Financial goal in the context of "Financial management"

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⭐ Core Definition: Financial goal

Personal finance is the financial management that an individual or a family unit performs to budget, save, and spend monetary resources in a controlled manner, taking into account various financial risks and future life events.

When planning personal finances, the individual would take into account the suitability of various banking products (checking accounts, savings accounts, credit cards, and loans), insurance products (health insurance, disability insurance, life insurance, etc.), and investment products (bonds, stocks, real estate, etc.), as well as participation in monitoring and management of credit scores, income taxes, retirement funds and pensions.

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Financial goal in the context of Capital accumulation

Capital accumulation is the dynamic that motivates the pursuit of profit, involving the investment of money or any financial asset with the goal of increasing the initial monetary value of said asset as a financial return whether in the form of profit, rent, interest, royalties or capital gains. The goal of accumulation of capital is to create new fixed capital and working capital, broaden and modernize the existing ones, grow the material basis of social-cultural activities, as well as constituting the necessary resource for reserve and insurance. The process of capital accumulation forms the basis of capitalism, and is one of the defining characteristics of a capitalist economic system.

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LINKED FROM (PARENTS)
← Capital accumulation ← Accumulation of capital ← Law of accumulation
LINKS TO (CHILDREN)
Financial management → Personal budget → Financial risk → Checking account → Savings account → Credit card → Loan → Health insurance → Disability insurance → Life insurance → Bond (finance) → Capital stock → Real estate → Credit score → Income tax → Retirement plans in the United States → Pension →