What's the relationship between financial planning and a healthy diet? Let's decode

What's the relationship between financial planning and a healthy diet? Let's decode

Mutual Funds
by 5paisa Research Team Last Updated: 2022-08-29T14:29:43+05:30

We frequently adhere to a diet to preserve our health. Similarly, do we have a financial diet that can help you preserve your financial wealth? Continue reading to learn more.

We eat a nutritious diet to stay healthy. But when it comes to personal finance, we don't follow any rules. 

It is critical to have a specific diet in personal finance, and it is much more crucial to follow it. This will ensure that your financial situation remains stable. 

A diet can be implemented in a variety of ways. Some of you may be searching the internet for a diet that suits you, others may be subscribing to nutrition services via apps, and yet others may be seeking the advice of a dietician or nutritionist to discover a suitable balanced diet. 

Similarly, to have excellent financial health, you have numerous options. For example, if you want to do it yourself, you can learn about personal finance and then create your financial plan, most likely using Excel, or you can use robo-advisory platforms. 

Those seeking the assistance of an expert might approach a SEBI Registered Investment Adviser (SEBI RIA), who is a fee-only financial advisor. An experienced dietician or nutritionist will assess your entire health history, lifestyle, eating habits, if you have any allergies, current weight and target weight, and then create a diet plan for you that you must follow and check on a regular basis for any adjustments. 

Similarly, an expert fee-only financial planner considers your overall personal finance situation, your cash flows, assets and liabilities, investments, risk profile, and financial goals, and then creates a personalised financial plan for you that you must follow and review regularly. 

As is often remarked, one size does not fit everyone. Similarly, neither the diet nor the financial strategy can be generalised. Because everyone is unique, everyone needs a strategy that takes their circumstances into account and advises them accordingly. 

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