Tips For Analyzing Personal Financial Position

I’m always happy to pass on great info...and this is great info! I’ve included a few snippets below lifted from the full article.

Personal finance is an integral element of each one of us. It broadly covers the purchasing of financial derivatives or products such as home loans, personal loans, vehicle insurance schemes, life insurance policies, credit card offers and other banking products. Moreover, the business of banking is covered under the scope of personal finance, which is gaining importance in today’s financial environment.

Process of personal finance 

The key element of personal finance is financial planning, which requires continuous monitoring and reassessment. It has five steps: 1) evaluation 2) goal setting 3) planning 4) implementation and 5) reassessment and monitoring.

Financial evaluation 

The financial status of an individual is evaluated by consolidating streamlined versions of financial statements including profit and loss account and balance sheet. A balance sheet of an individual describes the value of assets and liabilities. Both assets and liabilities can be short-term and long-term.

Do you need more detail on this subject? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts [email protected]; or call me on (0408) 393 777.

Thanks,

Stewart