06/23/2016
In our Personal Financial Planning, we need to control our financial resource more efficiently. It allows us to gain more enjoyment from our income and thus improve our STANDARD OF LIVING- the necessities, comforts, and luxuries we have or desire.
In order to improve your standard of living, please pay attention to the following two points:
1. SPENDING MONEY WISELY: whatever your income, you can either spend it now or save some of it for the future. Determining your current and future spending patters is an important part of personal money management. the goal, of course, is to spend your money so that you get the most satisfaction from each dollar.
2. ACCUMULATING WEALTH: In addition to using current income to pay the everyday expenses of living, we spend it to acquire assets such as cars, a home, or stocks and bonds. Personal financial planning plays a critical role in the accumulation of wealth by helping to direct our financial resources to the most productive areas.
