top of page

By:

Kaustubh Kale

10 September 2024 at 11:37:15 pm

Nine Financial Tips for a Prosperous Navratri

As Navratri draws to a close, I wish you and your family happiness, prosperity, and continued success. Festivals are a time of celebration, but they also serve as a valuable reminder to reflect on our financial habits and strengthen our financial discipline. In the spirit of the nine days of Navratri, here are nine essential financial tips to help you stay on track with your financial goals and make your journey towards financial freedom smoother and more secure. Build an Emergency Fund Make...

Nine Financial Tips for a Prosperous Navratri

As Navratri draws to a close, I wish you and your family happiness, prosperity, and continued success. Festivals are a time of celebration, but they also serve as a valuable reminder to reflect on our financial habits and strengthen our financial discipline. In the spirit of the nine days of Navratri, here are nine essential financial tips to help you stay on track with your financial goals and make your journey towards financial freedom smoother and more secure. Build an Emergency Fund Make sure you have at least six months of living expenses saved in a bank fixed deposit or a debt mutual fund. This reserve will serve as your emergency fund for unforeseen situations and ensures you are prepared for any rainy days. Review Your Asset Allocation Revisit your investments to ensure they align with your goals. For short-term goals within three years, bank fixed deposits, recurring deposits, or debt mutual funds are appropriate. For long-term goals beyond three years, a diversified combination of hybrid/equity mutual funds, direct equities, and gold should be preferred. Do Sufficient SIPs Systematic Investment Plans (SIPs) are the backbone of disciplined investing. At least 25-30 percent of your in-hand monthly income should ideally be invested through SIPs in mutual funds, equities, and gold. This consistent approach will steadily build wealth over time. Make Lumpsum Investments Along with SIPs, voluntary lumpsum contributions into long-term assets whenever you have surplus funds can accelerate wealth creation. Even occasional lumpsum additions make a significant difference to the overall corpus. Increase Your SIPs Annually As your income increases, make sure your investments grow as well. Increasing your SIP amounts every year helps your wealth stay in line with inflation and your rising lifestyle needs. Increase your SIPs yearly and anchor them to at least 30 percent of your monthly income. Stay Invested Remain invested until your financial goals are achieved. Avoid redeeming investments unnecessarily. Frequent withdrawals disrupt compounding. If liquidity is required, consider taking an overdraft loan against your investments rather than breaking them prematurely. Health Insurance Safeguard your family with adequate health insurance. Opt for a minimum cover of 25 lakhs per family member with comprehensive features. Remember that relying only on employer-provided insurance is risky. Independent health insurance is essential. Term Life Insurance Protect your loved ones with a pure term life insurance policy. Ensure a cover of at least ten times your annual income, along with provisions for any outstanding loans. Stay away from mixing insurance with investments. A simple term plan is the most effective solution. Consult a Financial Advisor A full-time, well-qualified financial advisor can simplify your financial journey. Professional guidance ensures disciplined planning, correct product selection, and proper execution of your financial strategy. May this festive season bring abundance and lasting financial peace. (The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

Prioritising Mental Health at the Workplace

Oct 10, 2024
3 min read

Updated: Oct 22, 2024

Mental Health

In the last few months alone, India has witnessed multiple young professionals succumbing to the pressures of excessive workloads, unrealistic expectations, and the relentless pursuit of career success. These tragic incidents, though often underreported, have sparked conversations about the mental health crisis brewing within the corporate world. From tech startups to financial institutions, young employees are bearing the brunt of long hours, constant connectivity, and high-stakes work environments, leaving little room for recovery or personal well-being.


The most alarming aspect of this trend is the normalisation of burnout and mental health struggles as a byproduct of ambition. Companies often promote a culture of hustle, glorifying overwork while overlooking the detrimental impact on employee well-being. Many young professionals have to prove themselves and remain silent about their mental health struggles, fearing that voicing concerns will be seen as a sign of weakness or a lack of commitment.


With the advent of remote work during the COVID-19 pandemic, boundaries between personal and professional lives have blurred, amplifying the mental burden on employees. Poor mental health not only affects employees and their families but also undermines companies’ productivity and profitability.

According to a report by the World Health Organization (WHO), depression and anxiety disorders alone cost the global economy approximately $1 trillion annually in lost productivity. In India, a survey by the 7th Fold Employee Well-Being Survey 2020 revealed that 36 per cent of employees were suffering from one or more types of mental health issues.


Workplace mental health challenges often stem from multiple factors, including excessive workloads, unclear job expectations, lack of autonomy, and unsupportive managerial practices. The rise of digital communication tools has also contributed to ‘always-on’ cultures, where employees feel obligated to remain available even outside of working hours.


By investing in workplace mental health, companies can not only improve job satisfaction and reduce absenteeism but also foster innovation and loyalty. A mentally healthy workforce is more likely to engage in creative problem-solving, exhibit higher levels of collaboration, and remain committed to the company long-term. Governments also play a crucial role by incentivising mental health initiatives through tax breaks or requiring companies to adhere to mental health standards.


World Mental Health Day was first celebrated in 1992 by the World Federation for Mental Health. This year’s theme, ‘Prioritising Mental Health at the Workplace,’ seeks to shed light on an often overlooked but deeply consequential aspect of employee welfare. It urges organisations worldwide to take proactive steps toward fostering a healthier, more supportive work environment.


A proactive approach to addressing mental health at work begins with recognising the early signs of distress, enabling timely intervention and support for employees before their struggles escalate into more severe mental health issues.


Investing in workplace mental health is crucial. It’s time for organisations to prioritise their employees’ well-being, fostering a culture of support and understanding. We don’t need to wait for another crisis to confront this reality. It’s time for companies and leaders to commit to prioritising mental health and fostering a culture where well-being and success go hand in hand. Take action today—support mental health at your workplace before it’s too late.


Recognising the Red Flags

Mental health needs attention when you or your colleagues experience:

1. Feeling excessively overwhelmed by performance at the workplace

2. Experiencing low mood, dejection, and lack of confidence

3. Disturbed sleep and appetite

4. Increased irritability, anger outbursts, and mood swings leading to problems in professional and personal relationships

5. Self-harm thoughts and attempts

These troubling trends highlight the urgent need for proactive interventions in workplaces. Fortunately, organisation can take several steps to support their employees’ mental well-being.


Simple interventions, significant difference:

• Open discussions about stress management

• Employee Assistance Programs (EAPs)

• Mental health training for managers

• Flexible work arrangements

• Wellness initiatives

• And most importantly, encouraging employees or colleagues to seek professional help from either a psychiatrist, a psychologist, or a counsellor, as required and if necessary.


Promoting mental health can:

• Enhance job satisfaction

• Boost productivity

• Reduce absenteeism

• Improve overall well-being


(The writer is a Consultant Psychiatrist based in Jalgaon. Views personal.)

Comments


bottom of page