finances.

 

Here's the truth:
Life doesn't play by our rules. Just like that engine failure, financial disasters can strike without a moment's notice. Job losses, crushing medical debt, a market crash - any of these can leave your finances in ruins.

 

Jennifer's story is a stark reminder that true wealth isn't just about the size of your bank account; it's about building a financial fortress capable of withstanding life's storms. Think of it like this:

 

Emergency Fund = Your Oxygen Mask:
Remember on the plane, they tell you to put your oxygen mask on first, before helping others? The same goes for your money. Have 3-6 months of living expenses stashed away for those "emergency landings." You may never have a true “emergency” in your life. But you will need backup because

1.       Cars do break down.

2.       Teeth may need retainers.

3.       Your parents may need help paying for the nursing home.

4.       Your kid could lose the scholarship.

5.       Your dog needs surgery.

 

 

Don't Put All Your Eggs in One Basket:
Diversification is key. Spread your investments around - stocks, bonds, maybe some real estate, and even gold. Don't bet your financial future on a single horse.
Will you play Holi with one or two colours?

No, you try to add as much as you can to your shopping.

The same goes for your investments - don't just stick to one or two asset classes. Mix it up, add some variety, and diversify your portfolio by investing in different mutual funds based on your profile and horizontal.

 

Insurance is Your Umbrella:  
Yes, insurance premiums feel like a drag, but life insurance and health insurance are your wingmen, there to support you and your loved ones when things get rough.
Term Insurance is not an option. It's a MUST!!!

Especially if you have people who depend on you financially, their living standards would diminish considerably if your income is suddenly out of the picture.

 

Have a Plan, even a Basic One:
Just like having an evacuation plan in case of fire, outline your financial goals and how you'll reach them. A written plan helps you stay focused and makes those goals feel less daunting.
A solid plan is your secret weapon, providing direction and purpose for daily tasks, weekly objectives, and yearly goals. Write down your journey, breaking goals into manageable steps. Remember, luck favors the prepared. Strategic planning and consistent action create opportunities for success. Don’t just dream it—ink it!

 

 

Regular Check-Ups Are Key:
You wouldn't skip your annual health check-up, right? The same principle applies to your finances. Review your budget, investments, and goals regularly to make sure you're on track and adjust if needed. Your health and wealth both need regular checkups. Just like adjusting your diet and exercise routine, your financial plan needs tweaks as your life changes.

Stay engaged, adjust when needed, and enjoy a healthier, wealthier future.

 

Look, none of us can predict the future. But we can learn from tragedies like Jennifer's. Take control of your finances, build that financial fortress, and breathe a little easier knowing that you're as prepared as you can be for whatever life throws your way.

Remember, true wealth is not just about how much you earn, but how well you are prepared for the unexpected.

Regards and ALL THE VERY BEST

SRIKANTH MATRUBAI

QPFP COACH

VOLATILITY COACH

Author: DON’T RETIRE RICH

 AMFI REGISTERED MUTUAL FUND DISTRIBUTOR 


REBALANCE VOLATILITY CERTIFIED COACH

Srikanth Matrubai, Author of the Amazon Best Seller DON'T RETIRE RICH

You are strongly encouraged to consult your financial planner before making any decision regarding this investment. The views expressed here are the author's personal views and should not be interpreted as a recommendation to invest/avoid.

 

Srikanth Matrubai Author of the Amazon Best Seller DON'T RETIRE RICH

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