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Learn About the Concepts of Personal Finance with Online Homework Help
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Personal finance: a main area of finance
Along with public and corporate finance, personal finance is one of the primary areas of finance. It involves application of the finance principles for making monetary decisions for a family unit or an individual. Students who want to do my personal finance assignment properly should have a basic understanding of the term and know what it means.
Decisions and concepts involved in personal finance
Though the help of our experts, you will learn that personal finance addresses the way in which a family or an individual make the budget for spending or saving money and resources over a period of time. All this is done while taking into account the future life events and different financial risks involved.
Some individual actions and finance related decisions that comprise personal finance include savings, budgeting, insurance, debt, investments, servicing, mortgages, insurance, etc. It involves logical financial analysis that concerns with analysis of the financial position of an individual and making a prediction based on the long-term and short-term requirements. Understanding these concepts can be challenging, making it hard to do my personal finance homework. That is when you need a professional online help service.
Five areas of personal financial planning
For doing your personal finance assignments and homework, you need to have a good grasp of the main areas of personal finance planning. These five major areas include:
Cash flow management:
Cash flow management is directly concerned with financial position of an individual. The cash outflows and cash flows need to be taken into account and it has to be determined with the total inflow is equal to the total outflow. The primary concern of cash flow management is to determine whether the income an individual generates is enough for meeting his expenses or not. Cash flow management is mandatory in personal finance planning.
The main purpose of personal finance planning is achieving positive cash flow. When the total income of a household is more than the total expenditure, a positive cash flow is achieved. In case a negative cash flow occurs, the individual has to increase his income or cut down on his expenses. You need to understand cash flow management properly before you do my personal finance assignment.
In personal finance, risk management takes into consideration the unforeseen acts in future. Some main areas of risk include health risk, death, loss of assets, disability, etc. A proper financial plan is the one which covers all potential personal risk concerns.
Investment planning is another major area of personal finance. It means planning to accumulate adequate wealth for making large purchases. Some major accumulation of asset includes buying house, car, luxury items, etc.
Investment planning is required for major life events such as marriages. When our experts help students do my personal finance homework, they explain the importance of personal investment. Investment involves a proper anticipation of the cost of an acquisition in future. Any individual would want to make investments that provide a high rate of return in future along with interest.
Estate planning concerns with planning for disposition of an individual’s asset when they die. Generally, there is a due tax to federal or state government at the time of death of the person. Thus, estate planning involves careful property liquidation for the benefit of relatives and family.
Proper planning for taxes is necessary for making optimum utilization of tax policies and benefits of tax discounts and rebates offered by the government. When it comes to tax, income tax is the major concern for individuals. Therefore, tax management is crucial for personal financial planning. Students who want help with tax management to do my personal finance homework can seek our online help service.
Steps involved in personal finance planning
The dynamic process of financial planning is the primary component of personal financial planning. It requires monitoring and revaluating finance on a regular basis. Students searching for online experts to do my personal finance assignment can learn about the five steps of personal finance planning, which include:
The personal financial situation of an individual can be assessed through compilation of simplified versions of income statements and balance sheets. The values of personal assets like house and car are listed in personal balance sheet along with personal liabilities like bank loan and mortgages. The personal expenses and income are enlisted in personal income statement. These are the two most important financial documents for assessing an individual’s personal finance situation.
Once personal financial situation is assessed; the next step is setting up goals. There are two types of goals that must be set:
- Short term goals: These are goals that can be realized with a short time period, usually 3-5 years.
- Long term goals: These involve financial goals that require a considerable amount of time to be realized.
A good financial plan would underline the method of accomplishing the financial goals. Planning for personal finance involves plans for investment in stock, bonds and shares; creating estate plan and planning for tax.
Executing a personal finance plan requires perseverance and discipline. Sometimes, help from financial planners and investment advisers is required for proper execution
Monitoring and reassessment:
With the passage of time, a personal financial plan must be monitored for possible reassessments or adjustments.
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