5 replies to this topic

[Christena]

Personal financial planning is the act of taking stock of one's current assets and debts, noting where changes need to be made, and setting in place a plan for the future. Some people are capable of doing this on their own, whereas others may choose to meet with personal financial planners who can help in confusing situations. In general, however, personal financial planning is exactly that - a personal method of goal setting for the future.

[amcfx]

I have my own way of Personal Financial Planning. I try hard not to put my self in debt and simply opened several bank accounts.

1 account is for savings (or for my retirement someday)
1 account for emergency cases (my atm account) other people call it emergency fund

[Goldrush]

There are ways on how you can be successful in financial planning.

1. Pay all your debts! such as credit cards, auto/home loans and etc... when you're done paying it. proceed...

2. Create an EMERGENCY FUND, set a target if how much will you save for your EF. when you reach the target. proceed...

3. Invest your money through Mutual Funds, Bonds, Stocks or etc... i would suggest you go first for the low risk. if you're done. proceed...

4. Venture out! Open a small business aside from having a job. this is a good asset. this is a lifetime project until such time you reach your goal by having a big business.

5. Enjoy your money!

[creditguard]

@Goldrush; interesting points and very important also, i like to add some more in the above point and these are also impotent for financial planning.

Don’t use money in your business you don't have, if you barrow money from any organization or company you have to pay interest on it and you’re unable to invest in future on your business

Create your emergence fund where you save your income for your bad time.

If you have any debt then pay it so quickly as you can

[medona12]

Hi,

Personal financial planning  situation can be assessed by compiling simplified versions of financial balance sheets and income statements. A personal balance sheet lists the values of personal assets (e.g., car, house, clothes, stocks, bank account), along with personal liabilities (e.g., credit card debt, bank loan, mortgage). A personal income statement lists personal income and expenses.

Thanks,

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[medona12]

Helo,

Personal finance is financial planning, which is a dynamic process that requires regular monitoring and reevaluation.Assessment: One's personal financial situation can be assessed by compiling simplified versions of financial balance sheets and income statements. A personal balance sheet lists the values of personal assets  along with personal liabilities . A personal income statement lists personal income and expenses.

Thanks,

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