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By:

Kaustubh Kale

10 September 2024 at 6:07:15 pm

The Financial Magic of 8/8

AI Generated Image If numbers could talk, 8 would speak the language of wealth. When the date doubles into 8/8, it becomes more than another day. It becomes a reminder of financial power, balance and long-term abundance. Yesterday, the calendar read August 8 - 8/8. In astrology and numerology, this date is considered significant. The Lion’s Gate Portal August 8 marks the peak of what is known as the Lion’s Gate Portal - a period believed to carry heightened energy for growth, abundance and...

The Financial Magic of 8/8

AI Generated Image If numbers could talk, 8 would speak the language of wealth. When the date doubles into 8/8, it becomes more than another day. It becomes a reminder of financial power, balance and long-term abundance. Yesterday, the calendar read August 8 - 8/8. In astrology and numerology, this date is considered significant. The Lion’s Gate Portal August 8 marks the peak of what is known as the Lion’s Gate Portal - a period believed to carry heightened energy for growth, abundance and transformation. I am a financial advisor - not an astrologer or numerologist - but I find this date fascinating because of the symbolism attached to the number 8. In numerology, 8 is associated with wealth, power, ambition and balance. It is also linked with discipline, responsibility and karma - the idea that our actions produce results. When the calendar reads 8/8, many believe this energy is doubled. A Financial Checkpoint Whether or not you believe in astrology or numerology, the date can serve as a financial checkpoint - an opportunity to pause, reflect and take steps towards building wealth. I recommend treating 8/8 as a money mirror - a moment to ask yourself: Are my investments aligned with my long-term goals? Is my money working for me, or am I caught in an earn-and-spend cycle? Am I creating lasting wealth, or merely temporary income? Your Mid-Year Money Reset We often make resolutions on January 1. But by August, more than half the year has passed. That makes 8/8 an excellent occasion for a financial reset. Use this weekend for review and action. The intention may begin on a symbolic day, but transformation comes from what you do next. Review your goals and expenses. Make lumpsum investments where appropriate, increase your SIPs, check whether your insurance cover is sufficient and organise your financial documents. Also review your asset allocation. Money meant for long-term goals must be invested in hybrid and equity mutual funds, stocks and gold. Money required for short-term goals should remain in safer options such as bank fixed deposits and recurring deposits. Declutter Your Finances Close unused accounts, cancel unnecessary subscriptions, consolidate scattered investments and ensure that your family knows where financial information is stored. These may seem like small steps, but wealth is rarely created through one dramatic decision. It is built through disciplined actions repeated over many years. The Infinity Connection When the number 8 is turned on its side, it resembles the symbol for infinity - . That is what true investing is about - allowing consistency, patience and compounding to work over long periods. It does not create wealth overnight. Given time, the results can appear magical. Turn Intention Into Action As we move beyond 8/8, do not let the intention remain limited to a date on the calendar. Set a financial intention. Act on it. Review it regularly. Even the largest fortunes begin with focused steps. When your present-day financial actions begin matching your long-term goals, real transformation begins. (The writer is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

Why Employer Health Insurance Is Not Enough

Updated: Jul 26

For many salaried employees, health insurance is one of the most valued workplace benefits. Since the employer provides medical cover, it is easy to assume that there is no need to purchase a separate policy. However, relying entirely on employer-provided health insurance can leave you financially vulnerable when you need protection the most.


Your Cover Is Linked to Your Job

The first concern is continuity. Your employer’s health insurance is linked to your employment. The moment you resign, take a career break or retire, the cover may stop.


A medical emergency, however, will not wait for you to join your next organisation. Your next employer may also provide a lower cover or may not offer health insurance at all. A personal policy ensures that your protection continues regardless of changes in career and life.


Plan for Health Like You Plan for Retirement

The same logic we apply to retirement planning should also apply to health insurance. We invest during our earning years so that our accumulated investments can support us when the salary stops.


Similarly, we should purchase personal health insurance while we are young and earning so that the policy continues to protect us after retirement, when we may no longer have an employer.


You May Not Get It Later

Insurance should ideally be purchased when you do not urgently need it, so that it is available when you actually do.


If a person develops a serious illness or medical condition later, an insurer may reject the proposal altogether.


As you grow older, the probability of developing medical conditions also increases, which may affect your eligibility for a comprehensive policy. Insurance companies are comfortable covering uncertain future risks, but they may be unwilling to fully cover illnesses or complications that are already known. Buying early reduces this risk.


Complete the Waiting Period Early

Most health insurance policies have waiting periods for specific diseases, treatments and pre-existing medical conditions. When you purchase the policy at a younger age, these waiting periods can be completed while you are healthy.


By the time you genuinely need the cover, the policy is likely to be more usable and comprehensive.


Employer Cover Is Often Inadequate

Employer-provided insurance is insufficient. A low sum insured may not be sufficient in the event of a critical illness, major surgery, serious accident or prolonged and recurring hospitalisation. The employee and family may still have to pay a substantial portion of the medical bill from their savings.


In extreme situations, inadequate insurance is also one of the reasons families are forced to seek financial help or raise money through crowdfunding platforms.


Employer Cover Lacks Necessary Product Features

Since companies purchase group policies for a large number of employees, the cover may come with limitations such as a low sum insured, room-rent restrictions, disease-wise sub-limits, limited restoration benefits or exclusions for certain non-medical expenses.


Treat Employer Cover as an Additional Benefit

The practical approach is to treat employer-provided insurance as an additional benefit, not as your only protection. Purchase an independent health insurance policy for yourself and your family with a sufficient sum insured and suitable features.


When we purchase a mobile phone, we rarely choose only the most basic model. We look for the features, efficiency and reliability that suit our needs. Health insurance deserves similar attention.


The objective should be to purchase a personal, sufficient and comprehensive policy with necessary features, rather than relying entirely on a basic employer-provided cover.


(The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

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