Personal Wealth Management
Personal Wealth Management is about being able to manage your life objectives such that you are in secure position in life.
We start of by identifying what success means to you and how you need to achieve this success. Afterwards we look at the financial valuation and targets, the kind of budgets that you need to have to be “okay” in life. This of course differs from person to person but once you go through the course you will be able to identify your personal budgets.
Lastly the course also includes contingency planning so that you are prepared for the rainy day.
Identifying Personal Success
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Wealth Management-Defining SuccessWhat is Personal Success?
Something related to or affecting an individual’s private life, emotions or identity
Before you can identify Pesonal Wealth Management you need to understanding your meaning of success. What does it mean you
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Wealth Management-Time Management
Before you can manage your wealth you must be able to manage your time for sucess
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Wealth Management-Biases and How they Affect Us
Bias refers to a tendency or inclination, especially one that prevents unprejudiced consideration of a question or situation. Biases can be conscious or unconscious and can affect individuals, groups, and institutions.
Types of Biases:
1. Cognitive Bias: Systematic errors in thinking and decision-making.
2. Confirmation Bias: Favoring information that confirms existing beliefs.
3. Anchoring Bias: Relying too heavily on initial information.
4. Availability Heuristic: Overestimating importance based on vividness.
5. Affinity Bias: Favoring those similar to oneself.
6. Selection Bias: Selectively choosing data or information.
7. Survivorship Bias: Focusing on successes, ignoring failures.
