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BUS 121- Managing Personal Finances.pdf - Introduction to...

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Dr. Dirisu, J. & Dr. Amaihian, A.Introduction to Business II(BUS 121 )MANAGINGPERSONAL FINANCES
Lecture objectivesAt the end of this lecture, the students should be able to:Describe the importance ofpersonal financial managementIdentify the significance of money management and budgetingIdentify the difference betweengross incomeandnet incomeCreate a personalbudgetRecognizemoney wastersIdentifydebtand debt-management resourcesIdentify wise use of creditDescribe the importance of savings and investmentsProtect yourself from identity theft5/27/2020
Overview of Personal FinancialManagementPersonal financial management:This is theprocess of controlling your income andexpensesPersonalfinancialmanagementcoversaspects of financing like accessing theneed of capital, raising sufficient amountoffunds,costoffinancing,budgeting,maintainingliquidity,lendingpolicies,borrowing policies, and dividend policy.5/27/2020
Overview of Personal FinancialManagement contd.Personal finance refers toall financial decisions and activities ofan individual or household, includingbudgeting, insurance, mortgageplanning, savings and retirementplanning.” Understanding these termscan help you better control your fundsand prepare forfuture financial success.5/27/2020
Overview of Personal FinancialManagement contd.Managing personal finances is essential toone’sfinancialwellbeing.Moneymanagement is a critical function in self-management.Itaimstogivethepowerandtheknowledge to take control of the money.It provides the means to keep track ofpersonalexpenses,personaldebtandsubsequentlyhelpsincalculationandenhancement of personal net worth.5/27/2020
Personal Financial ManagementIncomeIncome:This refers to moneycoming in from:ParentsGrantsStudent loansJobAfter college, your income mostlikely will increase5/27/2020
Personal Financial ManagementExpenseExpense:money going outCommon college expenses include:TuitionText booksSchool suppliesHousingTransportationHobbies and entertainmentThese are life needs5/27/2020
Framework For Personal Finance1)Financeandrelateddiscipline:The base of personalfinancial management comes from recommended practices fromEconomics, Accounting, and Information Technology.

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