When it comes to work, life and money, the juggle is real
Life today is nothing short of a juggling act - there are work responsibilities, home commitments, health and fitness goals, and if you’ve got time left (just in case), you’d like to squeeze in some self-care. Aren’t we all walking on a tightrope, trying to balance all that we can in as little as 24 hours?
Our lives are spent juggling work-home responsibilities, just so that we can provide a financially secure future to our loved ones. Imagine everything you’ve created in all these years comes crashing down - either due to a financial emergency or any other unfortunate circumstance. In that case, it is important to have a plan B in mind - after all, you never know when a storm strikes!
While millennials are often not considered as ‘money-wise’, there are many who are busting that myth. Shikhar Mandhyan, a 30-year-old proprietor, believes in investing wisely. With senior citizen parents and grandparents, it is always better to be prepared beforehand. “I have two life insurance policies, and also invest small amounts in other financial instruments,” he says.
He efficiently balances home and work commitments, and believes in taking out time for fitness and travel. That’s not all - he is passionate about cooking, and hopes to have enough money to be a restaurateur some day.
For now, he is in a comfortable place when it comes to securing his loved ones. “When you invest wisely, you do not have a constant worry looming over your head. I think it’s a good place to be in and the best way to live a worry-free life,” he adds.
‘Really don’t know my Plan B for now’
Akshay Tarfe is a 26-year-old PR analyst. An avid traveller, he often takes off on a trip every few months, but also realises that he has other responsibilities to juggle, be it at work or home. He lives with his father, mother and a younger brother.
“As of now, I genuinely don’t know my Plan B. I do know it’s important, but I am still building my Plan A for financial security in life. With changing economic scenarios and increasing challenges in a middle-class household, I do know I need to have a fallback plan for sure,” he adds.
Financial security is important
Soumya Mahapatra (31), who moved to Mumbai and works as a marketing manager at Indiabulls, also believes that financial security is of utmost importance. “Since I live here on my own and have a demanding job, I always feel there’s not enough to save from my salary. That’s why I try and invest for a rainy day,” she says.
Today, financial security is easy and within reach, thanks to financial instruments that offer the dual benefit of insurance and investment. What’s more, you also get tax benefits.
With unit-linked insurance plans, you get goal-based savings, tax benefits and great flexibility.
The best part is you can choose where to invest (equity, debt, etc.) based on your risk appetite. Financial Instruments like HDFC Life Click 2 Wealth enable you to easily invest in a ULIP, at the click of a button.
Unit-linked insurance plans allow users to closely monitor their portfolios and at the same time, offer flexibility to switch capital between funds with varying risk-return profiles. Besides, you can choose your plan depending upon the life stage you are in and your needs and financial liabilities at that point. What’s more, it also inculcates a regular habit of saving and investing, which is important for building wealth over the long term and keeping your loved ones financially safe and covered at all times!
Warren Buffet once said, ‘Risk comes from not knowing what you’re doing’. So, be in charge and take stock of the financial security of your loved ones - after all, they are your biggest assets!