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What is Personal Finance?

What is personal finance? In general this is a fairly broad concept, but most definitions center around these key elements:

  • an individual or family unit
  • all financial decisions and activities
  • application of the principals of finance
  • planning, budgeting, investing, debt service, ...

Hopefully of all the definitions floating around on the web this will be the most concise:

Definition of 'Personal Finance'

All financial decisions and activities of an individual, this could include budgeting, insurance, savings, investing, debt servicing, mortgages and more. Financial planning generally involves analyzing your current financial position and predicting short-term and long-term needs.

A recent article from Fortune Magazine found that in 2016 two-thirds of Americans can’t pass a basic financial literacy quiz. The average American who took the test got less than four out of five questions right and that number has trended downward since 2009.  So, how would you do?  One of the key tenets of the Sullivan University Quality Enhancement Plan is building heightened financial literacy.  If you don’t do as well as you’d expect on this quiz, the Quality Enhancement Plan will certainly help you gain financial literacy! Take the quiz here and find out:

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