personal finance

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Description

Q: Explain your personal financial planning process with your own example with the personal budget numbers.

Your work should cover personal cash management, Analyzing mortgages, Borrowings, Insurance schemes, Long and short term investments, Tax planning and Retirement benefit.

Your group work should be within 1500-1700 words.

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Kindly confirm the paper and let me know if its okay.Thank you and welcome again

Running Head: MANAGEMENT

1

Personal finance

Name

Instructor

Course

Date

MANAGEMENT

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Management of finances is a practice that has been carried out for so long around the
entire world. In most cases, it is only the government institutions, business corporations, and
other organizations that were serious with activities of managing finances. This tradition has
changed over the past period of time where it has been embraced by people at personal levels. A
culture has been adopted personal financial management. The number of people who want to
manage their own finances has increased. This has been spearheaded by invention and
innovations of various tools that enhance finance management. Most of the people nowadays
have grown the tendency where they want to manage their own finances so that they can be fully
satisfied with each available money that they own. Planning for the personal finances can be
done for various reasons that vary from one person to another. The reasons are commonly
referred to as the personal financial goals and in order to achieve them, individuals need to
identify and set some realistic priorities (Altfest, 2017). Personal and financial satisfaction
always arises in a situation where the personal financial planning or personal money
management are effectively practiced. Therefore, personal financial planning processes can be
defined to be a well-analyzed manner of managing personal money so as to achieve personal
economic satisfaction. This process is very personal and individuals create plans through which
the set goals can be achieved. When carrying out all these processes, a number of factors that
may have an impact on the personal financial objectives and goals have to be closely considered.
These are mostly the financial and psychological factors. This paper mainly discusses the
personal planning financial process with own examples where some have even been illu...


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