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Personal Finance And Investing Essay

4523 words - 18 pages

1IntroductionThis financial report has been requested by Sally and using the information provided, I have compiled in accordance with the Accounting Principles and Procedures a special purpose financial report of Sally for the year ended 31 December 2009 as set out in the proceeding pages.The specific purpose for which this report has been prepared is set out in sections 1.0 - 9.0. The accounting standards have not been adopted in the preparation of this report. The intent of this financial report is to investigate the personal finance and relevant investment options regarding Sally's information; also additional options available for any savings.With quite a few necessities in life being out of most persons price range, it is only through personal finance and investment in which it makes it possible to afford some of life's requirements. The personal finance, relevant investment and additional saving options are listed as below. Personal finance options include a personal loan, a credit card and or a car loan. Investment options such as cash management, fixed interest and bonds, shares, property and; diversified and specialised funds. And additional saving options such as an everyday savings account, sub account and everyday online savings account.This personal finance, relevant investment, saving options and information provided will be analysed, interpreted and compared to provide any possible application to the financial advisee, Sally.This special purpose financial report was prepared for the benefit of Sally and purpose identified above. Using the information and options gathered in this report, Sally should be in the position to make informed decisions on which personal finance, investment and saving options apply to her needs.Daniel ReynoldsStudent Accountant2Sally's Viewpoint of Personal FinanceSally is a university student, living at home. She has a part time job which pays $200 net (after tax) per week and covers her living expenses but leaves little for savings. Sally wants to purchase a 1994 Toyota Camry that costs $4000. A personal budget will be used to assist Sally in repaying a minimum debt of $4000 for the personal finance necessary in the purchase of a vehicle. (Personal Finance and Investing, 2009) (Appendix A: Personal Budget of Sally in University)However, Sally is unsure whether to apply for a personal loan or a credit card. She will graduate in two years and earn a starting wage of $30 000 per annum after tax. (Personal Finance and Investing, 2009)3Personal FinanceThese are the accounting terms necessary for Sally to understand, which will assist her in making informed decisions on the principles of personal finance.Personal Finance - Personal finance is the application of the principles of finance to the monetary decisions of an individual or group. (Beaumont, Stacey, 2008)Personal Cash Budget - A personal cash budget is a tool that is used to assist in managing finances in a responsible manner. They forecast expected...

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