Master Personal Finance Mastery with 224 free flashcards. Study using spaced repetition and focus mode for effective learning in Business.
The management of an individual's money — earning, saving, spending, investing, protecting.
A plan for how income will be spent and saved.
50% needs, 30% wants, 20% savings and debt repayment.
Needs are essential for life; wants are preferred but not required.
Total assets minus total liabilities.
Something you own with monetary value.
A debt or financial obligation.
Money coming in vs going out.
Gross is before taxes; net is after.
Net income after taxes and deductions.
Cash reserves for unexpected expenses or income loss.
3-6 months of essential expenses; 6-12 for variable income.
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