Importance Of Buying Decisions – Big Car vs Small Car!
I was so blinded by my urge to buy the bigger sedan that I didn’t realize that this extra money will help me reach my goals faster. Something which is of higher importance to me than driving a big car.”
All financial decisions are interconnected and a mistake in one financial decision taken in life can impact some other aspect of life. Manoj always wanted to buy a big car. It was his dream. It would have cost him Rs 20 lakhs. However, saving for his children was far more important goal for the family.
Like most people who do not see long term impact of financial decisions; Manoj too thought that buying a big car today will not impact his ability to send his kids to good schools. Less did he realize that buying the big car will impact the savings, which are necessary to contribute towards his children’s education. Many a times we think that we still have time to build the reserve for our children’s education, but it is important to understand that every penny counts!
ArthaYantra helped him understand that all the decisions in life are interconnected and that he should give-up on the big car and instead save the extra money for the children’s education. There would be a possibility in future when Manoj can revisit and fulfill his dream of buying a big car. But practical reality is suggesting that for now he will have to wait.
ArthaYantra’s job as the advisor is to ensure that the financial decisions by the customer are practical and long term in nature. Taking the right financial decision is what distinguishes a successful person from others. It does not matter if the financial decisions are significant or insignificant.
The real life names and identity of the characters have been morphed for the benefit of protecting the client’s information.