Financial stability is a worthy objective, but to achieve that, you need to know your personal financial status as well as things that shape your financial status.
5. Financial Status
• The financial standing of an individual in
respect to the objectives to be
accomplished
• The process of measuring a person’s
financial activities in monetary terms.
7. Your financial status is not determined by
how much you earn, but by your ability to
exercise control over your finances.
A person's financial attitude, value or beliefs can influence
their financial stability and goal setting, and can be an indicator of
financial management practices such as savings, spending, loan delinquency, and
credit card debt (Chien and Devaney, 2001; Parotta and Johnson, 1998).
8. Anything that attracts
your attention over a
period of time. Activities
that you enjoy.
Your hobbies, passions etc
Things that shape your financial status
Values:
These are principles or
standards that govern how
you behave. It is your
judgement of what is most
important to you in life.
(Financial security,
creativity, excellence etc)
Personal Interest
9. Your reasons for being
in existence and things
you want to
accomplish in life.
Things that shape your financial status
Temperament
Your nature, in-born
preferences.
Mission & Goals
10. Things that shape your financial status
Strengths
Skills
Abilities
Talents
Love for learning
Emotional intelligence
11. How to improve your
financial status
1. Discover yourself
2. Improve your Financial literacy/
intelligence
3. Save/invest more and control your
spending pattern
4. Embrace financial planning
12. DEVELOPING YOUR PERSONAL
FINANCIAL PLAN
Evaluate your current financial status
– What is the state of your income compared to your expenses?
Define your financial goal
– What are you targeting financially?
Develop a savings/investment strategy
13. WHEN SHOULD YOU START?
Start now that you are young,
and still have time on your side.