From the point of view of an individual or a family as a unit, Personal Finance is a significant issue, and each individual and/or family is expected to have a minimum level of expertise in management of Personal Finance. Briefly stated, Personal Finance is using the general principles of financial and monetary management to the financial affairs of an individual or a family. It covers all the aspects of financial matters which you may face as an individual or as a part of a family. Thus, it may include learning about and managing checking and savings accounts, credit cards and consumer loans, mortgage loans, investments in the stock market and mutual funds, retirement plans, social security benefits, insurance policies, and income tax management. Depending on your individual requirements and necessity, certain other aspects may also feature as a part of your personal finance management - for example, providing for the education of children.
Generally speaking, Personal Finance involves five major steps:
- Assessment of Your Financial Requirements:
- Deciding and Setting Objectives and Goals:
- Creating and Building a Realistic Plan:
- Execution of the Plan:
- Doing Monitoring and Reassessment from time to time:
The major segments of Personal Finance are:
- Mutual Funds
- Options & Futures
- Technical Analysis
However, this is only an illustrative and indicative list. It covers a wide range of topics, some of them relating to the wider World of Finance. You are most welcome to up-date and expand the list, and share your experience relating to above segments.
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