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Personal Financial Management By Hourn Phany Objectives By the end of the session, the participants are able to describe: the definition of PFM the importance of PFM the elements of PFM how to manage personal finance And most importantly, the participants are able to formulate their PFM plan and start doing and reviewing monthly. The Definition of PFM The ability to manage personal finance very well Asset I n v e s t Cash flow Debt Savings Discipline Spending habits Budget Liabilities line The Importance of PFM The Elements of PFM Income Statement Balance Sheet Income Asset Expense Liabilities How To Manage Personal Finance • Set long-term vision for personal finance (E.g. become financial freedom in 2020.) • Set a SMART financial planning (E.g. yearly, monthly, weekly, daily) • Set a clear budget plan (E.g. House renting, food, recreation, savings...) • Have high self-discipline • Pay ourselves first Example of Monthly Budget Plan Monthly Budget Plan House rental: 50 USD Water: 10 USD Electricity: 10 USD Cable TV: 5 USD Internet: 30 USD Phone refill: 50 USD Fuel for Motorbike: 30 USD Food Breakfast: 2.5 USD Lunch: 2.5 USD Dinner: 2.5 USD Others: 2.5 USD Education Self: 50 USD Son: 15 USD Socialization: 50 USD Recreation: 50 USD Saving in FF Bank Account: 100 USD Tong tin: 180 - 210 USD (saving) Monthly Income: Job: 600 USD Part-time training & coaching: 200 USD Money lending (interest): 150 USD Tongtin: 150-180 USD Financial Projection for 2010 Monthly Income: Job: 1500 USD Part-time training & coaching: 500 USD Money lending (interest): 200 USD Tontine: 200 USD Saving Saving for FF Bank Account: 200 USD Saving for investment: 9,00 USD Saving for Oversea trip: 100 USD experience financial freedom Copyrights (c) 2009. Hourn Phany, Phnom Penh, Cambodia