FIN533 GROUP PRESENTATION: MANAGING PERSONAL FINANCIAL STATEMENTS AND BUDGETING & ESTATE PLANNING

GROUP 1 FIN533 GROUP PRESENTATION: MANAGING PERSONAL FINANCIAL STATEMENTS AND BUDGETING & ESTATE PLANNING

Hi my name is abdikuan and i will present to you about background of our topic what is personal financial statement personal financial statement is a spreadsheet that details the asset and liabilities of an individual couples or business at a specific point in time that’s mean you’ll plan your financial plan according to the spreadsheet you have listed when

You have listed down this thing you can see how well your financing and you also can compare it with planning and without planning which one will save you more that is personal financial statement it will help with your financial money next is budgeting budget is an estimation of revenue and expenses over a specific period over a specific future period of time

And is utilized by the government businesses and individuals this method also will help to analyze your financial planning whether it is good or not for yourself last is estate planning estate planning is the is to determining how an individual asset will be preserved managed and distributed after your desk this planning is important to ensure your wealth

Is distributed fairly to your heart my name is muhammad i’m in vermont varsity from group 1 and in this video i will present about the purpose of our report topic first is personal financial statement personal finance statement is a term to describe financial management practices the purpose of having personal finances statement is it can help us to manage

Our money through budgeting spending and saving it is an important part of not only managing our day-to-day financial needs but also planning our financial in the future by understanding the important element of a personal financial statement it can bring a lot of benefits for individuals to better understand opportunities to improve individual finance this

Understanding can help our budget for current needs while planning for long-term financial goals second is budgeting purpose the main purpose of budgeting is to achieve a clearer vision of our finance so we can begin to plan our spending and saving and take control of the use of our money it also can help us to reduce expenses and get more savings because a

Budget allows us to organize and analyze our money and to make the best financial and spending decision lastly is about estate planning purpose estate planning refers to a definite plan for the administration and disposition of one properties during one lifetime and add one debts the purpose of having estate planning is it can help us to devise a strategy for

Determining who will receive our sets it also specifies how we want to handle them on our own for some reasons hello and assalamu alaikum my name is muhammad afan and today i’m gonna present about the importance of managing personal financial statement and budgeting and the importance of estate planning first importance of managing personal financial statement

And budgeting is it might be helpful to be prepared for emergencies the emergency fund can be used for unexpected illness accident or loss of income secondly managing personal financial statement and budgeting will help us not spending money that we barely have some people who really enjoy buying things with their credit card as example will face a problem

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Of paying it back later thirdly managing personal financial statement and budgeting will help us overcome bad spending habit making a budget simply will force you to take control of your spending habits lastly managing personal financial statement and budgeting will help us adjust the expenditure flexibly we can help separating funds between categories as

Needed during the month by managing personal financial statement and budgeting assalamu alaikum hi i’m munget daniel and i would like to talk about the current issue the first current issue that is pandemic highlights needs for personal financial planning so knowing how to spend save and invest money may not have seemed like a critical concern during more

Fortunate times but this coveted 19 is now uh pending malaysians financial fortunes and appendix is driving individuals to see that financial financial literacy is a necessary survival skill without problem may assure especially when a global or personal catastrophe comes so the financial literacy simply means understanding enough to make sensible and

Responsible decisions about personal finances and one important component is having enough financial knowledge to construct an emergency fund people should be knowledgeable uh enough to spend so carelessly about that bankruptcy is unavoidable but also not to how their savings instead of investing them so only to you to lose everything just under half of

Responders indicated they still spend exactly what they earn or more and just over half said that they could manage for more than three months of their savings if they lose their jobs so moving on to the statistical information so the statement that the more you earn the more you save this statement is no longer valid in this era so according to the study

Findings the middle income trap is particularly prevalent among malaysian is that higher incomes do not value higher savings so they discovered that 88 of malaysians earning between two thousand ringgit and five thousand ringgit per month save less than one thousand ringgit each month uh moving on to sixty seven thousand percent of malaysians earnings between

Five thousand ringgit and 10 000 ringgit per month save less than 1 000 ringgit each month and lastly is 31 of malaysians earning more than 10 000 per month save less than 1 000 each month so what is obvious is quite concerning nearly one-third of malaysians earning more than 10 000 ringgit per month usually consider a high income bracket do not save even 10

Of their earnings on the other hand uh two-thirds of malaysian earnings between five thousand ringgit and ten thousand ringgit per month save less than one thousand ringgit per month thank you next we will discuss about the importance of estate planning the importance of estate planning including it will ease the process of segregating the estate estate

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Planning is needed to ensure that the estate owned will be left to the right beneficiaries second importance of estate planning is to plan how the assets are being managed during the lifetime of the owner if the owner is still alive but couldn’t handle the assets because of illness or accident estate planning can help the owner to manage the assets thirdly

Estate planning helped to ease the process of transferring the assets if the assets owner didn’t do the estate planning it will take a long time to transfer the assets to the beneficiaries fourthly estate planning will help the owner and beneficiaries to avoid and reduce taxes and fees in the process of transferring and segregating many taxes and fees need to

Be paid by the beneficiaries estate planning helped them by avoiding or at least reducing the taxes and fees that’s all from me thank you for listening my name is muhammad i will present about estate planning from the aspect of current issue and statistical information before i go any further i want to explain briefly what is aesthetic planning estate planning

Is the process of appropriately distributing or trusting an individual asset throughout his or her lifetime or after death it is a retirement planning that consists of two components estate building through insurance saving and investment and giving away one’s property or asset as one wishes after death win farah and heba are among the tools used in aesthetic

Planning to determine how one’s possession should be distributed the current issue arise in estate planning is there is contention or disagreement between family members or beneficiary on distribution of the estate this is because the estate planner failed to discuss or brief in advance to the family members or beneficiary regarding the estate planning so it

Is important for the estate planner to plan well on how to distribute his estate statistical information i choose will to explain about it from the pie chart above we can conclude from the data above the people in the city have knowledge and understanding of the need of creating a will there are several reason why people particularly those in rural areas are

Unaware of the need for estate planning to begin with many people tend to ask to take estate planning for granted some of them believe that writing will is reserved for the elderly yet wills can be written by anybody who is of sound mind and is of a legal age young individuals frequently make excuses such as i’m still young and i don’t have enough asset to write

A wheel to delay or avoid estate planning they should not think this way because greater asset planning in the future will benefit them so that’s all from me thank you very much moving to our next uh statistic information is about hiba heba is method of inheritance planning those functions similarly to offering a gift without expecting anything in written

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Hiba is disturbed from the other instrument because unlike will and farah it has no limitation giving the selected beneficiary the test asset is entirely up to them the recipient could be anyone that they give choose to give to and is not limited to the family members if the giver share the wealth voluntary they can donate the asset to their buddy friend

And even teachers in other words heba is a payment made to a family member who does not fall under far right or will without requiring them to go to uh a stillness process based on figure besides we can infer that since 2010 a growing number of people have begun using hiba estia estate planning the statistics showed that heba application in slango increased

Every year since 2010 but due to certain reason hiba application in 2019 increased dramatically from 73 million to 130 million ringgit but the heba application number dropped again at 2020 to 71 million we which is less than 2018. in conclusion managing personal financial statement budgeting and estate planning is very important to every individual the

Issue writing above show that malaysian financial management literacy is still moderate and may be improved managing personal financial statement will help them in many ways especially in spending investing and saving the money the the personnel financial statement and planning are important for being prepaid for emergency meanwhile estate planning will make

The process of distributing the estate easier after someone has died and through preventing potential conflict and issues between family members and family members as for recommendation you need to manage your personal financial statement and budgeting you need to list down your financial goal for long term goals and short term goals this is very important

And you need to take some time to specify on these goals example for long-term goals it’s like when you’re planning to travel overseas for a week that will cost you extra cost which consists of flight tickets hotels foods and beverage and many more short term goals doesn’t use much money because short-term goals is like spending money according to the budget

Or not using credit card when used when going shopping this will help you to prioritize which one will cost you more and which one is important first when you already set all your goals you will more stable financially and more effective are saving in future second one is estate planning estate planning has an issue where estate planner failed to discuss with

Each other to on how to distribute the properties estate planning is a thing that you should have done when you was still young and capable in doing much things don’t neglect your duty and make sure you are fair enough to distribute the properties that’s all from us thank you

Transcribed from video
FIN533 GROUP PRESENTATION : MANAGING PERSONAL FINANCIAL STATEMENTS AND BUDGETING & ESTATE PLANNING By Aidil Rosdi