1 Flashcards
What is personal finance?
Personal finance is the study of individual and household financial decisions aimed at maximizing benefits.
Why is financial planning important?
It ensures proper long-term savings, protects against inflation, helps maintain lifestyle, and supports.
What are common financial problems?
Not planning, overspending, delaying retirement savings, insufficient insurance, unpreparedness for.
What are the steps in the financial planning process?
- Understand goals, 2. Determine requirements, 3. Analyze and plan, 4. Follow-up and adjust.
Advantages of financial planning?
Saves money, gives control, reduces debt, allows future investment, and ensures efficient usage of.
Disadvantages of financial planning?
Time-consuming, can be costly, based on forecasted data, can discourage if results differ from plans.
Top 4 Financial Tips?
- Spend less than earned, 2. Stick to a budget, 3. Avoid credit card debt, 4. Save at least 5-10% of.
How to shop smartly?
Use discounts, look for promotions, shop during festivals, and trade old items for new ones.
How can family handle money wisely?
Prioritize expenses, respect privacy, share contributions, and help each other.
Key features of Islamic financial planning?
Based on Quran and Sunnah, includes zakat, sadaqah, ethical investments, and vicegerency (khalifa).
How is conventional financial planning different?
Focuses on spending/saving targets and lifecycle budgeting, not guided by religious principles.
Prophet Yusuf’s financial planning lesson?
Encouraged saving during 7 good years to survive 7 difficult years - an early example of strategic planning.
What is AKPK?
Agensi Kaunseling dan Pengurusan Kredit - offers financial education, counselling, and debt management.
What is Warisan Mukmin Sdn Bhd?
An agency based on Islamic principles for financial services including zakat, takaful, and mutual funds.
What is IFP?
Islamic Financial Planner - a certification developed by IBFIM and FPAM to professionalize Islamic.
What are financial do’s for early retirement?
Know what you’re getting into, have an exit strategy, invest only in what you’re comfortable with, and.
What are financial don’ts for early retirement?
Don’t follow the crowd blindly, avoid risky stock investments if unsure, and don’t borrow money just to start.
What are the stages of life in financial planning?
Stages typically include creation, accumulation, protection, and distribution of wealth, adjusting priorities as.
What is the IFP program?
Islamic Financial Planner (IFP) is a certification jointly produced by IBFIM and FPAM to develop qualified.
Why is the IFP significant?
It received approval from SC and BNM, with the first batch including non-Muslims, reflecting broader.
What funding did the program receive?
IBFIM and FPAM received RM1.15 million from CMDF to develop the Islamic financial planning.
What is the financial lesson from Prophet Yusuf (AS)?
He advised saving during 7 years of abundance to survive 7 years of famine, demonstrating proactive.
What is the Islamic view of wealth?
Wealth is a bounty from God, not scarce; it must be earned and managed justly, avoiding exploitation.
What does vicegerency (khalifah) imply in finance?
Muslims are stewards of wealth on earth, accountable for ethical acquisition, management, and.
