Humanity, Love and finances!
In my wanderings I came across a financial planning blog.
One wouldn't think to find much more then financial info, but as I scrolled through the story there was a human side to it which was beautiful.
The article was written by P V Subramanyam, here are some excerpts;
He was a 63-year-old bachelor, who had lived life in full and was now at the fag end of his life. Literally at 30 cigarettes a day, he really was at the fag end.
He had a net-worth of Rs 25 lakh (Rs 2.5 million) and a cash balance of Rs 15,000. The net-worth was a nice flat in Colaba.
No cash to last him for even one month, let alone money for food, medicines, taxi to his sister's house. He had no cash.
It took him three months to tell me about his financial condition. But I was touched. He was too proud to ask.
I blasted his nephew the first time I saw him. Not a great way to start a relationship, surely not as a client and a planner. I suggested the nephews who were rich (okay, a relative term but all of them had one fixed deposit of $1 million in a foreign bank operating in Mumbai) 'buy' the flat and take possession of the same at a later date.
The nephew said his uncle would feel insecure about an arrangement of reverse mortgage. So he asked for an alternative. I suggested a Rs 10 lakh (Rs 1 million) fixed deposit with a nationalised bank (where his uncle had a savings bank account) as an either or survivor and the interest being credited to his uncle's account. Done quietly.
The uncle withdrew from the savings account only twice. Soon after this arrangement he died. But died a peaceful death: he passed away in his sleep. Surely satisfied that his nephew had paid attention to him.
full article
One wouldn't think to find much more then financial info, but as I scrolled through the story there was a human side to it which was beautiful.
The article was written by P V Subramanyam, here are some excerpts;
He was a 63-year-old bachelor, who had lived life in full and was now at the fag end of his life. Literally at 30 cigarettes a day, he really was at the fag end.
He had a net-worth of Rs 25 lakh (Rs 2.5 million) and a cash balance of Rs 15,000. The net-worth was a nice flat in Colaba.
No cash to last him for even one month, let alone money for food, medicines, taxi to his sister's house. He had no cash.
It took him three months to tell me about his financial condition. But I was touched. He was too proud to ask.
I blasted his nephew the first time I saw him. Not a great way to start a relationship, surely not as a client and a planner. I suggested the nephews who were rich (okay, a relative term but all of them had one fixed deposit of $1 million in a foreign bank operating in Mumbai) 'buy' the flat and take possession of the same at a later date.
The nephew said his uncle would feel insecure about an arrangement of reverse mortgage. So he asked for an alternative. I suggested a Rs 10 lakh (Rs 1 million) fixed deposit with a nationalised bank (where his uncle had a savings bank account) as an either or survivor and the interest being credited to his uncle's account. Done quietly.
The uncle withdrew from the savings account only twice. Soon after this arrangement he died. But died a peaceful death: he passed away in his sleep. Surely satisfied that his nephew had paid attention to him.
full article
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