Personal finance is one of the three main areas of finance (the other two being corporate and public). Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit. Our personal finance assignment help experts address the ways in which individuals or families make budget, save and spend monetary resources over time, taking into account various financial risks and future life events, in your personal finance research paper.
5 areas of financial planning
Our personal finance assignment help include five main areas. The personal finance assignment help experts briefly note each of the five areas before moving on to the
- Cash flow management: Personal finance assignment help in cash flow management is concerned with the financial position of a person. It takes into account the cash inflows and the cash outflows and determines whether the total outflow is equal to the inflow. According to our personal finance assignment help experts, whether income generated by a person is adequate to meet his monthly expenses is the main concern of cash flow management. It also takes into account whether a person is spending more than what he is earning. Net worth of a person is calculated by adding all the assets of person and then subtracting all the liabilities from the assets at a given moment. It is a mandatory discipline in personal finance assignment help.
Achieving positive cash flow is an important area of discussion in our personal finance assignment help material. A positive cash flow occurs when the total amount of income from all the sources exceed the total amount of expenditure of a household. According to our personal finance assignment help experts, negative cash flow occurs when the flow of outgoing cash is greater than the flow of the incoming cash. If you have negative cash balances you need to either cut costs or increase on your income level.
- Risk Management: Our personal finance assignment help experts inspect risk management that takes into account unforeseen acts in the future. Some of the major risk areas are death, disability, loss of property, health etc. A complete financial plan helps you to cover all the potential areas of personal risk.
However, personal finance assignment help experts analyze on several risk areas where a separate insurance cover is required.
- Investment Planning: Another important area included in personal finance assignment help is investment planning or financial planning. It refers to the planning for accumulation of adequate wealth to make large purchases. According to our personal finance assignment help providers, the major instances of asset accumulation include purchase of car, house and luxury items etc. Life events like marriages, starting a family etc also require financial planning.
Achieving these goals require adequate anticipation of how much these acquisitions would cost in future. A person needs to make some investments that would pay him high rates of return along with interest. This investment planning is important to increase wealth. Students seeking personal finance assignment help, reach us immediately!
- Tax planning: Our personal finance assignment help experts analyze the smart planning for taxes which is required to make optimum utilization of the tax policies and the benefits of tax rebates and discounts which governments offer.
Our personal finance assignment help typically considers that the income tax constitutes the single largest item on the list of taxes for working individuals. Tax management is therefore considered essential by personal finance assignment help providers in order to count the maximum benefit gained by individuals from paying taxes.
In United States, for instance, both the federal government and state governments tax working adults. Our personal finance assignment help experts or personal finance writers define taxable income as the income which can be taxed after deduction, while the total income which includes both taxable income and deductibles is called gross income. A person in U.S.A. is qualified for tax deductions if
- He has non-working dependants like wife or children
- If the dependant is not supported by any other individual
- If a couple files tax returns separately.
- If the person is a widow or a widower
Our personal finance assignment help encompass all of these concerns.
Apart from these personal deductions, there are a couple of itemized deductions. Our personal finance assignment help relates to:
- Medical expenses in excess of 10 percent of annual gross expense
- State, local and foreign taxes
- House mortgage interest
- Losses on non-business income due to casualty etc.
Our personal finance assignment help deals with them separately.
- Estate Planning: Personal finance assignment help providers consider estate planning that involves planning for the disposition of a person’s asset when he or she dies. Typically, there is a tax due to the state or federal government at the time of a person’s death. Estate planning therefore requires careful liquidation of property for the benefit of the family and relatives. Failing to do so, can sometime result the liquidation of the property by the government which may not include the family of that person. For more details on personal finance research paper, get personal finance assignment help from us.
5 steps of financial planning
A key component of personal finance is financial planning, a dynamic process that requires regular monitoring and reevaluation. The chief five steps considered in personal finance assignment help are:
- Assessment: Our personal finance assignment help primarily consider 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 (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. Our personal finance assignment help experts consider these two financial documents as crucial in assessing the financial situation of an individual. Having assessed the personal situation, the next step is to set long and short term goals.
- Setting Goals: Personal finance assignment help experts highlight two types of goals:
- Long-term goals: Long-term goals involve financial goals that can be realized after a considerable stretch of time (typically retirement).
- Short-term goals: Short-term goals can be realized after short period of time (typically after 3 to 5 years).
Our personal finance assignment help experts give these two examples of long-term goals and short-term goals respectively: “Retire at age of 65 with a personal net worth of $1,000,000” and “buy a house in 3 years, paying a monthly mortgage servicing cost that is no more than 25 percent of the gross income.” Personal finance assignment help experts consider setting financial goals helps to create a financial plan.
- Creating a plan: The financial plan underlines how to accomplish your goals. Our personal finance assignment help experts include all the areas of financial planning namely increasing income; investing in stocks, shares and bonds; planning for tax and creating an estate plan. Get 24x7 assistance on personal finance assignment help.
- Execution: Execution is indeed an important concern in personal finance assignment help. It states one’s personal financial often requires discipline and perseverance. Many people obtain assistance from professionals such as accountants, financial planners, investment advisers and lawyers.
- Monitoring and reassessment: As time passes, one’s personal financial plan must be monitored for possible adjustments or reassessments. Personal finance assignment help identifies typical goals that most adults have are paying off credit card and or student loan debt, college costs for children, medical expenses and estate planning.
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