“A rational investor should consider the time value of money when making objective decisions”. Discuss the above statement using suitable illustrations.

Does the interest rate we use reflect the decision maker's lime value of money while comparing different financing options?

How does the SMART acronym (Specific, Measurable, Action-oriented, Realistic, Time-based) assist in setting effective financial goals, and why is it important for successful money management? In the context of financial planning, why is it essential to regularly review and adjust your financial plan, especially considering changes in personal circumstances or economic factors? How does this practice contribute to maintaining financial security and independence over time?