Food is a universal language that people from any part of the world can relate to and enjoy. Food is one common factor that binds us all.
Also, while eating my food, I found some similarities between food and personal Finance. Here are some:
Patience Pays: Good and delicious food takes time to cook .Some food taste the best when cooked on low flame and cooked for hours. The best example is Dal Makhani, tastes best when it is slow cooked instead of cooked in cooker.
Similarly, wealth is created over long term. Power of compounding works when we give time to our investments.
Hence, For achieving good results in food or wealth, we need to give its due time.
Refresh : Food has shelf life. All the products that we eat come with certain shelf life – vegetables, dal, ready to eat foods, grocery items. They have a pre defined expiry date.
Similarly, Financial products come with a shelf life. The products that were relevant at our parent’s age may not hold the same significance at our age.There is huge shift in lifestyle, income and needs. For example: Investing in fixed interest products for our long term goals when inflation is equivalent to the interest that earn is not a very good idea.
Hence, One should always check the expiry date of food and investment products before consuming.
Presentation: Food looks desirable when presented in a good way. You are tempted to eat Food which is well presented . Proper plating, decorating and well organised food is what a true foodie yearns for.
Similarly, if finances are well organised, all important financial documents are well kept wins half the battle. It makes easy to revisit or keep check on our Financial life whether it is on the right track or needs improvement.
Hence, Looks are not all that matters, however it is a delight and convenient to look at good looking food and well managed finances.
Balanced :Life is all about balance. we try and maintain balance in our life, food and at the same time work towards building bank balance.
Balanced diet is the best diet. Right amount of all nutrients is extremely important for health.
Similarly, right amount of debt and equity in our investment portfolio and adequate insurance at the same time is extremely important for our financial health.
Prevention is better than cure: Eating a diet that is balanced is helpful not only for our present health but also acts as prevention from lot of future medical problems.It is good to have right amount of food which are good in vitamins and minerals rather than having supplements or pain killers to subside the pain in future.
Similarly , considering personal finance as priority and making our hard earned money work for us at the right time, saving regularly for future, giving time to our investments, thinking of creating legacy in 30s and not in 60s. We should take corrective action with our Finances like, start saving at younger years, investing in right financial products as per our goals – This will act as Vitamin and minerals for our wealth. If we invest for tax saving on the last date and end up investing in wrong product just to save taxes will be a pain killer.
Hence, Vitamins and minerals taken at right age, will prevent your health and wealth from future pain killers.
image source: google.com
About the author: Gurleen Kaur Tikku is a Financial Consultant and devotes her time to her company www.hareepatti.com. She has done her Bachelors in Finance and Investment Analysis(BFIA) from College of Business Studies(CBS, Delhi) and MBA from IMT, Ghaziabad.. She can be Contacted at [email protected]