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.
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.
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.
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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
REBALANCE VOLATILITY CERTIFIED COACH
https://t.me/joinchat/AAAAAELl4KUnaJzi-JJlDg/
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