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on retirement planning,  taxes, mortgages, autos, real estate, investing and more.

 

Personal finance is the application of the principles of finance to the monetary decisions of an individual, the family unit or entrepreneurs. It addresses the ways in which individuals, families or entrepreneurs obtain, budget, save, and spend monetary resources over time, taking into account various financial risks and future life events. Components of personal finance might include checking and savings accounts, credit cards and consumer loans, investments in the stock market, retirement plans, social security benefits, insurance policies, and income tax management.

 

  • personal finance assessmentAssessment: One's personal financial situation can be assessed by compiling simplified versions of financial statements including balance sheets and income statements. A personal balance sheet lists the values of personal assets (e.g., car, house, clothes, stocks, bank account), along with personal liabilities (e.g., credit card debt, bank loan, mortgage). A personal income statement lists personal income and expenses.

 

  • poersonal finance goal settingGoal setting: Having multiple goals is common, including a mix of short term and long term goals. For example, a long-term goal would be to "retire at age 65 with a personal net worth of $1,000,000," while a short-term goal would be to "save up for a new comsum in the next month." Setting financial goals helps to direct financial planning. Goal setting is done with an objective to meet certain financial requirements.

 

  • personal finance planCreating a plan: The financial plan details how to accomplish your goals. It could include, for example, reducing unnecessary expenses, increasing one's employment income, or investing in the stock market

 

  • personal finance executionExecution: Execution of one's personal financial plan often requires discipline and perseverance. Many people obtain assistance from professionals such as accountants, financial planners, investment advisers, and lawyers.

 

  • personal finance monitoringMonitoring and reassessment: As time passes, one's personal financial plan must be monitored for possible adjustments or reassessments.

 

 

 

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Personal assets, Stocks, Bank account , Credit card debt, Bank loan, Mortgage  income statement, Income and expenses, Financial plan details , Unnecessary expenses, Increasing one's employment income,  Investing in stock market, financial planners, investment adviser, lawyers, Monitoring and reassessment, Estate Planning, Financial position, Cash flow, Adequate protection, Tax benefits, Insurance investment products, Tax planning, Investment and Accumulation, Accumulating money, Investment portfolio, Risk, Opportunity, Retirement Planning, Estate Planning


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