Financial planning is not easy, and the biggest mistake one can make is to assume that since you are earning well, you do not need to plan your finances. This is wrong, and well almost stupid.

I was writing on financial planning – analyzing case studies using a software – and we wanted to reach out to Hindi film heroines to write about their financial planning. 2 women who are now in their 60s – or are almost there – said ‘our finances could be a mess but we don’t want publicity for it’. It is sad because it could have started a MeToo kind of a movement in the personal finance space.

Financial planning is made far more difficult when your income is unpredictable – films, sports, models, etc. You don’t have a clue how much to ask, how long to expect to earn at the top levels, when to reduce the rates to take up not so great assignments – everything is tough.

Let us take the case of Babita Kapoor (a better reference point for younger people – the mother or Karisma and Kareena). She had a great career – but a very short one – I don’t think it lasted more than 7 years (Wiki). She must have earned well – by the standards of the ’60s. However, she cut short her career when she married Randhir Kapoor. She had the 2 kids and one day (forget the gossip please) decided that she would live separately. It must have been difficult if she had merged her money with Randhir. Nothing wrong with merging, but how does one separate the money once you want independence? Tough, at best.

While separating the questions to consider would have been so many – day to day living, life-style, vacations, support, medical insurance, life insurance, and zillion of other questions. More importantly financial management – assuming that was also being done by the ‘man’ or his CA. She did it well – and her daughters earned well enough to support her. I am assuming that RK did not support her (I could be dramatically wrong, please pardon me).

I am sure you see the drift. If you are a woman in an industry life films, sports, modeling, etc. financial management is important for you. Today’s girls have it better sorted. Deepika, Kareena, Anushka, all married late – by the time they are married they must have earned well (of course), learnt to manage their lives, their money, their insurance, their senior years – and must have carefully sorted out mundane things like money. I am not sure, but it is a fair assumption.

Another woman now in her 60s (she does not want to be named is something I know) got into films at a young age, and after a couple of bad experiences – some known, some unknown is now single. Her financial life would  have been a mess, but she made a career in some other form in the film industry and has separated from her husband. Luckily she has children who are supporting her and she has enough money for her day to day living. Her inheritance is a mess because she was estranged from her parents and a couple of her parent’s properties have been occupied by tresspassers. She maybe fighting a battle, but legal battles in India are expensive, time consuming, and mentally exhausting. Her parents had not left a will. It has been usurped. End of story.

Another woman when our team contacted said “I am well taken care off, I have enough life insurance”. It sent a chuckle in our team. She is single with no dependents. I would have suggested surrendering all her expensive endowment policies and investing in mutual funds. Sadly she did not want a portfolio review.

Ha. Women.