Personal Finance Overview

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What is personal finance?

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Managing and tracking money on an individual or family level.

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Key life events where personal finance concepts apply

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College/Higher Education, First Job, Marriage, Retirement Planning.

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Why is personal financial planning important?

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Helps individuals achieve financial goals, prepare for unexpected expenses, and reduce financial stress.

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Sources of information for personal financial planning

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Financial Advisors, Online Resources, Personal Finance Books.

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What are monetary assets that contribute to net worth?

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Savings Accounts, Investments, Retirement Accounts.

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What are non-monetary assets that contribute to net worth?

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Real Estate, Personal Property.

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How is net worth calculated?

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Net worth = Total Assets - Total Liabilities.

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Positive spending behaviors

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Living below your means, avoiding unnecessary expenses, investing in yourself.

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Negative spending behaviors to avoid

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Impulse Purchasing, Excessive Credit Card Use.

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How can charitable giving be included in a spending plan?

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Setting aside a specific percentage or dollar amount, choosing causes that align with personal values.