ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -#1 Income. Income refers to a source of cash inflow that an individual receives and then uses to support themselves and their family. It is the starting point for our financial planning process.

Detailed explanation-2: -Income. Income is the starting point of personal finance. It is the entire amount of cash inflow that you receive and can allocate to expenses, savings, investments, and protection.

Detailed explanation-3: -1. Financial goals. You can’t make a plan until you know what you want to accomplish with your money-so whether you’re creating it yourself or working with a professional, your plan should start with a list of your goals, both big and small.

Detailed explanation-4: -1) Identify your Financial Situation The first stage of the financial planning process constitutes assessment on what is happening in your life right now and how you can change your financial situation.

Detailed explanation-5: -1) Let go of your limiting beliefs about money. 2) Take ownership of your money. 3) Always set a timeline for your money goals. 4) Build an emergency fund. 5) Create a diverse portfolio of investments. 18-Nov-2022