Personal finance refers to the financial decisions which an individual or a family unit is required to make to obtain, budget, save, and spend monetary resources over time, taking into account various financial risks and future life events. When planning personal finances the individual would consider the suitability to his or her needs of a range of banking products (checking, savings accounts, credit cards and consumer loans) or investment and insurance products (stock market, bonds, mutual funds) (life insurance, health insurance, disability insurance) or participation and monitoring of individual- or employer-sponsored retirement plans, social security benefits, and income tax management.
Read more about Personal Finance: Personal Financial Planning Process, Areas of Focus
Famous quotes containing the words personal and/or finance:
“Close friends contribute to our personal growth. They also contribute to our personal pleasure, making the music sound sweeter, the wine taste richer, the laughter ring louder because they are there.”
—Judith Viorst (20th century)
“There is an enormous chasm between the relatively rich and powerful people who make decisions in government, business, and finance and our poorer neighbors who must depend on these decisions to alleviate the problems caused by their lack of power and influence.”
—Jimmy Carter (James Earl Carter, Jr.)