What is Personal finance planning?
Personal finance is one of the three core areas of finance apart from public and corporate finance. Personal finance planning can be referred to as a process related to implementation of financial concepts to fulfil one’s dreams and achieve long- term goals. It refers to the management of the financial resources keeping in mind the future life events and financial risks. The students have to complete a number of assignments of personal finance planning to obtain degrees from their respective universities. Most of the students lack skills for high quality assignment writing and hence, loose a lot of marks. Also, they do not have adequate time to complete these assignments as many of them are indulged into part time jobs. Thus, they need to take the help of the online assignment help services to complete the projects on their behalf and get good grades.
Benefits of financial planning
The financial planning helps an individual to manage his finances in a way that they are able to achieve their dreams and goals using limited resources. It also helps them to negotiate the financial barriers which arise in the life.
How to do personal finance planning?
The personal financial planning can be done through regular evaluation and monitoring of the investments and expenses. The process of financial planning can be accomplished by following the five steps provided below:
Initial assessment: In this step, the personal financial condition of an individual is assessed and is compiled in a balance sheet along with income statements. This list shows the assets and liabilities held by an individual.
Setting goal: This is the second step in the process of financial planning where the short- term and long- term goals are set for individual’s finances. This helps in connecting personal transactions of the individual with the procedure of financial planning.
Creating plan: The financial plan supports the individual in accomplishing different goals. In the financial plan, the unnecessary expenses are cut and investment statistics are improved.
Execution: the financial plan needs to be implemented and executed in a disciplined manner. The individual can also take support from the investment advisors and partners.
Monitoring: After all the objectives are accomplished, the status of financial transactions needs to be tracked or evaluated to adjust the plan as per the circumstances.
All these steps need to be performed by the students on their own. This becomes difficult for many students. So, the best option available for them is to ask for online assignment help from the financial experts.
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Key areas of personal financial planning assignment help is required
There are five key areas of personal financial planning, as suggested by Financial Planning Standard Board, where the students need to take online assignment help.
Management of cash flows
In this area, the household cash flow and net worth is estimated to understand the personal resources that are available. Net worth is calculated as-
- Net worth = Net assets – net liabilities of household
Household cash flow is calculated as-
- Household cash flow = Expected sources of income – all expected expenses (per year)
The financial assignment help planner can figure out the time duration within which the goals will be accomplished.
Tax planning
It helps the individuals to manage the income they have to pay as per the different schemes provided by the government. Different taxes buckets need to be used for different tax rates. The online experts are well trained in these areas.
Risk management
The unforeseen acts are taken into account in this area of financial planning. Disability, death, health, loss of property and assets are covered under it. This area requires an insurance expert to deal with all these risks.
Investment planning
It helps the individual to accumulate sufficient amount to manage large purchases such as cars, luxury items, house, properties and others. The financial experts use NPV calculators to calculate the profitable investments for the individual in future.
Estate planning
It deals with the disposition of assets after death of an individual. A tax is due to the state on death. The assets are passed on to the family heirs, charitable groups or friends.
Why should one opt for online assignment help?
The online assignment experts provide the students with complete solutions of the assignments. They support the students to develop a financial plan for the individuals and get good grades in the universities. The online assignments help services have a team of experts who possess great experience in their respective fields. The online experts work on the principles of ASAP which means that the assignments they provide are plagiarism free, affordable, professional and available. The professionals complete the projects in synchronization with the guidelines provided to students by the universities.
