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A daughter’s wedding is a major event for every parent. While it is the most cherished and celebrated moment, it needs a sound financial roadmap where early investing, right asset mix and inflation-adjusted returns play a key role.
This brings us to the story of Amreli MFD Anand Zinzuvadia who helped a client to prepare for his five daughters’ wedding. While rising expenses and inflation pose difficulties to manage one child’s wedding, this B30 MFD handheld his client to fund all five weddings.
Recognising his professional acumen and sincere efforts, Axis MF along with Cafemutual presented Anand the Sanjeevani MFD Award at Cafemutual Ideas Fest 2023.
Here is a sneak peep into his clients’ story in Anand’s words.
Facing the challenge of inconsistent cash inflows and lack of financial knowledge
My client works with a goldsmith on contractual basis and approached me through one of my existing clients. Given the nature of his work, his cash flows varied month to month. Further, lack of financial literacy limited his ability to understand finance and invest in mutual funds.
Residing in a joint family set-up 50 km away from Amreli in a small taluka called Savarkundla, he has five daughters to look after along with his brother. Saving for their wedding understandably worried him and he sought my guidance.
Taking small steps towards the larger financial purpose
Having a traditional approach, he parked his savings in fixed deposits. I met him frequently and emphasized the need of generating inflation-adjusted returns and also spoke about having a diversified investment approach.
After five detailed and long meetings, I successfully onboarded him as my client.
He started his journey with a modest monthly SIP of Rs. 1,000 in 2004. Moreover, he willingly made lump sum investments of Rs. 10,000 from his savings in a few schemes. Notably, every time there were additional inflows, he invested the incremental amount in lump sum.
Through continuous reminders, I encouraged him to stay invested for a longer term and his corpus grew gradually.
Finally, in 2017, when the eldest daughter’s marriage was on the cards, he made his first partial withdrawal of around Rs. 1.50 lakh. Till date, he has withdrawn close to Rs. 5 lakh in total and still holds a corpus of approximately Rs. 2 lakh.
Cherishing celebrations fivefold times
All four daughters are happily married today and the youngest daughter is already engaged. The happiness of the family has thus multiplied fivefold times and so has their faith in mutual funds.