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Students pursuing specialized degree courses in economics need professional financial planning assignment help. To assist them, MyAssignmenthelp.expert has introduced finance assignment help tutoring services for the students of Australia, the UK, and the USA. If you need guidance in financial planning or personal finance management assignment, you can refer to our Ph.D. qualified guides for the best assistance. Personal finance or personal finance planning is one of the three main areas of finance (the other two being corporate financial planning and public financial planning). It refers to the management a person needs to obtain, budget, save, and spend monetary resources over time, keeping in mind various factors like financial risks and future life events.
According to the Financial Planning Standards Board, there are five major areas of personal financial planning. They are:
Cash flow management is concerned with the financial position of a person. It considers the cash inflows and the cash outflows and determines whether the total outflow is equal to the inflow. In other words, whether the income generated by a person is adequate to meet his monthly expenses is the primary concern of cash flow management. Cash flow analysis also takes into account whether a person is spending more than what he is earning. The net worth is calculated by adding all the assets of a person and then subtracting all the liabilities from the assets at a given moment. We can also have a monthly balance sheet, following the same method. This cash flow management helps an individual note the financial solvency and set financial goals. This is the primary domain that requires personal finance planning and business decisions.
Achieving positive cash flow is essential. A positive cash flow occurs when the total amount of income from all the sources exceeds the full amount required; the outgoing cash flow is greater than the flow of the incoming money. If you have negative cash balances, you need to either cut costs or increase your income level. Here is a typical cash flow statement example of how to do personal finance planning:
|
Cash Flow Statement for the month ending December 31st, 2013 |
|
|
Income |
Expenses |
|
Earned: 10,000
Investment:5000
Other: Pension: 2500
Social Security:2500
|
Fixed Expenses: Savings: 7500
Variable Expenses: Necessary : 12,500
|
You can refer to our finance planning assignment help for a detailed study of cash flow analysis.
Risk management takes into account unforeseen acts in the future. Some of the significant risk areas are death, disability, loss of property, health, etc. Complete financial planning helps you to cover all the potential areas of personal risk. The specialized financial planners will provide impeccable financial planning help to you. However, there are several risk areas where a separate insurance cover is required. For example, only 20 percent of the homes at risk for floods are covered by insurance in the US. Most of the insurance companies do not provide flood protection cover. Some insurance companies offer high-value insurance cover for expensive homes. After hurricane Katrina, some regions made flood insurance for high-risk areas compulsory for getting bank mortgages. Personal insurance has become extremely important in recent years. Many athletes, celebrities, business owners require separate insurance plans to protect themselves adequately. Our specialized finance accounting assignment help can enrich you with a detailed analysis of risk management.
Investment Planning
Another critical area of personal finance planning is investment planning or financial planning. It refers to the planning for the accumulation of adequate wealth to make large purchases. Significant instances of asset accumulation include the purchase of a car, house, luxury items, etc. In addition, life events like marriages, starting a family, etc., are also a part of personal finance planning, which requires a financial planner’s help.
Achieving these goals require reasonable anticipation of how much these acquisitions would cost in the future. A particular problem that arises with savings is that the savings that a person is likely to have would no longer be good for the future due to inflation. So suppose a person saves 10,000 dollars in anticipation of a future purchase, then at the time of that purchase, the purchasing power of 10,000 dollars would no longer be the same. Or in other words, 10,000 dollars would not be able to buy the same amount of items you can buy at present as such mere savings would not be good. Therefore, a person needs to make some investments that would pay him high rates of return. Therefore a person needs to consult a financial planner who would use a combination of asset earmarking and savings to be invested in various investment options. The investment portfolio or the collection of investments that a person holds needs to counter the effects of inflation.
In other words, the return on these investments should be such that they would be higher than the rate of inflation. A financial planner usually helps an individual to make up his investment portfolio. However, it should be remembered that investments are subjected to market risks. As such, investments should always be made, considering his present cash flow analysis, an individual's financial goals, risk tolerance, and cash flow statement example. We have another interesting article on risk management in a corporate context for students requiring finance assignment help.
Tax planning
Thoughtful planning for taxes is required to optimize the tax policies and the benefits of tax rebates and discounts which governments offer. Our financial planning assignment help tutors discuss these tax planning and provisions in detail. Typically the income tax constitutes the single largest item on the list of taxes for working individuals. Tax management is therefore essential for individuals to get the maximum benefit from paying taxes. It is regarded as the most crucial aspect which requires personal finance management. Managing taxes is not a question of if you will pay taxes, but when and how much. Governments throughout the world give tax rebates and deductions for various reasons. Further, most governments follow a progressive tax structure. The cash flow analysis and the cash flow statement can give you a brief idea about the possible tax planning of the respective individual.
In the United States, for instance, both the federal government and state governments tax working adults. The income which can be taxed after deduction is called a taxable income, while the total income, which includes both taxable income and deductibles, is called gross income. A person in the USA is qualified for tax deductions if
Apart from these personal deductions, there are a couple of itemized deductions. They are:
To compute tax, a person needs to find out the tax bracket within which the income falls. If the income falls in multiple tax brackets, a person needs to find out the various taxable incomes according to all the possible tax brackets and then add them to get total taxable income. So, proper financial planning is required.
How to compute taxes: Calculating income tax is an essential part of finance assignments. Our finance planning assignment help and finance assignment help services include various examples to understand the concept. Suppose we have a person earning 300,000 dollars a year, and we have the following tax brackets:
|
Taxable income ($) |
Tax bracket (%) |
|
0 – 8500 |
10 |
|
8500- 34,500 |
15 |
|
34,500- 83,600 |
15 |
|
83,600- 174,400 |
28 |
|
174,400- 379,150 |
33 |
The 300,000 dollars would be taxed at different rates for different chunks of money the person is making. In the above tax structure, $300,000 will fall under all five tax brackets.
So divide the money into different chunks of taxable incomes. For 300,000 dollar income, the various taxable chunks would be:
To calculate the various tax slabs within which your taxable income can fall, multiply the taxable income with the percentage of taxes of that income bracket.
So,
8500 x .1 = $ 850
26,000 x .15 = $ 3900
49,100 x .25 = $ 12, 275
90,800 x .28 = $ 25,424
125,600 x .33 = $ 41,448
Total taxable income = $ 83,897
But this is the base rate. The taxable person will enjoy several deductions based on the tax laws of the country. So if the person has children or is paying interest on something or has governmental bonds and securities, deductions will occur. This will have to be calculated according to the appropriate tax laws. This is a basic example of how income tax can be calculated. If you need detailed explanations with additional examples, subscribe to our financial planning assignment help. From the most eminent financial planners, they will provide the best and unique support to help you compose your finance planning assignment without any hassle.
Estate Planning
It involves planning for the disposition of a person's assets when he dies. Typically, there is a tax due to the state or federal government at the time of a person's death. Estate planning, therefore, requires careful liquidation of property for the benefit of the family and relatives. Failing to do so can sometimes result in the liquidation of the property by the government, which may not include the family of that person. Our financial planning assignment help discusses estate planning intensely.
Students lack the skills needed to accomplish these assignments from scratch. Therefore, MyAssignmenthelp.expert has launched financial assignment help and planning assignment help services to provide extensive guidance to the students. This assistance by Ph.D.-qualified subject specialists is known for its impeccable quality. Our service will support conducting a concise and transparent cash flow analysis, an integral part of these assignments. Followed by lucid cash flow statement examples and cash flow statements, it will make these topics crystal clear to you. Our financial planning help also provides a comprehensive case study to understand and deduce future economic conditions. So, don't wait any further and refer to our finance planning assignment help and finance assignment help services to clear your confusion and secure excellent grades.
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The core elements of financial planning are:
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