How Changing The Expenses Changes Your Life
Outlook Money|November 2023
One can easily tackle financial troubles by streamlining spending patterns and cash flows and, when required, seeking professional help for the right investment strategies.
How Changing The Expenses Changes Your Life

At 45, Sushil Verma stands at a crossroads in his life; a successful hotelier in the historic city of Varanasi, he is surrounded by a loving family – his wife Shalini, 43, a dedicated homemaker, and their two children, Khushi, 18, and Aditya, 14. Despite his affluence and strong family background, a rift in the family has significantly influenced his financial stability. Surrounded by affluent friends and acquaintances, Sushil finds himself grappling with the societal pressure to maintain his status in society.

Everything was going well in his hotel business till the pandemic hit the country in early 2020. All of a sudden his business turned into a loss making proposition as lockdown severely impacted the income. “My income had significantly dropped due to the pandemic. This threw my finances helter-skelter as my income got dwarfed against my expenses,” narrates Sushil. As hope rose after the first wave was over and things appeared a bit better, the second wave and the deadliest of all in 2021 acted like a last nail on the coffin. Situation worsened and Sushil was losing money every month. His finances were in the doldrums and he desperately needed some financial expert to help him wriggle out of the situation.

Meeting with Shilpi Bansal

It was in September, 2021 that Sushil met Personal Financial Professional Shilpi Bansal. A seasoned investment expert, Shilpi had the expertise to offer financial prosperity to her clients. The same she desired to do for Sushil.

This story is from the November 2023 edition of Outlook Money.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the November 2023 edition of Outlook Money.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM OUTLOOK MONEYView All
7 Steps To Refresh Your Finances In The New FY
Outlook Money

7 Steps To Refresh Your Finances In The New FY

Setting goals and then making your money work to achieve them can be a gamechanger for your financial life

time-read
3 mins  |
April 2024
Turn Of The Tide: Should You Invest In Debt Funds Now?
Outlook Money

Turn Of The Tide: Should You Invest In Debt Funds Now?

The past few years have been challenging for debt fund investors, but the case for adding them in your portfolio is now more compelling than ever

time-read
9 mins  |
April 2024
Who Should Choose An Index Fund?
Outlook Money

Who Should Choose An Index Fund?

Index funds’ returns are similar to their underlying index, so if cost and protection are high on your list and market-beating performance is secondary, they could be an ideal choice.

time-read
2 mins  |
April 2024
What Is Depreciation?
Outlook Money

What Is Depreciation?

Depreciation indicates a reduction in the value of an asset over time. Typically, it occurs due to wear and tear of the asset over time as a result of continued use to calculate the depreciation of an asset, one needs to consider several factors, one of which is the useful life of the asset.

time-read
1 min  |
April 2024
REGULATORY ROUNDUP
Outlook Money

REGULATORY ROUNDUP

Change: The Securities and Exchange Board of India (Sebi) directs asset management companies (AMCs) to conduct stress tests on small and mid-cap funds and disclose key findings on liquidity and other aspects.

time-read
1 min  |
April 2024
Plan Repayment Before Taking Loan
Outlook Money

Plan Repayment Before Taking Loan

I have a home loan running but need a loan of around `10 lakh for renovating the house.

time-read
2 mins  |
April 2024
Fund Life Goals Before Business
Outlook Money

Fund Life Goals Before Business

I am in my late 20s and want to invest in the real estate sector.

time-read
2 mins  |
April 2024
SECRET ROAD TO FINANCIAL DIGNITY
Outlook Money

SECRET ROAD TO FINANCIAL DIGNITY

Dignity is something most retirees want once their active work life comes to an end and it is closely tied to the individual’s financial well-being

time-read
4 mins  |
April 2024
'Combined Life, Health Plans Won't Increase Complexity'
Outlook Money

'Combined Life, Health Plans Won't Increase Complexity'

The life insurance market in India has recorded a consistent premium growth over the years, but insurance penetration is yet to reach the desired level. Quite in line, HDFC Life Insurance has shown a growth of 5 per cent year-on-year in its total annual premium equivalent in the nine months until December 2023 and has grown on other parameters as well. Its assets under management (AUM) went up 20 per cent, while it recorded a net profit of 16 per cent y-o-y, in the period. Even in terms of penetration, the company’s growth in Tier II and Tier II cities are positive. Vibha Padalkar, managing director and chief executive officer of HDFC Life Insurance shared the secret sauce for the growth in a conversation with Nidhi Sinha, editor, Outlook Money, talked about the challenges the insurance industry faces, and the road ahead in view of recent regulatory proposals. Edited excerpts:

time-read
7 mins  |
April 2024
BUCKET YOUR WORRIES AWAY
Outlook Money

BUCKET YOUR WORRIES AWAY

Once you have accumulated a decent corpus in your working life, the next big task should be to smartly deploy it across different schemes through a bucketing strategy so that your regular expenses are taken care of while your corpus keeps growing. This will ensure that you do not outlive your corpus

time-read
8 mins  |
April 2024