WHAT IS WEALTH MANAGEMENT?
A wealth management advisor is a high-level professional who utilizes the spectrum of financial disciplines available, such as financial and investment advice, legal or estate planning, accounting and tax services, and retirement planning, to manage an affluent client’s wealth for one set fee; but you must say you have no money to start anything; the real question is – do you have a plan when to start?
WHAT IS RISK MANAGEMENT IN SIMPLE WORDS?
Definition: In the world of finance, risk management refers to the practice of identifying potential risks in advance, analyzing them and taking precautionary steps to reduce/curb the risk. Being a good steward is about transferring your risk to someone who can protect you and your loved in the event of any unforeseen events to happen and that’s life insurance.
Risk is the main cause of uncertainty in any organisation. Thus, companies increasingly focus more on identifying risks and managing them before they even affect the business. The ability to manage risk will help companies act more confidently on future business decisions. In the same token for the ordinary man in the street.
Why do you pray each day; basically you are telling God that you need him and that you needs His blessing and transferring all those worries to Him and by doing that you feel good and you could start your day well. Insurance is nothing more then Risk management – you are paying a small amount to Insurance company to take care of your big problem when things go wrong and by doing that you are wise and full of wisdom.
WHAT IS THE PURPOSE OF RISK MANAGEMENT?
The purpose of risk management is to identify potential problems before they occur so that risk-handling activities may be planned and invoked as needed across the life of the product or project to mitigate adverse impacts on achieving objectives. Unforeseen disruption (Timeline Shock, Market Shock or even Unemployment Shock) can happen and what you intend to do is to act on it before it happens – that’s wisdom.
What is your current status? Have you done anything? Are you worried today that you don’t have any money to do planning? Are you worried?