Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN: 9780357033609
Author: Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher: Cengage Learning
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Chapter 1, Problem 1LO
Summary Introduction
To discuss: Benefits of personal financial planning techniques while managing person X finance.
personal financial planning is a systematic process of considering important elements individual’s financial affairs and aimed to fulfil their financial goals.
Expert Solution & Answer
Explanation of Solution
The advantages of utilising personal financial planning techniques while managing person X finance:
The following are the benefits of using
- Avoid debts: The main benefit of managing personal finance efficiently is to avoid debts. By reducing usage of credit cards helps to reduce expenses and try to save money for future.
- More savings: By following proper management plans try to save money for future purposes it will helps during the time of retirement.
- A proper financial plan will helps to develop an abundance mind set.
- Future visibility.
- It improves risk management.
- It helps to improve the standard of living
- It ensures one to spend money wisely
- It generate wealth maximization
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Chapter 1 Solutions
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
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Pfin (with Mindtap, 1 Term Printed Access Card) (...FinanceISBN:9780357033609Author:Randall Billingsley, Lawrence J. Gitman, Michael D. JoehnkPublisher:Cengage Learning
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ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Cengage Learning