Glossary of Financial Terms - Personal Finance |
Personal
Finance : Personal Finance refers
to financial planning relative to the individual.
In general, the term relates to analyzing
an individual's current financial status,
budgeting, and planning for the future.
Although each individual can perform these
tasks for himself or herself, they may solicit
the help of a "personal financial planner"
or "personal financial advisor"
to assist.
Although some
people use strategic financial planning
in order to save up for specific events
or opportunities such as retirement or college,
individuals may incorporate personal fiance
into their lives simply to gain control
over their finances. Personal financial
planning usually consists of five general
steps:
Assessing current financial status to determine
income and debt as well as personal assets
such as homes, cars, or other property.
Setting financial goals for short and long
term benefits
Planning the execution of these goals in
detail in order to achieve them. This usually
consists of small, monthly or yearly steps.
Executing the goals and monitoring progress
Reassessing the goals and achievements and
making necessary adjustments.
Also called : Personal Financial
Planning, Finacial Planning.
More Personal Finance Information : Famous
Financial Planners, Economists,
Stock
Market Investors, Personal
Finance Articles, and Personal
Finance Books.
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