Difference between your needs and goals
The needs refer to an individual’s basic requirements that must be fulfilled, in order to survive. By this, we mean those requirements which are extremely necessary for a human being to live a healthy life. They are personal, psychological, cultural, social, financial that are important for a person to survive.
In ancient times, the three basic needs of the man were food, clothing and shelter, but with the passage of time, education and healthcare also became integral, as they improve the quality of life. These are a person’s priority as these are the things that keep us healthy and safe. Therefore, if needs are not satisfied in time, it may result in illness, inability in functioning properly or even death.
Here is a comparison of 4 Will Writing services –
Aviva Will Writing Services
Nexgen Estate Planning Solutions
EPF Withdrawal Form
Earlier, Form 31, Form 19, and Form 10C were used for online PF withdrawal. Recently, all these three forms have been replaced by a Single Page Composite Claim Form. You can self-attest this form for processing.
Risk appetite refers to how comfortable an investor would be when the value of his investment decline significantly. Higher risk investments also have the potential for higher returns, while lower risk investments are more conservative and usually have lower returns. An investor with a higher risk tolerance is willing to take the chance of losing money for the possibility of a superior return on investment.
The concept of behavioural finance helps us recognize our natural biases that lead us to making illogical and often irrational decisions when it comes to investments and finances. A prime example of this is the concept of prospect theory, which is the idea that as humans, our emotional response to perceived losses is different than to that of perceived gains. According to prospect theory, losses for an investor feel twice as painful as gains feel good. Some investors worry more about the marginal percentage change in their wealth than they do about the amount of their wealth. This thought process is backwards and can cause investors to fixate on the wrong issues.
Beneficiaries – Does your will mention all the beneficiaries of your estate? You have to clearly write down who will inherit the assets you leave behind and their personal information such as name, age, address and phone number so that there is no ambiguity.
Guardians – If you have dependents, it is important to write down who will their guardians be when you are not around. Minor children cannot get involved in business transactions. The guardian can act as the caretaker for the assets till your children become adults. You have to think carefully before selecting a guardian and take a decision in the best interests of your dependents. It is better to list down at least two guardians.