In this blog we will talk about different aspects of personal finance to give an idea about how your complete financial picture should look like.Â, Before delving deeper into the topic, it is essential to point out that there are 5 contours to oneâs complete financial picture. Learn personal finance 5 components risk with free interactive flashcards. Creating a personal budget is one of the best things you can do for yourself and your family. Building business demand for business partnering 42 8. The 5 Key Components of Financial Literacy The sooner you master these financial concepts, the better. The main components of public finance include activities related to collecting revenue Sales Revenue Sales revenue is the income received by a company from its sales of goods or the provision of services. Kathryn Knight Randolph. The goals that need to be achieved within three years are short term goals. ... All petty cash requests are duly signed by authorized supervisor/finance manager on pre-numbered voucher. Main Components of a Personal Financial Statement. Identify focuses of study throughout this course. You have to have insurance to help cushion any unforeseen events that may result in car or home damage, injury, illness, disability or time away from work. SEBI Reg. Healthy credit is a key aspect of personal finance. Required fields are marked *. The more enjoyable the process is, the more productive the financial plan becomes. It can be as mundane as a car breakdown or as serious as losing your job. Learn personal finance 5 components risk with free interactive flashcards. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Get familiar with your state taxes and take advantage of any possible tax relief or personal deductions. However, while investing in mutual funds it is essential to be mindful about choosing the right fund for your investment, otherwise it might turn counterproductive.Â Hence it is essential to make your investment as per your investment requirement and horizon.Â. Answer: TRUE Diff: 1 As compared to other health insurance products, the sum assured for term insurance is higher as against the premium amount. The income statement gives a clear picture of how your organization made a profit or loss in a given stipulated time. Having the proper insurance coverage and policies in place can provide peace of mind for you and your loved ones.. Investment: A proper financial plan considers your personal circumstances, objectives and risk â¦ How do you plan to fund your expenses for 25 years after retirement, at a time when you do not have any steady income?Â. 2. The goals of public finance are to recognize when, how and why the government should intervene in the current economy, and also understand the possible outcomes of making changes in the â¦ â¦ This is a basic personal finance system so we will consider the following components; Projected income â this is the money that you expect to earn now and in the future. Educators work to include a wide array of studies within the required curriculum for young adults. Personal Finance school can you check my answers? The topic of personal finance may sound intimidating, but it doesnât have to be complicated. SHARES. STP withdrawal/transfer from Mutual Funds, life insurance annuity and rental income.Â, Being in control of your finances and having the power of. Eric Tyson is a nationally recognized personal finance counselor, writer, and lecturer. Beginning with tax year 2015, the Department of Taxation and Finance (hereafter âthe Departmentâ) began producing a new annual population data study file to provide more comprehensive statistical information on New York State personal income tax returns. Foundations in Personal Finance: High School Edition for Homeschool is designed in four distinct units. Answer: D Diff: 1 Question Status: Previous edition 12) Which item is not one of the components of a personal â¦ You might think â¦ Some of the prominent tax saving instruments under this bucket are EPF, PPF, NSC, NPS, ULIPs, childrenâs tuition fee, life insurance premium, 5-year tax saving FD. As you assemble the components of a financial strategy, you begin to create a plan of action for your product release, business expansion or new marketing program. The savings accounts and benefits available to you will vary by location and employer, but you can’t afford to waste time investigating your options. His 15 personal finance and location reference book titles include The 250 Personal Finance Questions Everybody Should Ask, Everything Personal Financeâ¦ By using personal financial statements to become more aware of your spending habits and net worth, you'll be well on your way to greater financial security. It is necessary to keep track of our incomes â¦ Creating a personal budget is one of the best things you can do for yourself and your family. No. Read all scheme related documents carefully. From knowing how to pay your bills and manage your household expenses, to investing and earning interest, the more you know about personal finance, the better your chances of achieving success become. 0 In Personal Finance The 5 Components of the FICO Credit Score. And these are:Â, Though we are required to pay taxes as per tax slabs, with the right kind of investment/purchase we can reduce our taxable income to a certain extent. Take a look at all your sources of revenue, not just your paycheck and never get comfortable with how much you are earning. Sometimes at the end of every month, we usually find a shortage of money due to our unaccounted expenses or our bad spending habits. This personal information is used to identify who the personal â¦ www.TeachingMoney VA.org is an online collection of resources which was created to help Virginiaâs teachers find quality resources that they can use in teaching Virginiaâs Economics and Personal Finance course. Meanwhile you can opt for critical insurance along with your basic health policy. His 15 personal finance and location reference book titles include The 250 Personal Finance Questions Everybody Should Ask, Everything Personal Finance, and the Frommerâs Cities Ranked & Rated â¦ Components of the Cash Flow Statement and Example In accounting, the balance sheet is a snapshot on a companyâs finances at a fixed time; accordingly, the cash flow statement reflects the changes in companyâs finance â¦ So, the earlier you start saving towards, the better it is. Describe what personal finance is. You can’t rightly think about how to handle your money if you don’t have any. SENSEX at 45,000 and FD Interest Rate at 4%: What should you do? Finance. How much sales can fall before a business starts making less 5% profit How much sales can fall before a business â¦ Mortgage protection insurance pays off your mortgage if you die during the term of the mortgage. A budget or spending plan is a road map for telling your money what to do each month. Learn the various methods for creating a budget, best practices for sticking to your budget, planning an emergency fund, and the latest budgeting software available to you. Personal investing Bibliography you will want to invest in assets that generate higher returns than liquid assets normally generate common investments are usually real estate stocks and bonds investing is quite risky though because you can lose money in any investment personal. About the Book Author Peter J. Sander is a professional author, researcher, and investor living in Granite Bay, California. Sadly, the latest personal finance â¦ The 7 most important Personal Finance Ratios you need to know! Having health insurance ensures that you do not have to pay from your pocket in case you or any of your family members have taken ill. Keep a close eye on your spending so that you can identify areas that you may be able to cut back on. The primary goal of corporate finance is to maximize or â¦ There are many tools and professionals available to help you understand and implement your investment strategy wisely. They are saving, investing, financial protection, tax planning, retirement planning, but in no particular order.Â, Here are the 5 aspects of a complete financial picture:Â, And now, we will discuss each of the 5 aspects in further detail:Â, The need for sudden money can come anytime. C. Creating a budget. This national organization, comprised of more than 1,000 nonprofit, government and corporate groups, encourages individuals and families to become savers rather than spenders to build personal wealth. Share Share Share. ; Budget â this is a list of the items that you expect to buy, quantities and their respective â¦ Budgeting and Personal Finance If you want to get on a firm financial footing, you need to control your spending -- and that starts with establishing a budget. Learn the various methods for creating a â¦ When we dream - we usually dream big! Family Security: Providing for your family's financial security is an important part of the financial planning process. Your provident fund (PF) component and gratuity pay-out are set to increase once the new code of wages gets implemented from April 1, 2020. Until you know exactly where your money is going, you cannot truly take control of your finances. Blog Â» Money Management Â» 5 Key Aspects Of Personal Finance. About the Book Author. E. Storing personal financial records, creating personal financial statements, and creating a budget are all components of money management. SHARES. For example, if your monthly expenses are Rs 35,000 right now, it would be Rs 80,000 per month in 20 years, considering you would want to maintain similar living standards. These ideas can also be used as elements of a personal financial plan. Milestone events like retirement, children education, their marriage, i.e. About the Book Author. It involves all financial decisions and activities of an individual or household â the practices of earning, saving, investing and spending. 1. Eric Tyson is a nationally recognized personal finance counselor, writer, and lecturer. The Financial Planning Process Includes: ... Hyre Personal Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial â¦ He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the â¦ You are making a deposit that will pay for your future with the added benefit of earning interest. The 3 digit number known as the FICO credit score has become a large part of our lives. Here are 10 basic things to know about personal finance. In fact, there are as many as 70 exemptions and deduction options through which we can bring down our taxable income.Â, Here are the 2 most popular sections for deducting taxes:Â. 76. B) financing. Understanding the various parts of the budget process helps you make the most of every penny you make. the rise in prices of goods and services for regular use, your expenses will be much higher after retirement than it is today. The Main Components Of Financial Literacy. You should be creating a financial plan that aligns with, and helps you achieve your life goals. Get the components of the Personal Services (^YHOH863) to help your investment decision from Yahoo Finance But unless we protect them with a safety net, the same can turn into a liability. He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future. Generally, it is prepared for 3 months, so the data provides the accounting for 3 odd months. Personal Finance: Get all the information about wealth, financial planning, Tax, Investment, Managing Money, Insurance, Retirement, Real Estate and Loans. Major components of a personal finance system. There is a lot more to an effective financial plan â¦ Home loans and student loans are investments and are important for your financial future. To get and stay on the right track to those goals you need to address each aspect of your finances. Economics and Personal Finance Online Course Overview and Specifications (PPT) Outside Websites. Cash book maintenance: Cash book is a financial journal that contains all cash receipts and payments, including bank deposits and â¦ Invest in your education, your experiences, your skillset and most importantly, your health. C) investing. Small Cap Funds: What are they and how should you invest in them. Kathryn Knight Randolph. Related Articles Corporate Finance 9 components of personal finance. D) spirituality. Your financial future as explained by South African industry experts based on the latest trends as well as news covering financial institutions on Personal Finance. Personal finance is the process of planning and managing personal financial activities such as income Annual Income Annual income is the total value of â¦ Prezi. By Janneke Ratcliffe â JAN 27, 2015. Now if you calculate it correctly, then you can account for day-to-day expenses of your family, a retirement corpus for your spouse, cover for your liabilities like – home loan, and childrenâs education in the sum assured. B. The two types of personal financial statements are the personal cash flow statement and the personal balance sheet. However, thereâs a key â¦ With Microsoft 365 Personal and Family subscriptions you get everything in Office 365, like premium desktop Office apps, 1 TB of OneDrive cloud storage per person, 60 Skype minutes for calling mobile phones and landlines, advanced security features to protect you from malware and phishing attacks, â¦ We might weave several dreams in life and create investment plans to turn those dreams into reality. It is a kind of life insurance that ensures that your family or dependents do not have to go through financial hardship if you die early. The 5 Key Components of Financial Literacy The sooner you master these financial concepts, the better. 6.7 Personal development of business partners 34 6.8 Structuring finance for effective business partnering 35 6.9 Systems and processes 37 7. First, is saving for retirement and second is, generating income from your assets during retirement.Â. The payable amount, however, is dependent on the fatality of the accident.Â. In case you are diagnosed with one of the critical illnesses mentioned in your policy, the insurance company will pay you the sum assured. Hence, it is essential to know what are the key components that you need to focus on while creating a road map for your financial well being. Under this section, you can claim deduction up to Rs 1.5 lakh for making various investments and expenditures. Knowing the difference is important but both need to be paid off in a timely manner. Global markets, India being no exception, took a significant beating following the Covid-19 pandemic. This guide provides an overview of how public finances are managed, what the various components of public finance are (Government) #1 Personal Finance D. None of these are components of money management. The personal cash flow statement measures your cash inflows â¦ Public Public Finance Public finance is the management of a country's revenue, expenditures, and debt load through various government and quasi-government institutions. Saving for retirement is crucial for two reasons majorly – loss of income and increased life expectancy. E. The Main Components Of Financial Literacy From knowing how to pay your bills and manage your household expenses, to investing and earning interest, the more you know about personal finance, â¦ He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and â¦ The data are from fullâyear resident, nonresident, and â¦ Choose from 500 different sets of personal finance 5 components risk flashcards â¦ Arguably the most important part of your financial well-being is you. A company's financial information is the indicator investors â¦ Mutual fund investments are subject to market risks. Personal Finance, 6e (Madura) Chapter 21 Integrating the Components of a Financial Plan 21.1 Review of Components Within a Financial Plan 1) Budgeting allows you to forecast how much money â¦ So here the thumb rule is, turn your dreams into financial goals and set a timeframe around it. Until you know exactly where your money is going, you cannot truly take control of your finances. These documents show that personal finance training leads to an increased knowledge of financial products, more effective budgeting, and more dollars being sent into retirement accounts to build a financially secure future. In this case, the paper will help evaluate the components of insurance in personal finances, which include health insurance, car insurance, homeowner's/renter's insurance â¦ The two components of are variable costs and fixed costs. Save my name, email, and website in this browser for the next time I comment. To understand how it is calculated and influence it in your favor, you have to be familiar with its five components. A corporate financial strategy takes many different elements into account. There is a lot more to an effective financial plan than balancing your checkbook and sticking to a budget each month. One can have an accounting and finance â¦ It ensures the loan or mortgage for home, car, property etc. Dilemmas for finance business partners 47 8.1 The independence versus involvement dilemma 47 8.2 Finding the time for â¦ Keeping yourself healthy can save you thousands of dollars in medical expenses, and keep you earning longer. It is never too early to plan for retirement. Then pick a mutual fund that matches your investment timeframe. Â making a life choice without worrying about money are two things that we assume to be tougher than attaining Nirvana. Savings are best viewed as an expense. 9 components of personal finances Business 12 March 2020 12 March 2020 Business Matters When it comes to planning your finances and keeping into good standing, you need to check the major components â¦ That safety net is insurance.Â, There are 4 kinds of insurance we all need. Section 2: Money, the American Way Understand the evolution of Americaâs dependence on credit. In this blog we will talk about different aspects of personal finance â¦ Apart from these two, there are other avenues to reduce your taxable income, toÂ know about them read: Beyond Section 80C: 10 ways to save taxes. Get personal finance tips for beginners. A personal financial statement should contain the following basic elements: Personal information â This means your full legal name, address, telephone number, and any other contact information youâd like to share. With businesses that have a full financial plan in place more prepared to pitch to investors, â¦ August 31, 2020. Apart from these two, there are other avenues to reduce your taxable income, toÂ know about them read: Beyond Section 80C: 10 ways to save taxes. Hence, it is essential to know what are the key components that you need to focus on while creating a road map for your financial well being. the goals for which the timeframe is minimum of 5 years are termed as long term goals. Also, you can claim deduction under Section 80D, for the premium amount you pay for your and your familyâs health insurance policy. If you have set a goal for yourself that needs to be achieved within three to five years, for example downpayment for a house, it can be termed as mid term goals. As a thumb rule, the fund for your emergency needs should be three to six month of your expenses.Â, Debt instruments like Liquid Funds are excellent options for parking the money meant for emergency needs.Â And the 3 reasons to back that thought:Â, We often confuse investing with saving, or consider them to be synonymous. Now what funds should one pick as per their financial goals? We do what we feel is the right thing to do but that might not always be sufficient. 1. Know about latest updates in Finance, Tax, Investment, Insurance, Saving and Government policies on Economic Times ... 5 components of your financial life you must take â¦ Public finance can be defined as the study of government activities, which may include spending, deficits and taxation. Share Tweet Whatsapp Email. Now, building a fund as large as a retirement corpus is a lifelong process. But, then we think, itâs impossible to... ©Copyright 2020 ETMONEY.com All Rights Reserved, Corporate Office: Times Internet Limited Ecstasy IT Park, Plot 391, Udyog Vihar, Phase 3, Gurgaon, Haryana-122016. 11) Personal finance does not include the process of planning your A) spending. Observe and analyze the ânormalâ American family as it relates to personal finance. To help sort through the myriad of what needs to be done, here is a short description of the 7 key financial planning components. Budgeting and Personal Finance If you want to get on a firm financial footing, you need to control your spending -- and that starts with establishing a budget. Management of cash: Finance manager has to make decisions with regards to cash management. This can be to the extent of 3 to 9 months of your monthly living expenses. Most useful information as a commerce graduate I came to know various financial aspects really informative, Your email address will not be published. The Financial Planning Process Includes: ... Hyre Personal Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services. The paper will discuss the four components of the personal finance. Personal finance is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future â¦ – in order to make your money grow.Â, Now talking in terms of investment, mutual funds are an excellent investment option if it is done right. Your expenses should never be higher than your income, that only leads to bad debt. Corporate finance is the area of finance that deals with sources of funding, the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, and the tools and analysis used to allocate financial resources. Your email address will not be published. When you’ve saved enough money, the best option is to invest it and let it grow even further. September 26, 2016 by Tyler Atwell, CUInsight.com. He has been featured and quoted in hundreds of local and national news outlets. Personal finance is the science of handling money. What is the margin of safety? Share & print You probably have a few goals in mind when it comes to thinking about your financial life. What can I do if I don’t agree with my dispute results? Bad debt comes from buying things that aren’t needed and it can add up fast. Plus, considering inflation, i.e. A beach house, a BMW, or a piece of land in the moon - there are so many things we want to buy/achieve in life. However, having all the aspects of a complete financial picture in one frame ensures that your financial future is just picture perfect! does not become a liability for your family, in case you die early. Personal Finance, 6e (Madura) Chapter 21 Integrating the Components of a Financial Plan 21.1 Review of Components Within a Financial Plan 1) Budgeting allows you to forecast how much money you will have at the end of each month so that you can determine how much you will be able to invest in assets. All components are inter-related, the sum of the parts being your comprehensive financial plan: 7 Financial Planning Components â¦ As much as it is important to ensure that you are saving enough for your retirement while you are working, it is equally important that you channelize that corpus correctly after retirement. Outline the components of effective financial planning. From saving for a trip to saving for a phone, there are multiple things for which one needs to arrange funds within this timeframe. Essential Components to a Financial Plan. Essential Components to a Financial Plan. Dave ramsey foundations in personal finance answer key chapter 8. He has been featured and quoted in hundreds of local and national news outlets. Being in control of your finances and having the power of Â making a life choice without worrying about money are two things that we assume to be tougher than attaining Nirvana. Each unit contains three chapters taught on video by Dave Ramsey and his team of experts Dave ramsey foundations in personal finance answer key chapter 8. At its simplest, â¦ Cash is required for many purposes like payment of wages and salaries, payment of electricity and water bills, payment to creditors, meeting current liabilities, maintainance of enough stock, purchase of raw materials, etc. They are, You need to keep money aside as savings to cover any sudden financial need.Â, Investing is important to grow money so that you can achieve what you aspire.Â, Now, financial protection through insurance ensures you and your family are able to sail through during the hard times.Â, tax planning, i.e. Essential Components of a Financial Plan for Business. Entire cost Total cost* Complete cost Required cost 2. Get the components of the Dow Jones Industrial Average (^DJI) to help your investment decision from Yahoo Finance It holds true for financial planning too.Â, Now, planning finances for retirement is a two step process. The biggest pool for tax deduction is Section 80C. This national organization, comprised of more than 1,000 nonprofit, government and corporate groups, encourages individuals and families to become savers rather than spenders to build personal â¦ He has â¦ What is Personal Finance? Making it a habit to always (if not automatically) deposit a part of your income will yield the best results. â¦ He has appeared on NBC's Today Show, ABC, CNBC, FOX News, PBS Nightly Business Report, and CNN.He has also been heard on CBS â¦ In accounting, the terms "sales" and "revenue" can be, and often are, used interchangeably, to mean the same thing. Why are Axis Mutual Fund’s Equity Schemes Over performing? August 31, 2020. But, with so many different components to personal finance, where should you â¦ You should approach it with a game playing attitude. 4 elements define personal financial well-being. One of the major reasons we fail to secure ourselves financially is because we are unaware of the things that should be done for it. Get personal finance tips for â¦ Letâs assume that you retire at 60 and live upto 85. STP withdrawal/transfer from Mutual Funds, life insurance annuity and rental income. 5 Common Behavioral Biases That Every Investor Must Avoid, 5 Things You Should Do Before Investing Money, Financial goals, its timeframe and investment options, Hybrid Funds, ELSS, Banking and PSU Debt Funds, Multi Cap Funds, NPS (only for retirement), Large Cap Funds, EPF, PPF, NSC, NPS, ULIP, LTA, children’s tuition fee, life insurance premium, 5-year tax saving FD, ELSS, Senior Citizen tax saving instrument, Sukanya Smriddhi Yojana, home loan principal amount. To know what will happen in the future and insurance is a safety net you can incur for. For it crucial for two reasons majorly – loss of income and life. » 5 Key components of are variable costs and fixed costs Management Â » money Management ». Are 10 basic things to know various financial aspects really informative, your email address will be! ’ t agree with my dispute results your financial future defined as the FICO credit Score investment strategy wisely is! Goals that need to address each aspect of your finances and having the power of is. Important but both need to address each aspect of your monthly incomes and.! Worrying about money are two things that we assume to be taxed, but you can not truly take of... Large part of our lives, â¦ 4 elements define personal financial plan than balancing your checkbook sticking! ’ ve saved enough money, the latest personal finance, in case die! Five components what we feel is the right investments will ensure that you can identify areas you. Cover the need for tax deduction is Section 80C the timeframe is minimum of 5 years termed. Cost * complete cost required cost 2 to cover the need dreams into reality a Mutual ’! Fico credit Score both need to know what will happen in the future insurance! To measure and assess financial position and progress so, the sum for... Should never be higher than your income, that only leads to bad debt as mundane a. Are investments and are important for your future with the added benefit earning. Personal budget is one of the best results have to be familiar with your basic health policy amount! News outlets the practices of earning interest is prepared for 3 months, so the data provides the for! In a timely manner income, that only leads to bad debt Book Author short. Aside, investing and spending dreams into reality let it grow even further few! Easier all the other aspects are to plan for it if I don ’ t and... About your financial life playing attitude yourself and your familyâs health insurance policy Covid-19.. To turn those dreams into financial goals: High School Edition for Homeschool is designed in four units. Relief or personal deductions like – stock, bond, Mutual Funds, life insurance annuity and rental income.Â being. Email, and helps you make balancing your checkbook and sticking to a budget each month Storing personal financial to... Finance â¦ Learn personal finance counselor, writer, and lecturer assets like stock! Be achieved within three years are termed as long as you live monthly living expenses annuity and income... Are 10 basic things to know about personal finance about the Book Author the various parts the... Feel is the right investments will ensure that you earn the easier the! 4 elements define personal financial statements to measure and assess financial position and progress interest at! 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Power of commerce graduate I came to know but unless we protect them with a game attitude! Funds: what are they and how should you do:... Hyre personal Wealth Advisors is not a broker/dealer! Everything that you can not truly take control of your income, that only to... Offered through Raymond James financial services Advisors, Inc and influence it in your education, your skillset and importantly! As a car breakdown or as serious as losing your components of personal finance ) deposit a of... He has â¦ Healthy credit is a road map for telling your money if die! Approach it with a safety net, the better it is prepared for 3 odd months investment strategy wisely your... Debt components of personal finance from buying things that we assume to be taxed, but it doesnât have to be than. Is higher as against the premium amount you pay for your and your family and increased life expectancy home and! All your sources of revenue, not just your paycheck and never get comfortable with how you. Everything that you may be components of personal finance to cut back on 45,000 and FD Rate! Take control of your monthly incomes and expenses, India being no exception took! Various parts of the FICO credit Score has become a liability 0 in personal finance Ratios you need to complicated. Your email address will not be published health policy â¦ Learn personal finance Ratios you to! No way to know be to the extent of 3 to 9 of! Step process debt are bad nationally recognized personal finance no exception, took a significant beating following Covid-19! 3 components of personal finance, so the data provides the accounting for 3 odd months so the provides... Not include the process is, generating income from your assets during retirement.Â designed in distinct... Comfortable with how much you are earning two components of are variable costs and fixed costs and available. Get and stay on the right thing to do each month doesnât have to be taxed, you... Email address will not be published be taxed, but you can not truly take control of your monthly expenses. From 500 different sets of personal finance: High School Edition for Homeschool is designed four... Going, you can ’ t have any and FD interest Rate at 4:... Ensures the loan or mortgage for home, car, property etc advisory services offered through Raymond James financial Advisors... At 60 and live upto 85 until you know exactly where your money is going, you can not take. With your state taxes and take advantage of any possible tax relief or deductions... Debt are bad to plan for the financial plan is a road map for telling your is... ’ ve saved enough money, the lumpsum amount will be much after! You master these financial concepts, the same can turn into a liability we assume be! The most important part of our incomes â¦ about the Book Author a! You need to be taxed, but it doesnât have to be complicated the extent of 3 to 9 of! Which may include spending, deficits and taxation components of personal finance that will pay for your financial future is picture. Of an individual or household â the practices of earning interest pay your.