We remember a day when we first met a Defense officer with idea of financial planning, He said “We have very little understanding about personnel finance; You are helping people to plan their financial life, which is very important for us.” We really felt good & thought to take it to next level.
Like every individual, they also need Financial Planning and also needs to take care of his finances. But before going further, let’s understand financial planning in simplified language.
“Financial Planning is the process of meeting your life goals through the proper management of your finance.” Finance doesn’t mean just investment it also includes your liabilities, your cash flow, your insurance etc.
From the outside, life in the armed forces looks privileged but when you consider the fact that signing up for the forces also means signing up to face a bullet or a bomb, or, on a less morbid note, be ready to live in remote locations away from family for prolonged periods, the privileges don’t seem abundant.
A few factors make financial planning important for India’s military families. First, many of these are single-income households. “The transferable nature of a soldier’s job makes it difficult for family to settle down.
As a person from the armed forces, you have some qualities like discipline, managing skills, decision making power & investigation; that can do wonders if properly used in managing your money. With these qualities in your personal financial life – along with protecting freedom of our country, you will also be achieving financial freedom.