Top 10 signs that your Personal Finance Situation is in Trouble

1. Your idea of Savings is what (if anything) is left out of your paycheck after all your expenses for needs, wants and wish list items are taken care of.You park it in your checking account, for easy "liquidity"

2. You believe that Financial Analysts, some of your friends and media are clairvoyant specially when it comes to accurately predicting the stock market trends, stock prices or mutual funds' NAV. You base your stock picks wholly and solely on their tip off (and not based on any research).

3. The only context in which you hear a goal is football or a sport like that. The only context where you have heard of bond is when it is prefixed with James.

4. You firmly believe that planning is for businesses and corporates, expense tracking and budgeting are for accountants, expert research and investing is for financial experts and impulsive spending is all that is for you. And You do it systematically.

5. Your source of long term education funding is your parents.You believe that they totally owe it to you (and even your children) any time.

6. You believe that any form of debt is like Good Cholesterol (HDL), the Higher the better. Minimum payment due is like Bad Cholesterol (LDL), the lower the better.

7. You don't have the time to go through ever increasing pages of credit card statements. You choose to view and pay off the minimum payment due instead.

8. You believe that friends, relatives and credit cards are the only and fully trusted sources of emergency funds.

9. You firmly believe that you are going to live healthy for the next 100 years, and hence it is too early to start "spending" on health or life insurance premiums, or any time taking care of your health.

10. Your idea of retirement planning is to bet on winning a lottery or counting on an inheritance.