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.
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Famous quotes containing the words personal and/or finance:
“I leave the governor’s office next week, and with it public life ... [which] has been on the whole a pleasant one. But for ten years and over my salaries have not equalled my expenses, and there has been a feeling of responsibility, a lack of independence, and a necessary neglect of my family and personal interests and comfort, which make the prospect of a change comfortable to think of.”
—Rutherford Birchard Hayes (1822–1893)
“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)