Financial Independence: Turning Crisis into Fortune

Zenobia had always been a bright child. Her parents, Sandra and Jonathon, strived hard to fulfil all her wishes. Whether it was a toy or a dress or a book she fancied, it was hers, even when she was barely five years old.

Sandra and her husband Jonathon were not wealthy in the conventional sense. They didn’t have much savings but they did have a huge, ancestral house at their disposal. Besides, Jonathon worked on a cruise liner, earning well enough to afford a lavish lifestyle.

Zenobia, who had recently completed her undergraduation, had made up her mind on studying further in the US. Her parents had no objection, but studying in the US without a scholarship was definitely out of their reach. Yet, determined to fulfil their daughter’s wish, they took out a loan and sent her abroad as she had wished. 

Unfortunately, things turned for the worse for Jonathon a few months after Zenobia left. He suffered a cardiac arrest and could no longer continue with his job on the liner. His poor health, dwindling finances and Zenobia’s increasing expenses – things were falling out of control.

Sad and forlorn, Sandra sat mulling over her family’s fortune. As she remembered the good times, the future presented a stark contrast that wrenched her heart. It was then that she came across an article in the newspaper – something about attaining financial freedom, and a mention of Young Achievers’ Club. She immediately clicked a picture on her phone and sent it to Zenobia.

Soon enough, Sandra forgot all about the picture but Zenobia sensed something was wrong. She had been getting increasingly worried about her father’s health and suspected all was not well on the financial front. Finally, she confronted them the subsequent weekend to find out the whole truth

“Hi Mom, I have a feeling that you guys are hiding something from me. I repeatedly ask you about the financial situation at home but you never give me a straight answer,” Zenobia said in a concerned tone, “Tell me Mom, I need to know. Maybe I could help.”

Sandra couldn’t put a brave front any longer and she broke down, “I hate to sadden you with our troubles, darling, but things have been quite difficult here. Sometimes, I don’t even know how long we would be able to keep the roof on our head and food on our plates,” she said between sobs.

Zenobia was alarmed to hear this from her mother. She always thought that her parents had a lot of money, and they will always live comfortably. Moved by the financial stress her parents were living in, she decided to change things for her family. 

The write-up on the Young Achievers’ Club had really inspired Zenobia, and she was surprised to find out that youngsters her age were already millionaires and no longer working for money. Could she do something like that for her parents? Or, was it too late to start?

Curious and excited, she fixed a video call with the kindly financial advisor and elaborated her concerns to him. Soon enough, she was raptured by all the calculations and simple tips that would change her family’s fortune forever.

Acting on the mentor’s advice, she started a regular SIP in well-performing mutual funds with her part timer’s salary and asked her parents to do the same. Next, on the financial mentor’s advice, she made a list of income and expenses for her parents, plugging holes that were unnecessarily draining out money from the household income. With lesser expenses each month, and a vision to create wealth, Zenobia’s parents felt the financial strain ebbing away.

While Jonathon had stopped working, Sandra earned a decent income as a writer. On Zenobia’s advice, she started putting a percentage of her money in SIPs and together they chalked out a plan to save enough and more for the future. Gradually, Jonathan also recovered and joined back the liner. He also began investing his money through SIPs, while setting a clear budget for household expenses to not spend beyond his means. Today, two years later, the family’s financial condition has significantly improved. Jonathon plans to retire in another few years and is confident his SIP investments will provide a decent income while he pursues his passion of cooking professionally. Zenobia’s savings have also grown phenomenally and she is looking forward to be a part of the millionaire’s club very soon.

Like Zenobia, you can also take charge of your financial destiny and that of your family’s through better financial planning and smart, systematic investments. Dr Celso Fernandes, and his team at Nave Marg Foundation, have been working towards spreading awareness about financial independence amongst young professionals. The Young Achievers’ Club started by the organization has helped hundreds of Goan youth achieve financial independence, and so can you.

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