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Finance - Personal Financial Planning - Report - Book Report/Review Example

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The authors of the book are Lawrence J. Gitman, Michael D. Oehnk, and Randall S. Billingsley. The book consists of six parts and each of those parts has two to three chapters. The book relates with…
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Finance - Personal Financial Planning - Book Report
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Download file to see previous pages Every part and every chapter of the book has provided me with in-depth information about different financial issues that hold critical value in the life of any individual. I would say that I have a very basic knowledge of personal finalcial planning before reading this book. However, after reading this book thoroughly, I have gained an insight into a wide range of financial issues, which can help me manage my personal and professional life in a better way.
From the first part of the book, I learned about the foundations of financial planning. This part contained three important chapters, which included understanding the financial planning process, developing financial statements and plans, and preparing taxes. In the first chapter, I learned about the overall financial process and issues associated with it. I learned about the ways to spend money wisely by anticipating the currents needs. I also learned about the relationship between money and happiness. Some core concepts that I understood in this chapter included wealth, financial assets, tangible assets, steps in the financial planning process, role of money in a person’s life, three types of financial goals, employee benefits planning, and tax planning. The next chapter was even more interesting for me as compared to the previous one as it helped me understand the concept of financial planning in a practical way. In this chapter, I learned the way to develop my personal financial statements and plans. I understood different types of financial plans and statements, as well as the way to prepare a balance sheet. I also learned the ways to prepare personal income and expense statements. I understood the way to develop an effective record keeping system and the ways to use ratios for the interpretation of financial statements. Moreover, I understood the concept of time value of money and learned the way to construct a cash budget. The third chapter was about ...Download file to see next pagesRead More
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