Financial mind map A New Approach to Personal Financial Advice

Subject Areas : Financial engineering

Hadi Haratian ¹ , Ali Najafi Moghadam ²

1 - Department of Financial Management, Faculty of Management and Economics, Science & Research Branch, Islamic Azad University, Tehran, Iran
2 - Department of Accounting, South Tehran Branch, Islamic Azad University, Tehran, Iran

Received: 2018-07-02 Accepted : 2018-10-23 Published : 2019-09-23

Keywords: Financial mind map, Personal financial advice, Personal financial management, financial decision making, financial behavior, financial intelligence,

Abstract :

   Decision making in humans is based on a combination of reason and emotion, so in financial decisions, a simple modeling of financial models based on a fully functional market and a completely rational person would not be useful. As a result, behavioral models in financial decisions are needed so we could have a realistic analysis of personal financial behavior to provide financial advice.  The present paper aims to provide a new strategy for personal financial counseling under the title "Financial Mind Map". Considering the need for personal financial management in the life of each person and the impact of financial behavior and personal financial intelligence on financial decisions, we tried to incorporate these points into key Financial Mind Maps. Also, because the Financial Mind Map of the person has come out of his mind, reviewing it out for financial advice can be very helpful in improving and increasing the impact of financial counseling on financial mentality and continuing financial behavior of the applicant. After performing the research, it was determined that several factors such as: financial intelligence, financial behavior, Behavioral Bias, Personality bridges of investment, Financial knowledge, decision making, Personal finance management, Resources and financial expenses, They are effective on Financial Mind Map.