Personal finance refers to managing as well as saving and investing money. It includes budgeting, banking, insurance, mortgages, investments, retirement planning and tax and estate planning. Personal finance is a holistic term that refers to the entire industry and proves financial services to individuals and their family members along with advising about financial and investment opportunities. It is concerned with meeting individual financial goals which can be for short term financial needs, retirement plans or for saving regarding the child education. The Financial planning process is dependent on income, expenses, goals and desires and developing a plan to fulfil the needs. To make a financial plan, individuals need to have the financial literacy to distinguish between good and bad investments and make a correct decision.
Estate planning – estate planning refers to the preparation of tasks that serve to manage the asset base of an individual in an incident of their incapacitation. In simple terms, it refers to the passing down of assets from one generation to another. The estate refers to property, cars, personal accolades or financial investments and it varies from individuals. The planning process is dynamic and needs to be reviewed at regular intervals to deal with any changes that might occur to an individual’s life or the laws of the country.
Finance service and literacy have their importance and it plays a pivotal role in financial planning and management. It is important for an individual because it helps with knowledge and skills to manage money effectively. The absence of such knowledge might negatively affect the actions of individuals in terms of financial planning. It helps in understanding the financial concepts better and provides better guidance for managing finances effectively. Some of the guidance includes money management, financial decision and obtaining financial stability.
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