How Paradox of Finances affecting Financial freedom in our Personal Life?
Paradox in Financial Management is the situation where the variables fail to follow the generally laid principles and assumptions of the theory Fail to comply laid down principals
Paradoxes are very common like Giffen’s Paradox, Leontief’s Paradox and Paradox of Thrift.
In Giffen’s Paradox, the wage earners mainly consume bread in their major part of Wages, With the increase in price they were forced to cut down their consumption of meat and other expensive food items. Thus to maintain their food intake, they bought bread even at higher prices.
In Paradox of Thrift, The demand for goods and services is abruptly decreasing. Businesses are unable to make a profit, and so they lay off workers, which increases unemployment and reduces government tax revenue. Lack wages stop spending entirely.
As per Leontief’s Paradox , It is considered that a country will tend to export those commodities which use its abundant factors of production intensively and import those which use its scarce factor intensively.
The Above Paradoxes are affecting the Middle and Lower middle class. Mainly these parameters change how they live their life or send on their needs.
With Increase of Oil/Food Price , there is a impact on the Family Budget, they need to compromise on their other needs.
The Prosperity Lifestyle planning is important in all these paradoxes. The People who plan their finances and Invest smart are less impacted compared to the families who don’t do financial planning.
Another Paradox is the so called investment or insurance advisors, Most of the advisors are only interested in your investment, Post investment most of these advisors never bother about the Goals or Targets investor has made, they not even bother to contact them very next year onwards.
One more Paradox is Most of the investors are not aware or ignorant about the performance of their financial investments.
Many of the investors are not even have a future plan or life plan of their own, They flow as per the advisors or the news broadcasts or narrative created around.
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This is the paradox of life.
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