What Is Personal Financial Planning?

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What is Personal financial planning? Personal financial planning is the process of managing your money to achieve personal economic satisfaction (McGraw-Hill, 2010). Did you know that financial decisions affect people and their living situations due to age, their income, health and household size (McGraw-Hill, 2010)? Well, that is why financial planning plays a major part in society today. When trying to obtain a balanced lifestyle you have to follow the Personal financial planning process: figure out your current financial situation, develop realistic goals to be met, figure out other alternatives and evaluate them, and last but not least, you want to create a plan of action, review it and revise it (McGraw-Hill, 2010). In these five weeks of my Personal Finance class, our Professor had us set Short-term, Intermediate-, and Long-term goals. Now these goals had to deal with this topic, Personal Financing, and be realistic. Upon completing a worksheet activity at the end of Chapter two, I noticed that I need my own income that is one of my short-term goals that has to happen as soon as possible. The only other thing I can see myself needing to change is the emergency funds that is a wonderful idea and thing to have because you never know when you might have a financial emergency situation. Getting a job, opening a savings account, opening an emergency savings account, are my personal and short-term goals that I will have reach real soon. Intermediate goals, starting up a
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