Money can't buy happiness, but happiness can't buy food & shelter either. Of course, money is not everything, but it is an essential means to make a living, to get a good education and to live comfortably. It is almost impossible to achieve your materialistic desires or goals without money. For example, if you wish to pursue a higher education, money is an essential input. In today’s world of consumerism, there is a tendency for people to spend more than their means allow. With the passage of time, their expenses grow disproportionate to their increase in income – this is a consequence of inflation, increased expenses in supporting children’s education, mortgage, family needs & change in lifestyle. Due to lack of awareness & planning, they do not save or invest for the future, and this leads to financial crisis. Hence, Personal Financial Planning plays a vital role in one’s life. Following are the key lessons that I have learnt in Personal Financ...
Introduction: This topic is very important for all of us. The article is written based on various contents available on social media and online portals. Most of the sources seem to have incomplete information & were found to differ in certain content with overall lack of clarity. The discrepancies were studied, understood researched to arrive at appropriate information based on most authentic data available. The reason for sharing this information is to remove ambiguity and lack of clarity in the subject matter, and provide as much authentic information as possible, as it is of importance to all of us. I continue to research the subject and would request readers to provide genuine feedback if they find anomalies, missing links, or suggest corrections/updates if any. Is Legal Heir and Nominee the same? Many of us may not be aware of this legal twist. Will your Nominee get and own all the money legally from your Life Insurance Policy, Bank Deposits, and investments i...
1. Financial Planning: Personal finance, as a term, covers the concepts of managing your money, saving, and investing. Identifying suitable asset classes for investment, and estimating individual’s financial road map based on current income & expenditure, and future goals is called Financial Planning. When there is no clarity or we are not sure or we do not understand what to do, we leave it and take no action. Same thing happens with Financial Planning. Many are not aware what it is and why it is required, and how to commit on long term basis. Ariely said: When it comes to physical world, we understand our limitations and build around them. We use steps, ramps and elevators and many other things that we create when we find a need in our day-to-day life. But for some reason when we design things like health care, retirement and stock markets, we somehow forget the idea that we are limited. Such things are not visible in your daily life, so you don’t addres...
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