Journey To Financial Well-Being Starts From The Heart
Born and brought up in a traditional Marwari family, I grew up believing that all of my financial matters should be managed only by the men of the household. It was only years later when I faced a sudden and major setback in my life did I realise the importance of being financially healthy.
But this realisation was only the beginning. My real journey towards financial well-being started since then -- over a decade ago. Looking back, I can say it all boils down to building the emotional capacity to build finances that will enable you to lead a meaningful life.
I currently raise financial literacy across India through my company Be.artsy. Using a blend of art, emotional intelligence and technology, my team and I have raised financial literacy across India. Since 2016, Be.artsy has been commissioned as the financial awareness partner of National Stock Exchange.
Through this experience and years of research I have found that there are 7 emotional milestones linked to finances every individual needs to cross in order to achieve financial well-being:
Financial Confusion
You are clueless about how money works. You feel stretched financially and don’t know how to get out of the mess of unpaid bills and taxes, no savings, and dependence on credit cards, family and friends. You can find yourself in this state even if you’re earning well. Emotional state: Guilty, fearful and ashamed.
Financial Neglect
You are aware of your situation but don’t have the emotional capacity to take action. This makes you ignore your financial woes. You tell yourself that your small savings, random investments, and little financial knowledge are enough for now. Emotional state: Confused, frustrated, and sad
Financial Awareness
You are keenly aware of how money works and the options available to make your money grow. You are excited that your dreams can actually be turned into a reality. In spite of your financial condition, you are charged up to learn and make changes to your financial habits. Emotional state: Hopeful, curious, and willing
Financial Stability
Supported by your financial awareness, you have made a solid financial plan to meet your goals. At this stage, you are living within your means, have a financial planner, and started building your assets and saving and investing well. However, it is important to start setting up safeguards that can also help you meet unanticipated expenses. Emotional state: Optimistic, relieved, content
Financial Safety
Your good financial decisions are paying off. Supported by strong financial advice and experience, you ensure that you monitor your financial plan and make changes wherever and whenever necessary. You know you have strong savings to fall back on, good investments to make your money grow, controlled debt and enough finances to meet your personal goals. Emotional state: Confident, relaxed and cheerful
Financial Independence
You have enough money to meet your goals. You also have enough to sustain you through retirement, loss of job, travel or migration to another country. At this stage, you can now make smart investments and money decisions to ensure that unforeseen economic or societal events will not be able to shake you financially. Emotional state: Satisfied, accomplished but occasional fear of uncertainty
Financial Freedom
You are completely free of any worry about having enough money. Your financial habits are in line with your values. You have successfully managed your emotions linked to finances and achieved financial freedom. This financial freedom, in turn, helps increase your emotional strength to lead a purpose-driven life. Emotional state: Peaceful, Purposeful, and Fulfilled
