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:
“Life is not an easy matter.... You cannot live through it without falling into frustration and cynicism unless you have before you a great idea which raises you above personal misery, above weakness, above all kinds of perfidy and baseness.”
—Leon Trotsky (1879–1940)
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)