Risk Management applied to Personal Finance
‘MOST businessmen and entrepreneurs are thoroughly familiar with the financial status of their respective entities and in general use the principles of risk management to protect their resources, both physical and human.
Failure to do so could affect the stability of their organizations and ultimately impact on their bottom line.
The concept of risk management is now in common use by the country’s top managers and entrepreneurs but, surprisingly, many of them overlook or neglect to apply this management discipline to their personal finances. In the case of an untimely demise, this could be prejudicial to the best interests of their families and loved ones.
It would be wise for all heads of families to take time out and review their current personal balance sheets. This would enable them to determine the status of their assets and liabilities, gauge their potential income from varied sources other than salaries and bonuses, and thus plan more effectively for the future.’
Read more at Apply risk management to your personal finance
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August 25th, 2005 at 6:59 pm
Many people have a tendency to postpone scheduling their annual check-up with the dentist. The results sometimes can be painful, both physically and psychologically, and can hurt the pocketbook. The same feeling, though not physical, can be experienced in your personal finances. Professional financial planners recommend a complete analysis of personal finances annually. A checkup allows an individual to be proactive rather than reactive in developing a plan for corrective action. The result is financial success and independence now and in the future.
An extensive personal financial analysis includes examining a wide spectrum of criteria, ranging from the cash emergency fund to credit usage, investments, insurance, and long-term estate planning. Following is a ten-point checklist to evaluate your current financial position. Age, personal and family circumstances, and goals can influence the interpretation of the results. ticket
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