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Financial Management with Rachit Chawla

The struggle concerning the financial well-being of the family is a long one that goes on for the entire lifetime of any man. There are two kinds of people- one who earns good with immense hard work but ends up combating financial struggles all their lives and second are those who earn (again) good but never face any financial crisis in their lives. The difference between both these kinds of men is the ‘Understanding of Financial Management’.

“Financial Management is a skill that men need to be equipped with in today’s time”, says Rachit Chawla, Founder & CEO, FINWAY FSC and SEBI Registered Investment Advisor in a podcast chat with Bhawana, anchor of the Best for Him show. Rachit clearly states ‘if a man is not skilled to manage his wealth properly then there is no point in creating the wealth’.

Indeed financial management sounds like a cumbersome task that needs a lot of time investment, understanding of the market scenario and the ability to make quick decisions to save money with the right choices, but Rachit simplifies it. “Financial Management is pure wealth management which one needs to be able to grow and sustain over a long period of time”.

In the podcast, Rachit shares a straightforward process for financial management. The first is to earn wealth to fulfill all necessities, once it is earned, the next step is to plan it efficiently so that it grows more with time. Rachit also explains in the podcast that ‘it is important to make choices or spend as per your savings; it is essential to understand the objective of life and the stage where you are in the journey of life before spending the money’.

He reveals a simple trick to create wealth with the 70:30 rule where at least 30% of your earnings should be savings. However he cautions that in the dire desperation to increase your wealth, one shouldn’t put their finances in danger for which he also shares some tips and methods in the podcast.

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