Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
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
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Explanation of Solution

The advantages of utilising personal financial planning techniques while managing person X finance:

The following are the benefits of using personal finance techniques they are,

  • 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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