personal financial management
DESCRIPTION
An Introduction about personal financial management for family and individual. This includes planning process, focus areas and the consumer activities in planning. - PowerPoint PPT PresentationTRANSCRIPT
Personal Financial ManagementRobert Smith
Contents
• What is Personal Finance• Personal Financial Planning Process• Focus Areas• Activities of Consumer• Conclusion
What is Personal Finance
• Personal finance is the financial
management of an individual or
family. • This includes budgeting,
investments, and retirement planning.
Personal Financial Planning Process
This shows the financial planning
processAssessment
Goal Setting
ExecutionMonitoring
Creating a Plan
Focus Areas
Some Personal Financial focus areas:
• Financial Position: Understanding the
availability of personal resources by
examining the net worth.
• Adequate Protection: The ways to
protect the household from unseen risks.
The risks are divided into liability, property,
health and many more.
Contd..
• Tax Planning: Income tax is one of the
largest expense in the household. The
question arises when and the amount of taxes
you pay . The government provides many
incentives and credit, which will reduce the
tax burden.
• Investment: Planning to collect sufficient
money for large purchases. It also includes
planning for major life events.
Contd..
• Retirement Planning: It is the process of understanding that how much it costs to live after retirement. Then plan according to it.
Activities of Consumer in Financial Management
• Earning
• Spending
• Borrowing
• Savings
Conclusion
• Personal finance is the process
through which an individual or
family manages money and future.
• If there is less finance or bad credit
then there is way to manage them.
References
• http://en.wikipedia.org/wiki/Personal_finance
• http://www.investopedia.com/terms/p/personalfinance.asp
• http://www.investopedia.com/terms/p/personalfinance.asp
• http://www.yourdictionary.com/personal-finance
• https://48factoring.com/blog/• http://www.slideshare.net/deborahb
urns/personal-finance-101-ppt
Thank You !!!