Financial planning: Curious case of Murli’s free-for-all purchase plan

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Kartik Jhaveri: Feb 11 2013, 14:08 IST

Financial planning is an amazing profession because you seldom have a similar situation repeating. Each time I meet a new family there is something new, something unique and there are always unique challenges to address. To this extent it can be quite like astrology. Every person’s situation is quite unique. Just like the astrologer has a different destiny to predict for each person there is never a case where two persons or families have a similar solution despite having a similar situation.

Each person has his or her own unique style of planning and a unique perspective to managing money. Whether it is effective or not is not really the issue. The style and methodology is what is intriguing.

Once I met one Mr. Murli. There are two things that Mr. Murli always wants to do whenever he considered any financial decision having a cost value of above Rs 20,000. Here are the two conditions that must be fulfilled before he buys anything.

He would only spend if he had amount in cash. Now it does not matter if he is buying a car or house or diamonds or gold jewellery or TV or just about anything. He will only spend if he has the money to buy it in cash. This is quite normal as many people do not like loans so there is no big deal about this. But his second condition is something that most people would never imagine.

For Mr Murli, whatever he spends above Rs 20,000 should be

... contd.

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Murty | 11-Feb-2013Reply | Forward

Hi, The scope in Financial dealings is tremendous. You suggested a tip, that is a tip of the iceberg. In fact, there are many other BETTER ways in which you enjoy the life as well as save for the future. But 10% Extra? IF he bargains the same for 10% less, as he waited for the accumulation of 10%, the price also reduces. Which means he spent only 72000 and the remaining 8000 is being invested...... Options are plenty... It depends on how you look at it!AND from what hights!

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Abarar | 11-Feb-2013Reply | Forward

Kartik, You Really Describe well for finance planning is an amazing process. But Every person has own unique style to keep the record or budget in our pocket, sometimes people doesnâ€™t want to take cash for buying house, diamond, jewelry, which is quite reasonable while purchasing jewellery 8 to 15% P.A. Thanks!!!