Resource id #4Resource id #4 Advisor Interview
28 March, 2023 10:22 IST

`Financial planning is a process, not an event`

Source: IRIS (11 July 2012)

`Financial planning is a process, not an event`
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In an interview with Pooja Chopra Goel of, Manish Chauhan, Founder, Jagoinvestor says, ``Financial planning is a process. It`s not a one-time event that is completed and then never reviewed again.``

What got you started as a financial blogger? How long have you been blogging for?

All my life, I have learnt things by teaching. I wanted to do same thing in personal finance. I was interested in money matters and really loved the concept. Hence, I decided that whatever little I know, I will teach people through a blog and hence learn more in the process. This habit of learning by teaching got Jagoinvestor started. I have been blogging for last 4-5 years now and have helped thousands of people understand personal finance concepts.

Can you tell us about `Jagoinvestor` and its mission & services?

Mission of Jagoinvestor is very simple - ``Making each person self sufficient in taking informed financial decisions``. We want to become a one stop place where a person can learn anything about personal finance. We were very happy to see how some of the readers wanted to pay us and work with us on one to one basis to improve their financial lives. Hence, we started paid services and it has grown over the years. We believe that financial planning is not the complete answer for improving some one`s financial life; hence, we developed a service called `Financial Coaching` which deals with the psychological aspects of financial life and we work with an investor as his coach and not a financial planner. We are working on another service too for investors which will start in few weeks.

Do you think enough is being done to address the broader issue of financial literacy?

Obviously not. All I see in the name of financial literacy is how stock market works and bits and pieces of SIP/life insurance concepts. There is no dedicated platform where all kinds of personal finance concepts are taught in a language which a common man can understand and can connect with. Financial planning is a process. It`s not a one-time event that is completed and then never reviewed again. This process serves an important role in clarifying your goals, educating you on the options available to you, and putting you in charge of your money. This is a gradual and slow process. Just one or two sessions of investor awareness are not going to create financial literacy.

What would be your biggest piece of advice to anybody who wants to save money?

Forget saving and learn things first. I see so many people on our blog who are just born in the world of personal finance and they want the best investment product. They are ready to invest money, but not time to learn things. My recommendation would be to first invest time to learn things for 6 months and start slow in investing, then accelerate!

What three books related to personal finance would you recommend every person read?

I would recommend following books:

a) Jagoinvestor - Change your relationship with money (By me)
b) Retire Rich Invest - Invest Rs 40 a day (By P V Subramanyam)
c) Secrets of the Millionaire Mind (By T. Harv Eker)

How would you suggest a common investor ensure that their accounts are protected and not invested in dubious instruments?

A person creates his financial life mess himself/ herself - PERIOD. There is no alternative to be self learnt and be at a level where you can be mis-sold. Frauds are different thing which no one can avoid, but almost 95% things which we hear in media and from investors is just because of their casual attitude towards money and over belief on someone`s words and promises.

What is your advice to retail investors now?

I would just suggest stick with few equity mutual funds and just stay invested on monthly basis for years and years. This simple advice is so simple and looks so ``common`` that this is never appreciated by common investors and they look for complex ideas and hence get into mess.

Is there anything else you would like to share with our readers?

Stop over focusing on ``returns`` and ``best products``. Financial Life is much above financial products and just ``investing``. There are so many dimensions to financial life. This is what we exactly guide our clients in our financial coaching program.

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