‘Make money work for your interest’

“All of us work for money. It is not a bad word. What is more important is to make money work for our interest, our goals, our future,” said Suresh Parthasarathy, CEO and Chief Financial Planner, SSP Wealth and Financial Planners (P) Ltd, Chennai.

He was delivering a lecture under Business Line Club of Mangayarkarasi College of Arts and Science for Women here on Friday, on ‘Importance of goal based investments’.

Parthasarathy said that people work hard to earn money but without a plan on the use of the money so earned and end up in bankruptcy and misery.

The event was sponsored by Tamilnad Mercantile Bank (TMB), Tuticorin.

Achieving goals

He said that life is uncertain and everybody hopes for a better future.

Earning money by itself will not ensure a happy future in the long run unless one learns to plan on the use of the money to achieve the goals set and sustain them in life .

Financial planning , thus, becomes important to everybody.

It is a process of identifying particular goals, using existing resources and evolve strategies that help achieve them. One should build life by choice and not by chance, he stressed.

He further said that change being a constant factor in life, one should provide for aspirations and risks at various stages.

Inflation costs

These – like building a house, buying a car, visiting places, conduct of marriage of children, retired life, etc - could be effectively secured through a process of financial planning, including the risk of death so that the family is not left in the lurch.

Inflation acts as a deterrent in maintaining the value of money is at the core.

It should be indexed and provided for in the calculations.

Aspects of planning

Detailing five aspects of financial planning, he explained at length on the need to provide for insurance, investments, taxes, estate and retirement to have a long-lasting happiness.

Earlier, A. Franklin Asir, Assistant General Manager, TMB, Madurai, spoke on the evolution of the banking sector in the country and the role played by TMB in particular through its various schemes.

Dr S. Rajeswari, Principal of the college, was present.

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