Let's see how you can use the approach of superheroes to manage money better
Finally the wait is over and fans all over the world are excited to watch Avengers: Age of Ultron on the big screen. The Avengers (2012) was a classic film wherein the world's mightiest super heroes gathered and did their thing while amazed fans cheered them on. Ever wondered what is it that we can learn from them to manage our money like a superhero? Let's find out!
The movie is all about imagination. Using their special powers and high spirits the superheroes seem ready to take on all challenges.
Managing finances is no less than a challenge in real life. Superheroes seem to have figured out how to deal with trouble. While their abilities are used to save the planet, let's see how we can use their approach to manage money better.
Where's your armour?
Well, Iron Man made one for himself. His powered armour is what gives him superhuman powers… the ability to fight, fly and face enemy attacks. Similarly, you need to figure out which are the 'powers' you need to possess to face tough situations in real life. It can be in the form of a huge expense for a wedding or the fees for higher education, dealing with accidents, losing a job suddenly or any other situation.
You need to be prepared to deal with it like a superhero.
Plan in advance by saving money regularly, invest in policies to bail you out of tough situations and keep aside enough money to help you sustain for 3-6 months even if the cash inflow drops.
Build a personalised financial armour and be your own hero.
Captain America's formula
He has no superhuman powers and that's what makes him so real. His strength, agility, speed, flexibility, endurance, durability and healing are at the peak of natural human potential.
Super soldier serum and 'vita-ray' treatment have helped him transform. So how can you maximise your money managing abilities? The special secret treatment here is gaining from knowledge and experience.
Expose yourself to various sources of financial information.
Subscribe to financial publications and blogs.
Seek advice from experts and learn from past experiences.
These things will help you make informed decisions; you would know when to invest or exit while maximising profits. The timing is crucial here.
You need to be confident and fast to spot opportunities and gain from them. No superpowers are required; it's only your willingness to learn which will help you do your best!
There is a Hulk inside you!
Immensely powerful and intelligent, it is a gratifying feeling to watch Hulk punch the bad guys on screen. Remember a big smash followed by the famous words, 'puny god'! What is fascinating about this superhero is the awareness factor. Over a period of time he has learnt to be more aware of 'the hulk' lurking inside him. That has helped him avoid unwanted outbursts. He is able to manage and channelise his energy for the better.
What do we learn from this?
You need to be aware of the factors which trigger unwanted outbursts for you.
For example, investing impulsively due to market sentiments or having a panic attack and taking action leading to losses when things are going downhill. Stay calm, analyse and know that you are immensely powerful, intelligent and capable of taking the best financial decisions.
Do not surrender!
Asgardian God of Thunder, Thor, during one of his conversations with Loki, tells him that surrender is not in his nature. It's this unbeatable thinking and attitude that motivates his action.
Just like Thor, you need to adopt this 'never surrender' approach in face of adversities. As a part of the cycle, all of us experience recession, crashing markets, slow business and poor sales.
During these times do not let 'financial depression' hit you.
Unleash the mighty Thor in you and let him do the thinking.
Never give up on thinking about new and creative ways to make more money.
Take control of the situation because you do not belong to the group of mortals who surrender during tough financial times. Be their finance role model instead!
Superheroes are a treat to watch on screen and we indeed love the Avengers. But when it comes to real life and your hard earned money, remember that you have to be your own hero. With some extra effort, patience, hard work and faith in yourself, you can indeed manage your own money like a superhero!
The author is a credit expert with 10 years of experience in personal finance and consumer banking industry and another 7 years in credit bureau sector. Rajiv was instrumental in setting up India's first credit bureau, Credit Information Bureau (India) Limited (CIBIL). He has also worked with Citibank, Canara Bank, HDFC Bank, IDBI Bank and Experian in various capacities.