Which best describes what financial planning skills ultimately enable an individual to do
Prepare for the future Explanation: Personal financial planning is the term used to describe the way an individual or a family manage their finances to meet their short-term and long-term goals. It involves developing personal financial goals and making plans on how to achieve them. In developing and making plans, an individual considers the current and expected future income, present and expected expenditures such as medical health insurance expenses and school fees. An individual may opt to engage the services of a personal finance manager who advances on the savings and investments required to achieve the intended goals. Financial Planning Planning assists one prepare for the future.
A) To prepare for the future.
A. To prepare for the future
The best financial planning skills ultimately enable an individual to prepare for his future.
If an individual maintain a balance between his income and expenditure, in which he spends according to his income then it is considered as one of the best planning skills. If an individual’s expenditure is more than his income then there are chances to incurring debts.
FINANCIAL PLANNING Financial planning helps in ensuring availability of funds. Financial planning helps an individual to set short-term goals which is a crucial step to map out his financial plan. Financial planning helps an individual to make financial decisions and when an individual have financial plan, then it’s easier to meet his goals. There are several reasons why financial planning is important, like one can manage his income more effectively. It helps in increasing cash flow by carefully spending and monitoring expenses and patterns. If an individual make financial plan, then he can save money which can be beneficial in his difficult times. Learn more:
1. When trying to convince a friend not to drive after drinking, you should try:
2. How is the planning step done in the education process?
Subject: Social Studies
Topic: Financial Planning
Keywords: financial, income, expenditure, debts, expenses, planning, skills, decisions
To prepare for the future. Step-by-step explanation: By taking into account the possible sources of income as well as avenues of expenditure, along with plans for savings, health and/or life insurances, and other investments, financial planning skills help an individual to be better prepared for future.
Prepare for the future
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A) To prepare for the future
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