Three financial planning mistakes experts make

Your financial plan should not be based on slogans or catchphrases. Instead, keep asking why till you agree with the rationale behind your plan

Let us examine three financial planning mistakes that even relatively knowledgeable advisors and clients are prone to make. Each of these mistakes comes with its own slogan or catchphrase.
 

Personal finance: More personal than finance
 

This slogan “personal finance is more personal than it is finance” is used to justify investing one’s entire net worth in exciting, but high-fee and risky, investments such as active mutual funds (MFs) and portfolio management services (PMS), instead of investing in low-fee and less risky passive index funds.
 

First, the term personal finance is intended to distinguish this branch from corporate finance. It does