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  • Personal Finance Elementary

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    Fakhruddin Ahmed
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    This document discusses the basics of personal finance in 6 sections. It covers: 1) Planning with long term goals and strategies. 2) Creating budgets for financial plans over certain periods for projects. 3) Managing income, expenses, savings, reserves, charity and investments. 4) The relationship between income, expenses and savings, and how savings can be invested or used for reserves/charity. 5) Increasing income through education, skills, side businesses or passions. 6) Decreasing expenses by being frugal and avoiding high interest debt.

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    Pre-requisite for Personal Finance.

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    This document discusses the basics of personal finance in 6 sections. It covers: 1) Planning with long term goals and strategies. 2) Creating budgets for financial plans over certain periods for projects. 3) Managing income, expenses, savings, reserves, charity and investments. 4) The relationship between income, expenses and savings, and how savings can be invested or used for reserves/charity. 5) Increasing income through education, skills, side businesses or passions. 6) Decreasing expenses by being frugal and avoiding high interest debt.

    Copyright:

    © All Rights Reserved
    Flag for inappropriate content
    7 views6 pages

    Personal Finance Elementary

    Uploaded by

    Fakhruddin Ahmed
    This document discusses the basics of personal finance in 6 sections. It covers: 1) Planning with long term goals and strategies. 2) Creating budgets for financial plans over certain periods for projects. 3) Managing income, expenses, savings, reserves, charity and investments. 4) The relationship between income, expenses and savings, and how savings can be invested or used for reserves/charity. 5) Increasing income through education, skills, side businesses or passions. 6) Decreasing expenses by being frugal and avoiding high interest debt.

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    © All Rights Reserved
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    of 6

    PERSONAL FINANCE

    Elementary

    Prepared & Presented


    By
    FAKHRUDDIN AHMED
    www.befconsultancy.com

    1
    BASICS OF PERSONAL FINANCE

    1. Planning
    • Long term Vision & Mission
    • Aims, objectives & goals.
    • Strategy & Logistics
    2. Budgeting
    • Financial Plan
    • For a certain period of time
    • For a certain project/purpose

    2
    MONEY MANAGEMENT

    • INCOME

    • EXPENSE

    • SAVINGS

    • RESERVE/EMERGENCY FUND

    • CHARITY

    • INVESTMENTS

    3
    BASICS OF PERSONAL FINANCE
    (cont’d)
    3. Income & Expense
    • Income – Expense = Savings
    • Income>Expense- +ve savings
    • Income<Expense- -ve savings
    • Expenses = Necessities + Luxuries
    4. Savings & Investments
    • Investment = Savings - Reserve Funds - Charity
    • -ve savings = disinvestment/Reserve drawdown

    4
    BASICS OF PERSONAL FINANCE
    (cont’d)
    5. Increase Income
    • Education/Skill
    • More income streams
    • Side business
    • Passion
    6. Decrease Expenses
    • Frugal (Miser?)
    • No high interest debt
    (interest/profit/share/fees/commission/etc.)
    5
    6

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