Getting hitched is an amazing feeling in life. It makes you grow and mature in several ways and most importantly, with your finances. Marriage will make you think about the importance of your decisions and plan for the future with respect to finances. And the newly married couple Virat and Anushka are no exception.
The Sportsman Life
In few words, the earning life of professional athletes can be summarized as “two decades of performance and four decades of retirement.” Most international athletes have the productive lifespan of about 20 to 25 years. For the times after that, they must not just create a retirement corpus, but also think of an alternate income stream.
As a single guy, Virat might not think about the bigger picture about major decisions regarding any financial matter. What would life look like after next 7-8 years or even more down the time? Nobody thinks about the responsibility they have one day as life gets bigger in the form of:
Post Marriage Financial Planning
Marriage means sharing aspirations and goals as well as liabilities and assets. So, there are no doubt finances too requires planning together. Most of all both Virat and Anushka will need to understand the risks to their income sources and ensure a protection plan for them.
The protection plan for Virushka will include the following:
Investing It Right
Behavioral finance theories state that when your source of income is in a high-risk zone, your investments must remain in the safe zone. In other words, Virushka will have to shift to more secure instruments to save for their future. The tax breaks will also be important for the couple as annual taxability of investments can make their returns unattractive.
Some safe investment instruments suggestions for Virushka’s ideal portfolio:
These investments allow investors a tax exemption on the invested amount and the interest earned over the period is also tax free. Plus, they have very low fund management expenses.
Building Another Income Stream
It may sound an easy task for both Virat and Anushka, but there are conditions attached:
1st They must consider their fan following, and stick to their brand image
2nd They must understand the activity that will become their income stream
The ability to take the risk at this phase of life is a bit on the lower side than when you are not married as the focus on the Indian Cricket Team Captain gets even more as everyone is concerned “How will Virat perform after his marriage?” The pressure is more! This pressure will make him put more focus on his career and maintain his financial stability. Along with the career focus, while Virat has already started building his post career income stream, Anushka can also draw some inspiration from the same. Apart from brand endorsements and film career, she can start working on building a brand for herself in any product or area she feels strongly about. It can even be a social cause.
There are ample examples around the world of celebrities starting their own successful startups, and shifting their career in style.
Marriage comes with truckloads of responsibilities and acting towards them step by step should be the ideal approach of any couple, not just Virat and Anushka. So, while love is essential for the success of any relation, an openness towards thoughts (finance too) is key to a happy married life.
With this, we wish Virat and Anushka a happening married life.