I was born in a family of self-employed parents. Life experiences taught me a lot and influenced my decision to join Personal Financing Planning. As a businessperson, dad’s earnings were quite unpredictable and so was our life. We lived large whenever he won big contracts, and immediately cut down our expenses when the money was over. I wondered if we could manage the earnings and live decently like our neighbors. I found the answer in Personal Financing Planning. Every aspect “of individual or family finances” falls within the scope of Personal Financing Planning (Harrison 64). Investment decisions such as acquisition of property such as houses, and buying of shares fall within the scope of Personal Financing Planning. Life decisions like social security plans, insurance policies, and retirement plans are no exception. Lately, Personal Financing Planning has become extremely competitive. Many, having realized the need for financial guidance is on the rise, have taken to the career. However, to gain and maintain competitive advantage, market awareness is critical. One also needs a deep understanding of his or her clients. Certification in Personal Financing Planning requires interpersonal skills and educational qualifications. Foremost, a Personal Financing Planning practitioner must have at least a bachelor’s degree, most preferable in business administration, finance, economics or accounting. Since the job involves making hard decisions on when, where, how and why to invest, having accounting knowledge is an added advantage (Harrison 93).
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People view Personal Financing Planning practitioners differently. There are those who think it is a field of those too interested in knowing people’s affairs, and those who see it as a profession just like others. However, it is understandable because not all people will like a profession be it medicine, laws or teaching. Generally, Personal Financing Planners are respected members of the society. As a Personal Financing Planning practitioner, I may say the earnings are relatively good. Though it is hard to say specifically how much I make every month, it is easier to say the reward is competitive. The greatest challenge in Personal Financing Planning is the uniqueness of every case. One has to work very hard in solving every financial problem since people go through different financial situations requiring unique solutions. This keeps you in constant competition with their needs for you must find a solution to every problem regardless of its complexity. Another big challenge is how to handle the information from clients. Many people consider their financial information confidential and expect you to do the same, which is at times hard. Every occupation has its hazards. A pilot crashes with his plane, a soldier dies in battlefield, and a thug dies before a firing squad. Personal Financing Planning is no exception. There are those who will always blame you even when they failed to play their part in implementing your suggestions. Since most decisions made in Personal Financing Planning involve considering future financial market trends, one is always under pressure analyzing and reviewing the decisions as time unfolds. Personal Financing Planning has a bright future. According to Peters’ report of 2008, “…world’s money supply was more than its demand in 2008.” This was the main reason for the financial depression witnessed in 2008 and 2009. Even though this crisis is easing, it will take a couple of years for a full recovery. Personal Financing Planning therefore takes its place by advising people where, when and how to invest the excess funds. Personal Financing Planning is essential. Low income earners need to plan well how to spend their money and invest as well, while high income earners need advice on where, how and when to invest their extra earnings. Personal Financing Planning makes it possible for this to happen.
Harrison, Debbie. Personal financial planning: theory and practice. London: Financial Times Prentice Hall, 2005.
Peters, Mary. What the 2008/2009 World Economic Crisis Means for Global Agricultural Trade. PhD Thesis. New York: DIANE Publishing, 2010.