BloombergQuint's Big Decisions podcast gets you the insights you need to make big money decisions with confidence.
It's often the circumstances in life that govern how to plan finances. For instance, a family that depends on a single earner will have to manage money very differently than the one where there are two or more earners.
It is for this reason financial planners caveat their advice by saying there are no one-size-fit-all solutions in personal finance. But there are thumb rules that are universally applicable.
Yet, these might need to be tweaked to be more relevant in today's context. Take for example, the need for a contingency fund. While it was earlier said that it was enough to have three months of expenses set aside to deal with any contingencies, this amount may not be sufficient at a time furloughs and job losses are becoming more common.
On this Big Decisions podcast, BloombergQuint spoke with Abaneeta Chakraborty, financial planner and ultra high net worth individual consultant, about how financial planning will need to change for many in 2020.
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