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Personal Finance Definition

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Managing personal finance is stressful. Understanding how to manage your finances will not only help you out personally, but can be beneficial when it comes to business or individual success. Most in a way that is easy to see or recognize, knowing how to manage your own personal finance helps you to know how to manage not only business finances, but set goals and create basic skills in planning and decision-making, this is helpful if you're running your own business.

Based on my research, most people who create a financial plan for themselves with goals and benchmarks are the most successful at reaching their goals. Personal financial planning is one of the most difficult personal plans, that most people need to learn. Financial literacy, …show more content…

This is the agreement to receive something of value now and the promise to repay in the future with interest. It can also refer to the borrowing capacity of an individual or company has. Credit Card
A small plastic card that is used to buy things that you agree to pay for later. Every time you use your credit card, you barrow a money in the bank. Usually, there is a one month free interest, and then interest payment will start coming in if you don’t pay your bill in full. Debt
An amount of money that you owe to a person, bank, or company. Debit
This is an amount of money that is taken from an account. In an accounting entry, this is either an increase in assets or decrease in liabilities. It is the opposite of credit in an accounting entry. Debit Card
A small plastic card that is used to buy things by having the money to pay for them taken directly from your bank account. When you make, a purchase using your debit card, you’re using your own money. A debit card contains a debit …show more content…

Many people place money into a deposit in a bank to earn interest. You cannot earn that filling all the cash inside your storage. Depreciation
This is the decrease in value of something or to have a lower price. When an asset is depreciated, you spread the cost of purchasing the asset over the years it was used in the business. When profit is viewed each year, the costs are accurately reflected. Income must be match with

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