Diet and Financial Planning
When it comes to health and nutrition, we follow a healthy diet to maintain our good health. But when it comes to personal finance, we don’t have any diet at all. In personal finance as well, it is really important to have your personalized diet and not just have it you also need to follow it. This will ensure that you are able to maintain good financial health.
There are various ways in which you select a diet. Some of you may be browsing the net to find the diet that suits you, some may be subscribing to the nutrition services through apps, some might be even taking the help of the dietitian or nutritionist to find a proper balanced diet. Similarly, to have good financial health you have many choices like if you are keen to do-it-yourself then you might take the knowledge of personal finance and then accordingly make your own financial plan probably with the help of Excel sheet or you can even take help of robo-advisory platforms. Those who wish to take the help of a specialist can always go to a SEBI Registered Investment Adviser (SEBI RIA) who is a fee-only financial planner.
An expert dietitian or nutritionist, would take into consideration your overall health history, your lifestyle, your eating habits, whether you have any sort of allergy, then what is your current weight and what is your target weight and then makes a diet plan for you which you need to follow and review periodically for any changes. Likewise even the expert fee-only financial planner takes into consideration your overall personal finance situation, your cash flows, your assets and liabilities, your investments, your risk profile, your financial goals which in turn shows where you are currently and what is your target and then makes a personalized financial plan for you which you would need to follow and review periodically, usually annually, for any changes in your financial life. As rightly said, one size doesn’t fit all. In the same way, neither a diet plan nor a financial plan can be generalized. As every person is different, everyone needs a plan which would consider their situation and advise accordingly.