The thing about
pain, is that it demands to be felt.
Green was addressing the emotional dimension of pain, we cannot deny that
financial pain can be equally traumatising. We’ve shortlisted three of the most
common, and intense financial heartbreaks that can befall a person, and the
means to get over them.
One Stupid Career Mistake
One of the
biggest and most common reasons of financial heartbreaks is when you do a tiny mistake
that ends up taking a toll on your career.
Maybe you quit
your job without thinking twice or having a proper back up, or maybe the
company fired you for a very frugal mistake – either way you’ll find that not
being extra careful with your professional life will not only destroy you
financially but also socially.
No Emergency Fund
savings alone, aren’t enough. Most of us know what an emergency is, but we do
not know how to have an emergency
fund or suitable rainy day plans. Worse still some people do have an
emergency fund, but they keep dipping into your emergency fund for your car
repair, a new TV, travel, and what not!
might find it silly or stupid, it is a little sad that it is a very common
attitude and happens with every Indian household.
Failing to Plan Retirement
people today fail to plan their retirement. Studies even show that today’s
working youth forget that they too will retire!
If you do not
have a proper retirement policy or an investment that’s on compounding at the
age of 30 or 35, you have lost the chance to harness the leveraging magic of
time! Having a proper retirement plan, and starting to work on it as early as
possible will only help you
Do not forget,
that as you get older, your financial life will only get more complex.
Also read: Planning
We could keep
going on and on with an entire series of posts about financial heartbreak, if
not for our self-imposed time limit. There are several things that cause
financial heartbreaks. But what actually hurts isn’t the action, but not being
aware that a particular action could wound you financially is what truly hurts.
WRITTEN BY: BALAKARTHIGA.M