I AM 64 YEARS OLD NOW, MY WIFE HAS DIVORCED ME WITH MY TWO DAUGHTERS AFTER STAYING TOGETHER FOR 25 YEARS, I HAD NO SAVINGS IN BANK ACCOUNT OR ANYWHERE ELSE, I HAD ONLY ONE SELF OCCUPIED HOUSE PROPERTY WHICH HAS BEEN SOLD AND 80% i.e. 42 LAKHS I HAVE GIVEN TO THEM . I AM B. COM WITH 42 YEARS EXPERIENCE IN ACCOUNTS. WHAT I WILL DO NOW , AS I NEED MONEY TO MAINTAIN MYSELF

Ans: Navigating Financial Stability Post-Divorce
Understanding Your Situation
Firstly, I empathise with your situation. At 64, after a long marriage, you now face financial challenges. Despite your extensive experience in accounts, you have limited funds after the divorce settlement.

Assessing Your Financial Needs
Immediate Needs:

Daily Expenses: You need a steady income to cover daily living expenses like food, utilities, and healthcare.
Emergency Fund: It’s crucial to set aside some money for unexpected expenses.
Long-Term Needs:

Sustainable Income: You need a plan to generate a sustainable income to support yourself in the coming years.
Healthcare Costs: As you age, healthcare costs may increase, requiring financial preparedness.
Exploring Income Options
Part-Time or Consultancy Work:

Leverage Experience: With 42 years in accounts, consider part-time or consultancy roles. Your expertise is valuable and can provide a steady income.
Flexible Work: These roles offer flexibility, allowing you to manage your time and health effectively.
Freelance Accounting:

Remote Work: Freelance accounting allows you to work from home, reducing commuting costs and stress.
Client Base: Build a client base through networking and online platforms. Your extensive experience can attract clients.
Investment Strategies
Mutual Funds:

Actively Managed Funds: These funds are managed by professionals who aim to outperform the market. They can provide higher returns than index funds.
Regular Plans: Investing through a Mutual Fund Distributor (MFD) with a Certified Financial Planner (CFP) ensures professional advice and management.
Fixed Deposits:

Low Risk: Fixed deposits are a safe investment option with guaranteed returns.
Regular Income: Choose a tenure that aligns with your financial needs to receive regular interest payments.
Government Bonds:

Stable Returns: Government bonds offer stable and secure returns, ideal for low-risk tolerance.
Interest Income: Bonds provide regular interest income, which can supplement your daily expenses.
Budgeting and Expense Management
Create a Budget:

Track Expenses: List all your expenses and track them regularly to ensure you stay within your budget.
Prioritise Needs: Focus on essential expenses first, such as food, healthcare, and utilities.
Cut Unnecessary Costs:

Reduce Luxuries: Cut down on non-essential expenses like dining out or expensive hobbies.
Smart Shopping: Look for discounts and buy in bulk to save money on groceries and household items.
Seeking Professional Guidance
Certified Financial Planner (CFP):

Personalised Advice: A CFP can provide tailored financial advice based on your specific situation and goals.
Investment Management: They can help you choose the right investment options to grow your wealth safely.
Emotional and Psychological Well-being
Stay Positive:

Resilience: Your experience and skills are valuable assets. Stay positive and leverage them to rebuild your financial stability.
Support Network: Surround yourself with supportive friends and family who can provide emotional and practical support.
Engage in Activities:

Stay Active: Engage in activities you enjoy and explore new hobbies. This can improve your mental well-being and overall happiness.
Volunteer Work: Consider volunteering in your community. It can provide a sense of purpose and fulfillment.
Conclusion
Your situation, though challenging, is manageable with the right strategies. By leveraging your experience, exploring flexible work options, and making smart investments, you can achieve financial stability. Prioritising your expenses, seeking professional guidance, and maintaining a positive outlook are key to navigating this phase successfully.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in