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Ramesh Pathania/Mint
Ramesh Pathania/Mint

Financial advice helped us meet significant short-term goals

Delhi-based Sneha and Apoorv Rohatgi share their story of how their financial planner help them with money matters

Name: Apoorv Rohatgi

Age: 32

Profession: Senior consultant in a pharmaceutical firm

Name: Sneha Rohatgi

Age: 28

Profession: Researcher at a research institute

City: Delhi

Financial planner: Jitendra Solanki, certified financial planner and founder JS Financial Advisors

Like any newly married couple, Sneha and Apoorv Rohatgi were trying to organise their finances in a better way to understand their expenditure and increase the income from existing resources, to meet their financial goals. It was in 2012, when Apoorv’s father suffered a brain haemorrhage and was paralysed, that the responsibility of the entire financial ecosystem around him fell upon his shoulders.

The block

The sudden surge of responsibilities after his father’s illness brought a sense of urgency to Apoorv taking charge of financial decisions. “I was just 28. I was in a mess on how to handle all these things, where to park the money and how to move ahead in future. So, I had to understand how to take care of the wealth and how I should create wealth for the future of my family," Apoorv said.

With all the responsibilities, generating higher income became a priority. “The expenses were too high. My father, who is a doctor, stopped his practice, and there were a lot of expenses on his treatment. Whatever I was earning at that point, was simply not enough," he added. Then Apoorv met his financial planner.

The goals

There were goals as well as responsibilities. “However, there was no certainty on how I should do it and how to plan," Apoorv said. “Jitendra (Solanki, the couple’s financial planner) asked us about all the details of existing investments and expenses and then made a robust plan and made me understand my expenses," he said. The short-term goals were having an equilibrium between income and expenditure, while taking care of his sister’s education, who was pursuing Medicine, and repaying a home loan that Apoorv’s father had taken.

In about 3 years since then, they have been able to repay the entire home loan. The couple has also bought a new car, and now plans to go for a sports utility vehicle in another couple of years. “My sister has completed her MBBS and her higher education is a priority now," said Apoorv. In the medium term, Sneha said, they are looking at investments so that they do not face a problem if she has to take a break from work when they plan to start a family.

Course correction

There were some old investments and a lot of investment in real estate. “My father had some savings instruments and properties. Jitendra made me understand that some of those were old and he made me to put the money in different buckets," said Apoorv.

So, the couple decided to diversify into mutual funds, Public Provident Fund (PPF) and gold bonds. Sneha wanted to invest in gold, and has been successful in meeting her goals in that regard.

But they also got a word of caution. “He advised that we should not go completely into gold but invest smaller amounts from time to time," she said.

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