Personal Finance is a branch of Finance which deals with the management of saving and investing personal finances and budget. This particular branch of Finance is now also taught in Finance to teach students on how to meet personal financial goals so that they can apply those principles in practical life efficiently, and so they can serve in professional life in the services sector. Due to the newness of the subject, perplexed students even hunt for some Personal Finance Assignment Help and Writing Service to manage their assignments.
The branch of Personal Finance covers a wide array of finance based activities such as insurance, retirement planning, estate planning, banking, investments and mortgages. Other activities in Personal Finance include providing financial advice and consultancy regarding the financial services as well.
The main areas covered in Personal Finance include the following:
The concepts of Personal Finance have not been majorly taught as separate subjects in academic programs, but are now gaining widespread mainstream status since it has been observed that students do not possess the essential knowledge which can allow them to manage their personal finances easily.
A majority of the students are generally lacking in the basic financial planning concepts, which causes them difficulties in managing their finances properly or working in the services sector which caters to personal finance.
The main reasons as to why Personal Finance is now being taught to students, and should be taught in long term as well are listed in the table below:
Income | Managing income and understanding how much income would be required for other expenditures and tax payments etc. |
Cash Flow | Trying to increase cash flows by managing and monitoring the patterns of spending, tax planning and carefully planning the budget. |
Capital | Once the cash flow is increased, the capital of the concerned individual can be increased as well leading to room for investments as well. |
Family Security | Having Family Security is something which includes having the adequate amount of capital for the money for emergencies and insurance policies and coverage as well. |
Investment | In order to engage in investment with efficiency, it is imperative that the individual concerned has the proper financial plan which allows room for risk tolerance and fits the objectives and personal circumstances of the individual. |
Standard of Living | Standard of Living can only be maintained if the concerned individual has set aside enough savings for dire times and any kind of lost income can be replaced so as to not affect or deteriorate the present Standard of Living. |
Financial Understanding | Financial Understanding greatly helps in setting and measuring financial goals and then reviewing them as well. It is incumbent that the individual is able to comprehend the effects of the financial decisions they make, and can accordingly control their financial lifestyle as well. |
Assets | Assets are something owned by every individual whether short term or long term or on a small scale and large scale. In this area, individuals need to be familiar with the liabilities which come with owning assets, how their value depreciates over time, and how they can be utilised in times of emergencies as well. |
Savings | Savings are crucial to be maintained so that any sudden financial emergency can be managed. Managing savings and ensuring their presence and availability either via investments with high liquidity or through personal savings is an essential part of Personal Finance, and as such, requires Financial Understanding as well. |
Ongoing Advice | Establishing a long term cordial relationship with a trustworthy financial advisor is beneficial in the sense that they can deliver ongoing advice related to Personal Finance matters. |
Labour economics | Labour Economics studies the dynamics and functioning involved in wage labour and market. |
Welfare economics | Welfare Economics studies the proper allocation of resource in a manner that they ultimately have positive effects on social welfare. |
Economics of information | Economics of Information focuses on the impacts of using Information System in Economic Decision-making. |
Being a relatively new subject, students always tend to face issues when trying to understand the concepts of Personal Finance. The core issues which may stem from not receiving the proper Personal Finance Assignment Help may include the following:
It comes off as no surprise that students do not tend to receive the adequate guidance and tips from their teachers especially in subjects like Personal Finance, which are still relatively new when it concerns to academics. The subject is not given the essential focus by teachers or professors or even students themselves as they are not taught the importance of the subject. It has been observed that students even writing their finance dissertation, having chosen Personal Finance as their master or PhD dissertation topic face difficulties in conducting research in it and usually need Finance dissertation help as well.
As such, the key issue which causes students to furnish impeccable assignments in Personal Finance is that they are not taught the importance, or the concepts of Personal Finance with as much focus as it deserves. In situations like these, it becomes inevitable that they would scout for some external assistance when it comes to writing their assignments.
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