A Review Study on Personal Financial Planning Process

Dr. P.V. Mohini, Prof.P Veni

Abstract


Personal financial planning is a process of determining an individual's financial goals, purposes in life and life's priorities, and after considering his resources, risk profile and current lifestyle, to detail a balanced and realistic plan to meet those goals. Personal financial planning is the process of managing money to achieve personal economic satisfaction. This planning process allows controlling financial situation. Every person family or household has a unique financial position of its own and any financial activity therefore be carefully planned to meet specific needs and goals. A wise planner has to take hundreds of decisions every day. Most of these may be quite simple and have few consequences, but some are complex and have long-term effects on personal and financial situations. This paper reviews the concept of personal financial planning process and its dynamics.

 


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