Recently I had the privilege to take a lecture on Personal Financial Management for young officers of Indian Army at EME School, Vadodara. It was indeed a great moment! So where was the need to start this campaign for the officers of Defence Forces?
After spending more than three decades of my life in uniform in the Army, I realised that we as officers discuss any thing and everything on this earth other than management of our own personal finances. It’s some kind of a taboo. We have been always made to believe to live a happy go merry life and whatever is left, just put it in DSOP fund.
Was it enough to meet all our financial goals; essential ones and not so important ? Towards the fag end of my career, I realized that money saved in provident fund and may be a house was not at all sufficient to take care of our financial obligations and to lead a comfortable post retirement life, more so when Inflation is constantly reducing buying power of the money.
So, there is a definite need to plan personal finances for officers at early stages of their career and put in place a comprehensive financial plan, followed with wise investments to achieve financial goals. Investments should begin as soon as possible to reap in the benefits of compounding, considered to be one of the eight wonders!
Happy Investing !