Nobody downloaded yet

Understanding personal finance - Term Paper Example

Comments (0) Cite this document
A family unit or an individual is involved in it. They used to do budget, save and spend monetary resources and make financial planning to face and handle various risks which may arise in their lives. They…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.4% of users find it useful
Understanding personal finance
Read TextPreview

Extract of sample "Understanding personal finance"

Download file to see previous pages This reward will come under the personal finance category. Individuals are also made planning to invest their monetary resources in a proper place so that they can enjoy the maximum benefit. They can deposit in wide range of banking products or stock market instruments (bond, mutual fund, demat account etc.). Banking products include fixed deposit, current deposit, saving account, recurring deposit, many insurance scheme (life insurance, health insurance, medi claim, disability insurance etc). Maximum individuals are like to invest major % of their monetary resource in the banking products especially in the fixed deposit because in such case risk factors are very less and money is invested in secure place (especially public sector banks or government undertaking banking organizations). They also make strategic plans for proper pension scheme, retirement plans, income tax management, wealth tax management, property tax management and social security benefits.
Financial planning is the most important part in the personal finance. This can be said that planning is the key component in this field. Without proper and effective planning enhance the amount of personal finance and monitor the flow of financial resources (both inflows and out flows) is very difficult. There are few steps involved in the financial planning. These steps are as follows.
Assessment- Assessment is the 1st step of the personal finance planning. It is required to understand the actual situation and financial or monetary position of a person. Financial statements are required to assess the financial situation. The balance sheet will be prepared on individual person and not on the organization. So this is called personal balance sheet. Personal assets such as car, furniture, house, stocks, cash at bank, cash in hand will come under the asset side of balance sheet and personal ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Understanding personal finance Term Paper Example | Topics and Well Written Essays - 1000 words”, n.d.)
Understanding personal finance Term Paper Example | Topics and Well Written Essays - 1000 words. Retrieved from
(Understanding Personal Finance Term Paper Example | Topics and Well Written Essays - 1000 Words)
Understanding Personal Finance Term Paper Example | Topics and Well Written Essays - 1000 Words.
“Understanding Personal Finance Term Paper Example | Topics and Well Written Essays - 1000 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Understanding personal finance

Personal finance

...? Personal Finance Investments [Pick the Pick the Investments Introduction If one has money to invest, his first priority should be to ensure adequate liquidity. One can satisfy his liquidity needs by placing deposits in financial institutions or by investing in money market securities such as certificates of deposits. Since these types of investments are primarily focused on providing liquidity, they offer a relatively low return. If one has additional funds beyond his liquidity needs, he has a wide variety of investments to consider. Money market securities There are several different money market securities available, including certificates of deposit, money market deposit accounts and money market...
8 Pages(2000 words)Term Paper

Personal Finance

...?Personal Finance Table of Contents Introduction 3 Household Implications for Personal Financial Management 3 Conclusion 6 References 7 Introduction The concept of management of family finances has derived quite significant degree of interests by the home economists, household families and end-consumers. The study related to this particular aspect of finance has been learnt to be based on the notion that the application of some definite “normative” actions with regard to the families would direct towards constructive advantages. These particular kind of mentioned actions have been referred to as the suggested applications that pertain to the underlying thought of personal financial management1. Based on this notion, the discussion... ...
3 Pages(750 words)Essay


...?Personal Finance Phillip and Belinda Jameson are in dire need of a financial plan, particularly after the death of Belinda’s mother who had left herhome to Belinda. The couple has to choose between renting the house as an investment property or to sell it and invest on the proceeds. Philip is 52 years and Belinda are 45 years, and they are blessed with two children: Barry aged 14 and Gavin aged 12. Philip is employed in IT role by a local authority where has worked for the past 12 years while Belinda is s state primary school teacher. The two children attend a nearby secondary school and likely to attend university. As a planner, I will ensure that the advice give to the Jameson family is suitable to the financial circumstances... , and...
8 Pages(2000 words)Essay

Personal Finance

...Personal Finance Concepts The Data which we have on hand for the Budget of Donna and Sherman Terrel is as follows: This budget does look it is in order in a cursory examination. However this table does not give us the whole story and for that purpose we need to examine this budget from a cash flow standpoint of view. Month Income Expense Savings Limit( $600) January 3333 3500+1500=5000 -1267 ( Unacceptable) February 3333+2400 =5733 3500 966 March 3333 3500 799 April 3333 3500 632 May 3333 3500+720+1200 -1455 ( Unacceptable) June 3333+4500=6833 3500+750 1128 July 3333+3000=6333 3500+500 3461 August 3333+3000=6333 3500+500 5794 September 3333 3500 5627 October 3333+1200=4533 3500 6660 November 3333 3500 6493 December 3333 3500 6326... , The...
2 Pages(500 words)Assignment

Personal Finance

...emotions rule our financial decisions. As he puts it, “We commit those (financial) mistakes for several reasons: ignorance, fear, ego, a desire for immediate gratification.” This article is very crucial in fully understanding the rationale of studying personal finance. Throughout the course of an individual’s life, his decisions, no matter how big or small irrefutably affect his financial status. Being able to know the most common mistakes that he cannot afford to make provides him a guideline on how to maximize his financial resources. Since most of us spend money based on our emotions, it is also important to recognize that financial decisions should always be rational rather than...
2 Pages(500 words)Essay

Personal Finance

...Running Head: PERSONAL FINANCE Personal Finance In APA Style By As emphasized in the the financial planning of individuals is strongly tied to the different policies mandated by the government. Thus, the various changes which are contained in the proposed 2006 Pension Bill will surely make an impact specifically in shaping individual’s financial options for retirement. In order to take into account the full impact of these new policies, the changes proposed will be enumerated. The following changes are as follows: (1) The raising of the state pension age for all, in stages, to age 68 by 2048; (2) A national low-cost pension scheme to be set up with automatic enrolment...
3 Pages(750 words)Essay

Personal finance

...Start with an introduction with about discussing your personal financial philosophy or guidelines. My personal financial philosophy is to work hard,take risks while young, and use the resources of knowledge and energy on a personal level to get ahead in the world through a career path. I am not interested in staying with one company for more than 2 years at a time during my first 10 years out of college. In this manner I hope to get a variety of job experience and improve my salary through changing jobs rather hoping for raises and promotions within the company. I would prefer to be happy in the office system even if it means taking a little less money in salary or benefits. My concerns...
2 Pages(500 words)Essay

Finance - Personal Financial Planning

...User Tomoki Ando Fall 4, - FINA-3307-01 - Personal Financial Planning - Online Extension Test Final Exam Started 10/19/12 4:59 PM Submitted 10/19/12 5:37 PM Status Needs Grading Score Grade not available.   Time Elapsed 38 minutes out of 3 hours. Instructions You will have approximately 3 hours to complete this exam.  If you have any technical trouble you can call the help desk at 1-866-264-1560 or you can contact me at 817-300-8498.  Any work for the short answer/calculations will have to be scanned and/or emailed to me for partial credit consideration. Question 1 3out of 3 points   Which type of health insurance pays part of all of the surgeons fee for an operation Answer Selected Answer:  d.  hospital...
2 Pages(500 words)Assignment

Personal Finance

...PERSONAL FINANCE Contents Contents 2 CHAPTER I: MANAGING PERSONAL FINANCE 3 1 Introduction and Rational of the Project Report. 3 1.2 Investment Goal, Objectives, and Philosophy 4 1.3Table of Asset Allocation expressed in percentage bases. 5 CHAPTER II: INVESTMENT PORTFOLIO 6 2.1 Stock Market Investment (International) 6 2.2 Bank deposits (Only Non-Islamic Qatari Banks) 8 2.3 Gold & Other Metals. 10 2.3 Forex Market (Currencies) 10 CHAPTER III: RETURN OUTCOMES 11 Conclusion 12 Work Cited 13 Appendix 1: Qatari Riyals 14 CHAPTER I: MANAGING PERSONAL FINANCE This paper outlines investment policies taken to earn from QR 1 Million given to my...
10 Pages(2500 words)Research Paper

Personal Finance

...Personal Finance: Mark and Ava Lane’s Case Risk Management Plan The risk management plan for Mark Lane and Ava Lane will consider both investment risk and personal risks. The Lane’s should consider both pure and speculative risks that will hinder them from achieving their dreams. Considering other financial obligations and goals, the Lanes should continue using Mark’s employer indemnity plan and not consider Ava’s disability insurance as Mark’s plan partially covers that. Property insurance should remain as it is however the Lane’s should consider risk sharing for other utilities of high value such as home furnishings and the stereo system. This would have the effect of reducing payments...
5 Pages(1250 words)Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Term Paper on topic Understanding personal finance for FREE!

Contact Us