Find the fun in financial planning.
By the time you reach your 50s you probably already own a house, are EMI free, have health insurance, and maybe even some money put away in mutual funds. Add to that the fact that most financial planners are full of words like ‘risk’, ‘sacrifice’, ‘inflation’, ‘crisis’, and ‘rainy day’, and you’re left with no inclination whatsoever to invest any further. Why on earth would you need an investment consultant?
“This is a question,” say Ravi Narayan & Sharath Ganapathy, co-founders of Griffin Capital Advisors, “that we get asked so often.” And it’s a question with many good answers. Ravi says, “Often, we don’t realise that the house we live in, is almost always not for sale. So, while the notional value of such property might be sizeable, it may not be of great help during our own lifetime, except for providing a roof over our heads.”
So how do you convert your retirement into a happy one? Look for an investment consultancy that helps people who have retirement on the horizon, they are well tuned to the above 50 mindset.
Sharath says, “Most people contemplating retirement are sometimes hindered by the fact that financial planners may not be aligned with their goals, or could be overwhelmed by the number of options available. And sometimes they simply feel they may not have enough funds to invest.”
“But how much the client has at their disposal, doesn’t matter”, concludes Ravi. “What matters to us, is how we can help them achieve financial independence with whatever they can invest. The term ‘financial independence’ for some, can mean an early retirement from work and spending time with their loved ones. For others, it can be about pursuing their passions, without having to constantly worry about money. Whether it is learning a hobby, travelling or even continuing to work, but on their own terms.”
While you may feel you’ve done enough based on hunches or tips from well-meaning friends, it’s important to remember that investments should be based on thorough research and is an ongoing process, and one into which flexibility is built in – so you can continue to lead a rocking life regardless of the economic environment. When you’re looking for financial planners, this is what you should look for. Make sure that when you pick a financial planner, their goals align with yours.