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Mastering Personal Finance: A Comprehensive Guide to Budgeting and Net Worth Management

Navigating personal finance is crucial for achieving financial stability and planning for the future. This guide covers essential topics such as budgeting, understanding net worth, income versus expenditures, and managing debt. Learn how to effectively analyze your assets and liabilities to assess your financial health, plan for unplanned expenses, and set savings goals. It provides a step-by-step approach to developing a financial plan, from calculating your net worth to planning for retirement. Equip yourself with the skills and knowledge to secure your financial future.

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Mastering Personal Finance: A Comprehensive Guide to Budgeting and Net Worth Management

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Presentation Transcript

  1. Personal Finance Budgeting

  2. Financial Planning • Net Worth • Income • Expenditures • Unplanned Expenditures • Debt • Savings

  3. Net Worth • Net Worth = Assets – Liabilities • How much of what you own do you actually own? • Many Americans have a Negative Net Worth • 65% <100,000 dollars

  4. Income • Work • Career Planning • Need • Skill Level • Education Level • Ability • Pay • Net Income vs. Gross Income

  5. Average Starting Salaries by Education

  6. Expenses • Housing – 30% • Utilities – 5% • Food – 15% • Transportation – 10% • Insurance – 5% • Household Expenses – 5% • Leisure – 5% • Savings – 10% • Debt Repayment – 10% • Misc – 5%

  7. Debt • Expenditures above income • Credit Cards • Loans

  8. Planning • Education • Rainy Day • Large Purchases • Family • Charity • Retirement

  9. Financial Plan • Plan for Budget • Step 1: Net Worth • Step 2: Income • Step 3: Expenses • Step 4: Taxes • Manage Liquidity • Plan for Financing • Manage Risk • Plan Investments • Plan Retirement • Keep Records

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