A common man’s life is full of challenges and obstacles. Living a basic dignified life in the country is as such very difficult and on top of it if one meets with a tragedy or gets into some problem, in that case life itself becomes a burden! To enjoy life, one needs to be financially stable. However, achieving that basic financial stability takes a toll on most of us and whole life is spent in running after it. It is like a vicious circle where one tries to earn enough to survive and that “enough” is never enough and the fight continues!
Let’s share with you some of the biggest and most common financial fears of a common man that hamper growth in life:
This is the first and foremost fear for all of us. Without job, the whole survival comes at stake, not only ours, but also of our family members. It becomes imperative to stay in a job, no matter how boring or uncomfortable it is as long as it helping in earning money. With competition getting hotter by the day, holding on to one’s job is getting even more difficult. This constant fear of losing job and inability to find another on expected lines make most people lose their sleep, health, peace and happiness! The fear of not being able to fulfill the basic needs of family members takes a toll on one’s health for sure and a simple process of doing your duty in return for financial gains looks like an arduous task! It becomes like a hanging sword over our head and that too 24X7!
This is another fear that plagues humans on a big scale. Having a roof over head is one of the basic needs, but not everyone is able to afford one. Even with rise in salaries and better jobs available, owning a house is still a dream for most of us. The reason being, prices of real estate have gone through the roof and owning a home in a city or an area that is closer to work place is looking more like a dream! Even with home loans being easily available, the fight is to be able to have adequate financial stability to pay off the EMIs on time and for a long period of time. Living in rented premises all your life isn’t an attractive proposition anyways as the fear of being evicted as per the whims and fancies of the landlord always brings troubles!
As per our culture and traditions, taking a debt was always looked down upon, but with changing economic condition of the country, having a debt is as common as having clothes to wear! People buy their favourite gadgets, have exotic travel plans, own luxurious lifestyle products and things like that on debt with credit cards or personal loans. However, the fear of being unable to pay them off is always in the back of the mind. This debt could also be due to some emergency like marriage in the family or a health scare! But debt is a debt and the situation to be always answerable to your lenders is very humiliating. Having a debt leads to a point that you have to continue with your job, no matter how bad it is, you have to make other compromises in your lifestyle and yet live in a fear that you owe money!
This is the biggest and most important of all fears affecting the common man. Without good health, all other plans for a good life lie scattered! If you’re not healthy, you won’t be able to give your best at your work or may not be able to work at all. In that case, all your financial goals come down crashing. On top of it, the cost of health-care expenses is going up phenomenally everyday. If you haven’t planned for them in time, you might come across a rude shock of having to sell whatever little assets you have and still not being able to meet the costs. A lot of Indians go below poverty line every year simply because of healthcare expenses!
If health can be managed then job, home and debt can be taken care of! To manage health, apart from having a healthy lifestyle, it is extremely important to plan for unforeseen health emergencies like an accident! It is better to invest then in a health insurance plan that gives you a sense of security. This way, in case of bad times, you have a financial buffer that will help you to come out of your down phase. Having the security of financial stability via health insurance can help you to tide over the health crisis.