Financial Health Check-Up

Financial Health Check-Up

I had an interesting discussion with Virendra Shah, a CMO of a reputed MNC in Pharma space… I asked him – Have you ever got your financial health check-up done?

He was taken aback…What do you mean by that ? I had to explain that just like one does his annual health check up, he should also do his financial health check or review the finances… Virendra got interested and asked..what does financial health check up do?

Financial Health check simply means – scanning your income/expenses , assets & liabilities , goals and aspirations and checking if your finances are all aligned and your goals and aspirations are optimally taken care…

The major benefits for Financial Health Check up are :

  1. You revisit your goals and aspirations and fine tune them, if needed.
  2. Timely book profits & balance the portfolio, so that your assets are not skewed to one asset class, especially to take care of your near term goals.
  3. Scan thru if your Life, Health or Accident insurance are good enough or you need to upgrade them as per your current lifestyle.
  4. Check the investment portfolio and spot & weed our under performers
  5. Check if you can add tax efficiency to the portfolio by adopting latest tax laws or with new products ideas.
  6. Finally – it gives you a lot of peace of mind that you are in the pink of financial health..or you have taken timely corrective action.


This week’s Fisdom :

Just like we do our annual health check up, we also need to do our financial health check …regularly.. Pl remember however fast you are running, if you are running in the wrong direction, you will never reach your destination…However good or bad a portfolio is performing, with regular reviews, a lot of efficiency can be added.

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