Personal finance key components are financial planning. It is a dynamic process which needs the regular monitoring. Basically, it has 5 steps: Assessment Setting goals Creating a plan Execution Monitoring As suggested by Financial Planning Standards Board 6 key areas of personal finance are: Financial Position Financial position is basically concerned with the understanding of the resources available with people by the household cash flow and net worth. Net worth contains an individual's balance which is calculated by adding all the assets which is held by an individual's control minus all the liabilities held by them in their house during that time whereas household cash flow contains all ...

Any person who knows the value for money will have a desire for achieving financial freedom. But only a few people work towards achieving this goal of financial independence. This article covers the basic differences between a successful planner and one who is struggling to have financial independence. Relationships play an important role on your plans to get financial independence. Let us see why? Toxic Relationships Effect badly on your financial independence If you have any of your friends as a divorcee or you know any person who is a divorcee then you would be surely aware of his loss of financial assets. ...