Avery normal human psychological treat - we get confused when there are many options available and we have to choose one among them. for eg. We go to buy a shirt may be having some style colour in mind , showroom is full of different style and colours , latest arrivals .......We buy one and after reaching home it gives a sense that the one which you bought is not the one which you thought of but some thing else, Do this happens with you ?
Out of 100 I am sure most of you will agree to this.
The same is applicable when it comes to financial product selection. but the impact of the wrong selection of financial product is dangerous than that of a wrong selection of shirt, it has a life time effect and can hamper the optimization of the cash flows.So when you are in confused state of mind, Don't take decision. You can follow the following steps in such confused state of mind.
What you should do ?
The most important thing is that you should know what you are looking for i.e. benefits you are looking for .write down the benefits you are looking for and search in the market for the product which fulfills your all needs. This process will filter out some of the products for you and makes the selection process less complex for you.Don't go for any product which do not give you all the benefits you are looking for but gives some benefits which you had not thought for.When any two products are giving all your benefits then you can check the other offerings from the product.The other benefits you are getting should be checked against trade off value ( i.e. the cost you have to pay.)
If still it confuse you then you should go for professional help.
About the author : Ashish Ramesh Bhave is a CERTIFIED FINANCIAL PLANNER, focused and specialized in financial planing for individuals and families. Can be reached at arbfinancials@gmail.com or Cell : 08793107044, www.arbfinancials.com
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