Money management and planning skills
- Money Management:
Money management is the process of planning, saving, investing, and spending money in a way that helps you achieve your financial goals. It involves setting financial goals, tracking your spending, and making changes to your spending habits.
Investing is the process of putting money into assets with the expectation of earning a return on your investment. Investing can be done in many different ways, including stocks, bonds, mutual funds, and real estate.
Retirement planning is the process of figuring out how much money you will need to have saved in order to live comfortably after you retire. It involves estimating your future expenses and income, and making a plan to save enough money to cover those costs.
- Tax Planning:
Tax planning is the process of figuring out how to minimize your tax liability. It involves understanding the tax laws and figuring out ways to reduce your taxable income.
- Estate Planning:
Estate planning is the process of making a plan for what will happen to your assets after you die. It involves figuring out how to transfer your assets to your heirs in a way that minimizes taxes and other expenses.
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