Independently Published
A Study of an Individual Perception on Personal Financial Planning
Product Code:
9798345383988
ISBN13:
9798345383988
Condition:
New
$35.00
A Study of an Individual Perception on Personal Financial Planning
$35.00
- "Financial Planning is the process of meeting one's life goals through the proper management of personal finances". (Kapoor, 2008). Proper Personal Financial Planning leads to Financial Satisfaction and Well- being. As Every person, family, or household has a unique needs and financial position, their financial planning must also be carefully planned to meet specific needs and goals.
- According to Hallman and Rosenbloom, Personal Financial Planning is "The development and implementation of total coordinated plans for the achievement of one's overall financial objectives". Individuals and families have many goals or objectives in life to fulfil. For the same they will have to save, accumulate and grow their money. The common life goals of individuals are Education and Marriage of Children, Buying a house and a Comfortable Retirement. Other short-term goals may include funding vacations, purchasing a car and fulfil debt (home loan, car loan), etc. For achievement of short term or long-term goals, proper management of Personal Finance is essential. Financial Planning is all about managing finances of an individual or a family. It means Proper Management of Income, Expenses, Assets, Liabilities, Insurance, Taxation and Estate, so that one can successfully achieve all their desired goals and enjoy financial well-being and hence financial satisfaction.
- India, post liberalization has experienced much change in terms of Economic Growth and Social Structure. Basically, it serves as a base for the need of robust Personal Financial Planning. Major factors which are relevant and important for the need of Personal Financial Planning are discussed below.
- Longer life span and lack of social security:
- According to economic survey 2012-13, the average life expectancy, which was around 60 years in 1980-81, has increased to 64.6 (for males) and 67.6(for females in 2010- 11). People live longer now as compared to the earlier generations. Few generations ago, someone would start earning by the time one reached the age of 20 years, work till the age of 58 years and live till around 65 years. In such a case, one earns for 38 years and lives off the retirement savings for the next 7 years. In recent times, one starts working at 25 years of age. Retire at age of 60 years and life span of 80 years. So, an individual works and earns for 35 years to support post-retirement life of 20 years. Government of India has withdrawn Pension Plans for government employees and introduced New Pension Scheme (NPS), which is defined contribution plan.
| Author: Muskan Shokeen |
| Publisher: Independently Published |
| Publication Date: Nov 03, 2024 |
| Number of Pages: 114 pages |
| Binding: Paperback or Softback |
| ISBN-10: NA |
| ISBN-13: 9798345383988 |
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