Reaching the pinnacle of Mt Everest is a pipe dream that a lot of mountaineers have. But making that dream come true is not simple at all—it requires years of physical and mental training, consistency, careful planning and a focused approach. Even then, most mountaineers are unable to take the arduous road without the sherpas, known for their skills in mountaineering, to guide them.
The dream of achieving financial freedom—the pinnacle of one’s financial life—is no different. Just like mountaineering, to realise the financial freedom dream, you would need years of planning, training, consistency, a focused approach, and a financial advisor to guide you on the path.
In both the cases, choosing the right guide is the key to success because misinformation, bad advice or a wrong decision can spell disaster.
W. BHAKTARAJ, 68
Imphal-based retired sub-divisonal officer, Govt of Manipur
After his retirement, Bhaktaraj lost a substantial amount of money when he invested his earnings from the stock market in dubious schemes that promised huge monthly returns
"I didn't reinvest the money in stocks as I was retired and cash was limited; one of my children was also unemployed at the time; and I needed regular cash flow. So, I invested in a few schemes that promised huge returns and lost a lot of money. There was no one to guide me."
W. Bhaktaraj, 68, a former subdivisional officer (SDO) in the Manipur government, lost a substantial amount of money when he invested his earnings from the stock market in dubious schemes that promised huge monthly returns. "I didn't reinvest the money in stocks as I was retired and cash was limited; one of my children was also unemployed at the time; and I needed regular cash flow," says Bhaktaraj.
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Esta historia es de la edición August 2023 de Outlook Money.
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