You can’t do it all
As much as you would want to have control over everything, the chances of failing somewhere will start showing
The Problem
You are good at multi-tasking at work, home and with friends. Thinking of what to cook over the weekend goes hand-in-hand with watching TV and ironing clothes. You believe you can also do everything right with your money. You start putting money into several instruments, just the way you multi-task. You do so, because you believe like everything else that you do, multi-tasking with finances is also the right approach. However, there are many things for which you still depend on others—the garage to get your car serviced or the plumber to get your leaking water line fixed. You take their assistance because they know their job, they know it better than you and they are good at it. Do not live with the belief that you can do everything on your own.
Example
Managing life insurance policies, mutual fund investments, a house, repaying EMIs are some of the products that you use. If you have it all consolidated at a single place, it will be convenient. But, most do not consolidate their finances for a single snapshot view of their finances.
Suggested intervention
Being involved with your financial life is necessary. It is equally fair to gauge when to step back and let an expert step in. Just like a doctor treats you medically, there are financial planners and advisors to address your fiscal condition. Engage with advisors you are comfortable with, who speak to you in a language that you follow. Doing everything yourself worked when you had exposure to financial instruments. With all the issues that one grapples with, it makes sense to engage with a specialist. You can use the spare time to appreciate the value addition they provide.
Tip
At any stage in life, do not think you are saving money by not engaging with a financial advisor for a fee. Yes, they charge a fee. But, the fee is worth every rupee because, just the way you are good at your job, they are good at theirs. Even if you land up paying Rs 1,000 a month as services, the timely action they will take with your finances will pay off for the fee each year.
Read: Inside the Mind of Investors
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