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Personal finance is the application of the principles of financial economics to an individual's (or a family's) financial decisions.
A Question of Time
Personal finance is a detailed analysis of financial flows at various points in time. For example, we may receive employment income today, but have to pay college tuition fees next year. Mortgage payments, interest earned, insurance premiums, and numerous other financial flows are recurring events that repeat at monthly or yearly intervals. Because these involve several time periods, we have to ask "What role does time have in these financial calculations?".
We know that if we deposit money in a bank account we will receive interest. Because of this, we prefer to receive money today rather than in the future. Money we receive today is more valuable to us than money received in the future by the amount of interest we can earn with the money. This is referred to as the time value of money. To adjust for this time value, we use two simple formula. The present value formula is used to discount future money streams, that is, to convert future amounts to their equivalent present day amounts. The future value formula is used to convert today's money into the equivalent amount at some time in the future.
All personal financial planning done by professionals uses these time value formula, as well as several more complicated variants of the formulas. To ignore the role that time plays in financial planning is to ignore one of the most important principles of personal finance.
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AARP - Money and Work - Discussion of money matters in considerable depth, especially those related to people who have retired or are planning to in the near future.
Meta Description: [ AARP Money and Work brings you the best of our financial planning, career and job resources, consumer protection, pension and social security, low income help, more, all tailored for people over 50+.
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About.com: Financial Planning - Information on personal financial planning, including budgeting, savings, investing, retirement, insurance, and taxes.
Meta Description: [ A complete guide covering all aspects of financial planning including creating a budget, saving money, planning for college, retirement, taxes, insurance and much more. ]
American Savings Education Council - A coalition of government and industry institutions to educate people on all aspects of personal finance and wealth development, including credit management, college savings, home purchase, and retirement planning.
Bankrate.com - An online publication that provides consumers with financial data, research and editorial information on non-investment financial products.
Meta Description: [ Free, objective information and rate quotes for consumer bank products such as mortgage rates, home loans, credit cards, CDs, auto loans, home equity loans, money market funds, personal loans, checking and savings accounts. ]
BusinessWeek Online: Personal Investing - Stories, statistics and tutorials about topics of financial interest.
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CBS.MarketWatch: Personal Finance - Tips and stories for managing your personal finances.
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CCH Financial Planning Toolkit - Information to manage one's personal finances, including investments, insurance, risk and asset management strategies, and tax, retirement and estate planning.
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CNBC.com: Personal Finance - Articles on investing, retirement, insurance, loans and taxes.
Meta Description: [ Investing home page features investment tools like stock quotes, charts, a portfolio manager and much more. Plus market news and financial commentary from our award-winning MSN Money journalists. ]
CNN/Money - Combines practical personal finance advice, calculators and investing tips with business news, stock quotes, and financial market coverage from the editors of CNN and Money Magazine.
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CNN/Money: Personal Finance - News and advice on money issues.
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Discover Learning, Inc. - Provides personal finance education books, workshops, and e-learning services.
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workshops, e-learning, live distance learning, & advice on maximizing money. Education topics include
employee 401(k), 457, 403(b) or defined benefit plans; financial & retirement planning;
financial & legal advisors. ]
Epinions: Finance - Consumer-generated reviews, buying tips and advice, ratings, price information, and searchable in a variety of ways from price to product type.
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Forbes.com - Personal Finance - Financial information previously published in the print version of Forbes.
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Fundamentals of Financial Planning - Provided by FSU to educate consumers in the fundamentals of financial planning.
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GE Center For Financial Learning - Comprehensive source for personal finance information and education.
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Institute of Consumer Financial Education - Offers financial education for all age groups with a special section devoted to teaching children about money.
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International Foundation for Retirement Education (InFRE) - A not-for-profit educational foundation dedicated to empowering working Americans with the motivation and capability to save and plan for a successful retirement.
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Is Your Financial Security at Risk? - Provides information and a guide to developing a plan for managing financial risks.
Kiplinger Online - Investing, personal finance, calculators and financial advice.
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MsFinancialSavvy.com - Offers personal financial topics geared towards women.
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MsMoney.com - Resource for women to learn about financial planning, personal finance and investing.
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Mymoney.gov - Financial Literacy Education Commission - Starting point for information intended by the US government to help improve the financial literacy and education of persons in the United States.
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MyPrimeTime Money - Offers stock market tips, investment guidance, retirement planning resources, tools and calculators.
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National Partners for Financial Empowerment - Coalition of groups dedicated to helping improve personal finance skills, including money management, saving, investing and credit in United States today.
Meta Description: [ The National Partners for Financial Empowerment (NPFE) is a growing coalition of consumer and community organizations, corporations, business organizations, federal, state and local governments, and non-profit groups dedicated to helping improve personal finance skills, including money management... ]
NoFeeBoards.com - Discussions mostly about personal finance topics, especially related to saving money and investing wisely.
Personal Budgeting and Money Saving Tips - Planning a household and family budget with worksheets and tips on saving money.
R Block - Planning and Learning - Sections include Tax 101, life events and stages, budgets and saving, college, retirement, and calculators and tools.
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Smartmoney.com: Personal Finance - Links to articles covering a range of topics where monetary planning is or should be involved.
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The Actuarial Foundation - Seven Life-Defining Financial Decisions - 64-page PDF-format booklet. Covers big decisions that are made, consciously or unconsciously, that can affect one's income and life's goals.
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The JumpStart Coalition for Personal Financial Literacy - Purpose is to evaluate the financial literacy of young adults; develop, disseminate, and encourage the use of guidelines for grades K-12; and promote the teaching of personal finance.
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The Motley Fool - Investing information and an enjoyably useful site. Updated hourly.
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The New York Times - Your Money - Articles and features on investing, pensions and retirement plans, mortgage rates, mutual funds, the stock market, bonds and notes. Also has company research, earnings reports and market insight.
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Forbes.com - Personal Finance - Financial information previously published in the print version of Forbes.
Meta Description: [ Personal Finance - Get financial advice and information from Forbes.com. ]
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