What is Personal Finance?
Summary
Mortgage payments, interest earned, insurance premiums, and other financial flows are recurring monthly or yearly events. On your personal balance sheet, you list all your assets (e.g., car, house, clothes, stocks, bank account) and give their values. Examples of financial goals are: “To retire at age 50 with a personal net worth of $800,000”, or “To buy a house in 3 years paying a monthly mortgage servicing cost that is no more than 25% of my gross income”. • Modigliani, F. and Bumberg, R. (1954) Utility analysis and the consumption function: An interpretation of cross-section data, Post Keynesian Economics, Rutgers University Press,1954. • Kwok, H., Milevsky, M., and Robinson, C. (1994) Asset Allocation, Life Expectancy, and Shortfall, Financial Services Review, 1994, vol 3(2), pg.
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