While some financial experts claim that hiring a financial advisor saves up to 20% of your annual income, others suggest seeking financial advice only if your financial situation becomes complicated. Here we will understand when is the right time to hire the financial advisor and should you hire a financial advisor? Since everyone isn’t a […]
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Financial Backup Plan (Emergency Financial Assistance): Plans are made, structured, documented and weighed with respect to their pros and cons. Then you select the most desirable plan to work with. Also there’s a financial backup plan in case the original one doesn’t work out as planned.  People call it a fall-back option. The financial backup
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Personal Financial Planning Definition: Financial management of money by an individual or a family unit is known as Personal finance. The steps involves earning, spending and saving the income by keeping an account of risks involved and future life events. According to the Oxford dictionary, the word ‘finance’ signifies ‘management of money’. Khan and Jain,
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Optimism Bias Definition: Optimism bias is a cognitive bias that makes an individual believe that they will be relatively safer than others if any negative event were to occur. When someone’s subjective confidence in their judgments is reliably greater than their objective accuracy, that person has optimism bias. It is like living in the utopia
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There are various different goals which everyone think of. One should think of only those goals which are achievable. Now, you should first prioritize your goals by its importance and the period to achieve that goal. Next and difficult step is to create a personal financial planning process and implement it to accomplish your dream
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