I have been recently reading this book called Power of Habit which gives great insights on human psyche. Habits have a profound say in our day-to-day lives :
The decisions we take, How and why small wins matter ? The cue, the routine, the reward Can we change our habits ? Michael Phelps, Tony Dungy, Claude Hopkins all have something in common. They all created habits which made them successful.
SSY Benefits 1. Account opening The account may be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of ten years .
You can open only one account in the name of the girl child .
Natural or legal guardian of a girl child shall be allowed to open the account for two girl children only (exception for twins)
Monitoring helps you determine exactly when a goal is on track. It provides you a feedback which incorporated allows you to make rectifications and therefore achieve your goals which you have laid out earlier. Feedback is important as it could tell you whether the path that you have chosen to achieve your goals is correct. It is a vindication of some sort. A reality check. It gives you an opportunity to correct your deviations and take you towards your goal.
A cognitive bias is a systematic error in thinking that occurs when people are processing and interpreting information in the world around them and affects their decisions and judgements.
The concept of cognitive bias has been introduced by Daniel Kahnemann and Amos Taversky in 1972. I strongly recommend to read the book Thinking Fast and Slow which details the working of our brain.
There are several biases that we should be aware of whenever we are making decisions :
What are goals ? As an individual / family, you have a vision or a personal objective/s that you would like to meet in your lifetime .
Some / all of these objectives may need to be financed . Therefore having a goal makes sense.
Goals have to be SMART . Create a plan to achieve your goal Execute the plan. Examine results of your execution. Incorporate feedback to your plan Repeat steps 3 to 5 In other words, this is your famous Plan-Do-Check-Act (PDCA) cycle that will help you achieve your goal.
