People write will to protect their wealth from going into the wrong hands. But imagine the opposite. When you are fraught with bad loans, and investments or you if you have had a huge business loss that you can in no manner pay off in one lifetime, how do you then protect those debts from impacting the people in your life? Obviously, you cannot nominate your near ones to pay the bills on behalf of you. You can’t even bank on your children to feed your bad debts because they are not legally responsible to do so. We are sure that as a responsible parent, you wouldn’t prefer it either.
So what can you do to manage your personal finances in a better way? What can you do to ensure you do not leave your debts to your kids or your family? You need help with financial management. You need an advisor who is trustworthy and who can offer you-
The kind of advice you receive should be devoid of human biases. A quality advice generated by robo-advisory will help you prioritize your goals and help you with timelines by when you may expect your goals to be fulfilled. It’ll make reasonable fund recommendations as per your investible surplus and the historical performance of the funds.
Cash Flow Management
When it comes to cash flow management, nothing can beat Robo-advisory. This technology helps you with numerous recommendations on how to manage your cash flow. Since robo-advisory is not affiliated to a particular product or brand, recommendations made by it on how to save better will ensure you never run into debts and learn how to manage your current expenses.
Unlike human advisory, robo-advisory will first consider if you have adequate risk coverage. You cannot start off with investments without ensuring you have funds enough to protect you during any emergencies. It ensures that you first allocate your funds for adequate insurance for yourself and the family, helps you build an emergency plan and then moves forward to recommending investment avenues.
Today in the market, there are a plenty of funds available for one to start investing. There are plenty of fund houses ready to give you that push. But wait, how would you know which is the right investment avenue? How would you know if the particular fund avenue is aligned to your goals? It is only a robo-advisor that can guide you to best of fund venues, recommend a great portfolio of funds and being a watchdog, monitor the performance of your investments.
Tax saving is a very important part of financial planning. People often end up purchasing the wrong financial product as a tax-saving instrument. Sometimes, due to mismanaged finances, people end up paying more taxes than saving it. Robo-advisory in financial management, ensures your that you pay as much tax as you are entitled to on the basis of savings and investments you make and you don’t squander your hard earned income by making erroneous investments.
Bottom line is, if you can avail a kind of advisory with minimum human intervention, you can avoid a lot of biases that are likely to impact your personal finances. This way you can ensure you do not have to depend on your kids to pay off your debts. You should be able to exit life with the same pride with which you entered this world. And now if you are looking for where to start from? Don’t fret, ArthaYantra is the only full service robo-advisory in the world today to give you that much needed support in personal financial management.