Let The Personal Financial Plan Work For Peace Beyond Happiness

Both peace and happiness have been tagged as the most un-understood phenomenon in the world. Rather, everybody hopes to achieve happiness and chases the horizon. Happiness is a state of mind. It doesn’t lie in any tangible object(s). Happiness is an emotional feeling which depends on expectations, may be own or of others. Happiness sometimes is described in terms of good living or flourishing in life. It may give temporary happiness as expectations are never ending. Happiness is an emotion. It is like fluid; it comes and goes as it doesn’t stick. Ability to prudently manage your finances gives you peace beyond happiness. Genuine concerns related to your personal finances are answered by formulating detailed Personal Financial Plan.

Peace can be explained as having undisturbed mind. When mind becomes calm and quiet, sudden waves of jealousy, pride, passion, anger, greed, self-delusion and hatred shall not agitate us to disrupting our peace. One has to practice self-control till it becomes a habit. Self-control refers to the ability to regulate disruptive emotions and impulses. During any transitional stage of life, we have to adjust with the situation(s) till the situation becomes new or normal. These are really struggles of life. Transitions are inevitable in one’s life. But how you’ll respond to transition? Will you act emotionally or respond rationally?

We discussed our philosophy of happiness and peace in a nutshell to discover the purpose of life. It may be a debatable issue. We may or mayn’t agree or draw any conclusion as these are truly subjective.

“You shouldn’t be disappointed in future by the things you didn’t attempt today. Rather, actually doing the things now which you were supposed to attempt in the past can offset your setbacks.” – Uttam Kumar Sen

Following the Personal Financial Plan helps you to achieve your targets on time

It’s all about reality of life and how do you place yourself! Define your purpose of life (why), put down the method(s) you’ll follow (how) and outcome (what you expect). We have to be rational when it comes to taking decisions (financial and non financial); but mostly, we tend to become emotional whereby welcoming unfavorable situations (financial and non financial). There may be multiple purposes in one’s life; but we have to prioritize them according to the situation. No one can fulfill all priorities (financial and non financial) at once. It appears before us according to different life stages. But yes, you have to visualize both visible and invisible purposes equally. You may have to set your action plans as “NOW”, “SOON” & “LATER”.

When someone takes any monetary (financial) decision they apply the logic at first, technical aspects, i.e. mathematical calculations. But unfortunately, their actions are typically emotion-driven. Influence of emotion during financial decisions is destructive; it’s a sense of powerlessness whereby one becomes overwhelmed.

Are there any tools to manage both emotion and technical part in Personal Financial Plan?

Through deep listening, both client & Financial Planner unfold the exact nature of expectation(s). The client takes the co-driver’s seat. If a Financial Planner is trained to manage the personal side, i.e. emotions, he can manage client’s expectation(s) unconventionally. But unfortunately, only technical aspects are looked upon, disregarding the non-technical parts i.e. emotions. That’s why just owning a Personal Financial Plan mostly doesn’t serve the purpose. Writing and implementation of Financial Plan by giving substance to your personal factors along with technicalities will ultimately give you peace of mind through accomplishment time-bound goals. Only software-based financial planning can never replace a qualified Financial Planner who deeply listens to you to take you to a safer place by providing customized tools. Emotion is one of the key factors because they influence the thoughts and behavior of the client towards finances.

Technical parts in Personal Financial Plan deal with calculation of rate of return, inflation, real rate of return, tax, corpus for retirement phase, children’s education corpus, funds for holidays, any big purchase etc.

On the other hand, emotions/expectations are personal side in Financial Plan which is inseparable. Unknowingly, people focus only on numbers. Ultimately, they fail to manage expectations, own or of others. Expectations (financial & non financial) are not bad but you must know how to handle expectations rationally! We never force our clients to follow our advice but we give them tools to manage themselves rationally.

To conclude, peace is a state of mind when you remove all the uncomfortable emotions and place yourself rationally while managing personal finances. Being mindful of small matters can steer clear of colossal adversity which will be disrupting your peace of mind at the cost money and time. You’ll be defeated if you misinterpret your mental state.