Financial Growth with Planning
Financial growth through proper planning and management
In the last article I had discussed that how a consultant (like Shri Krishna) is important for us in making financial decisions. If one says that Shri Krishna is the founder of Management Science then, nobody would disagree. Arjun could win in Mahabharta not just because Shri Krishna was his Charioteer but Krishna had made an entire plan to make Arjun win. So, let us begin with planning for our own victory. We all need a consultant like Shri Krishna, Let us try to find him out.
Planning Commission claimed headlines since Narendra Modi Govt. came into power as a Central government. Planning commission existed in India since last 50 years. To ensure efficient planning for development in India was the aim of forming planning commission. PM Modi renamed Planning Commission as ‘Niti Ayog’. This move gave center stage to ‘Planning’. Everybody knows the word planning from Management Science. This word is used very frequently in chats and general discussions. And thus, planning is related to everybody directly or indirectly.
As per changing concepts, new generations find Planning synonymous to Management. Similarly, Management word is equally popular word like planning. Thus everybody uses Management word very frequently making it a commonly used word. We must have heard discussions on management or choosing management as field of higher studies. Event Management, Time Management, Financial Management, Business Management and Stress Management are some very commonly used terms. Our entire life revolves around this management. It is now an inseparable part of our life. The one who is good in management earns good name for him/herself in life.
A great intellectual thinker Alan Lakein has said that ‘Failing to plan is planning to fail’. This thought actually underlines to importance of planning to succeed in life. If we do not plan to succeed it means we have planned to be unsuccessful. A well planned work attains success for sure. “Well begun is half done’’ is something we all know and must have experienced as well.
We need the help of planning on almost every turn of life. For that one might not need to study Management as Science but at least one should know the basics or important concepts of management. We do several types of planning for instance, At students age we plan our studies, After joining a job we plan our time, we plan several things for event, we plan to buy/construct house, we plan for trips etc. Many times we have to take opinion of experts or consultants for planning certain things. Various planners and consultants are easily available these days.
Among the various types of management what is most important is ‘Financial management’ in life. But unfortunately it is the most ignored topic. The percentage of literacy is growing in our country but financial literacy is still very low. Thus to bring the general public into the main stream of financial literacy, various schemes like ‘Jan Dhan Yojna’; ‘Atal Pension Yojna’ and ‘Aadhar linked transfer’ were floated by central government. The intention of these scheme is to reach every corner of country and include everyone in government schemes so that beneficiary is directly benefitted. Many fold efforts are being done across the country to increase the financial literacy. ‘Financial Inclusion’ is term for comprehensive financial literacy.
Swami Vivekanand has said that ‘If you don’t come across any problem throughout the day means you are on the wrong path’ we have to face various problems while crossing various stages in life. If we peep into details maximum problems are related to money or finances. Basically these problems are generated by us during the earlier times. But we can never predict that some small issue in past may appear as bigger problem in future. Thus any problem needs to be taken care with sportsman spirit then only we would be able to tackle it. After all, nothing can replace money is what we have experienced. If we had pre-planned enough to handle financial crisis then we can definitely deal with related issues sportingly.
Typical Indian citizen have traditional thinking and execution patterns. He never dares to think out of the box. Many times we are not even ready to think on a new concept / idea. In that case implementing such new things is almost impossible. Especially, when it comes to our income, we prefer keeping a mum. We typically use the phrase that ‘one should not ask age to women and income to men’ to avoid income related questions. If we do not match our expenditures with our income then we tend to face imbalances.
Financial planning is very important for all of us. In this series of Articles under ‘Aarthchakra’ we will try to understand various dimensions of financial planning. Also we are going to discuss types of planning. This will be done with an intention to aware readers about concept of Financial Planning so that they can chalk out some model of financial planning for themselves. Many financial planners are available offering various services, but the class of society that actually prefers going to these planners is still very less. This is a very professional topic if look at it globally. We are still beginners in this.
All in all if we wish to make good money for secure future and it’s best utility then we will have to understand the concept of financial planning. If we adopt Financial planning then we not just only enhance our future but also create some ideal’s for next generations.