By: Tarun Prakash Srivastava, Sr. Executive Editor-ICN Group
Always remember-God has not created any such problem for which he has not given the solution to your mind.
Just as we have understood the principles of our savings earlier, in the same way, underline the inevitable halts of your future journey as mentioned in the above table and attempt to calculate their estimated year as well estimated expenditure in that year. Do it and you will find that the first and most important economic picture of your life appears in front of you, which may scare you to a limit also?
Believe me; to face and eliminate a problem is always a better option than have a fear of it throughout the life. You will have to manage the best to counter every such problem.Always remember-God has not created any such problem for which he has not given the solution to your mind.
It is necessary that at the very first level, rather than run away from that problem, understand it in detail and assess it and then by using your brain, add the solution at present to that future problem. In the initial stage, you may need a skilled professional consultant, but by understanding this work system, you can fill yourself with this ability in the future and prepare your financial map and its solution graphs yourself also.
The Financial Map of everyone’s life will always be different because of the number of members of families, income levels, priorities of lives, the estimated years and the estimated expenditures on future obligations, etc. cannot be alike in every case.
Let’s study the differences in Financial Maps of some people. We assume that Rajat is only twenty-two years old and after earning the higher education; he is doing his first job and earning forty thousand rupees per month. The financial map of his life will be something like this –
| Financial Map of Rajat’s life | |||
| Liabilities | Tentative year | Estimated amount | Plan for required fund |
| To purchase a luxurious car | After two years | Rs. 6 Lac approx | ? |
| Own bank balance | After five year | Rs. 10 Lac approx | ? |
| Marriage | After six years | Rs. 10 Lac approx | ? |
| Birth of first child /initial expenses | After nine years | Rs. 2 Lac approx | ? |
| A big and comfortable house | After fifteen years | ? | ? |
| To start own business | After twenty years | ? | ? |
Suppose that Akshita is just seventeen years old and is pursuing her higher education and has great dreams in her life. The initial economic picture of her upcoming life can be of this type:
| Financial Map of Akshita’s life | |||
| Liabilities | Tentative year | Estimated amount | Plan for required fund |
| To find a job | After two years | Nil | ? |
| Own bank balance | After four years | Rs. 10 Lac approx. | ? |
| A luxurious car | After five years | Rs. 10 Lac approx. | ? |
| To start Own business | After six years | Rs. 30 Lac approx. | ? |
| Marriage | After eight years | ? | ? |
| Increasing family | After ten years | ? | ? |
| A big and comfortable house | After fifteen years | ? | ? |
| To develop own business like an industry | After twenty years | ? | ? |
| Social services | Continuous but especially after twenty five years | ? | ? |
Tarun Prakash Srivastava
From my book ‘Science of Money’ available on Amazon.com in English at http://bit.ly/Science-Of-Money and in Hindi at http://bit.ly
