While people often associate risk with luck, and that may be true to an extent, the major difference is that, unlike luck, risk can be measured. The risk management process is a work in progress. It is constantly evolving based on the changing needs of each individual. The chances for a risk to arise the previous year might have reduced this year. There may be new challenges due to some changes in the personal and financial life.
People don’t often realize that managing risk is as important as creating wealth since safeguarding what you already have is step-1 to becoming wealthier. This brings to attention the importance of risk management and steps that need to be taken in advance to account for and factor in such unprecedented and unexpected scenarios. Risk management is about minimizing the financial loss.
Insurance might be the common word but it is essential to choose the right kind of insurance based on the age, amount of money that is required for the family. We are expert in quantifying the right amount of insurance based on popular global methods (Capital Need Analysis, Human Life Value and the Networth Method).
