|Key of Personal Management Part 1|
Sharing is Caring.. this time the topic is about Personal Management. How do you manage your Money/Finance, education, careers, time etc etc .....
Most succesful people have somekind of personal management tools- either through having a secretary/consultants , drivers, agents, financial advisors, iphone applications, reminders, diary, etc etc. Most busy people someway manage themselves and getting things done despite their various work related tasks, flying here and there, meetings after meetings, family commitments, etc etc.... PM is however not just for VIP's and busy people , everybody should know about how to manage themselves, how to manage their money, their office related task, family, time etc etc..
So that's lead me to research on this topic and gathering information on Personal Management through a lot of readings, Podcastings, youtube, webs, facebooks, blogs etc. My question is to find a concept that can be applied in all situation be it financial management, Career management, family, or time management , share it with family and friends and teach our children this important concept.
So What is Personal Management (PM)
According to business dictionary.com, PM is a Process of planning and outlining personal goals for your life, and then trying to fulfill these goals in your life. These goals should include both short term and long term goals, and should cover a variety of topics including finance, education, careers, and time management.
The concept of PM involve : Capture, Process, Organize , Do and Review. I will try to apply this concept into various situation
In Personal Financial Management thats translate to :
Capture : capture your financial situation ie Assess your financial situation, what is your short and long term financial goal, do you have a plan for saving, investment, kids education and retirement. Learn about various investment tools........Get the big picture of your financial status and knowledge. Eg of useful iphone apps here are LoanCalc, Retirement!, SaveCalc, Mad Millions etc,
Process : How much your income and expenses per month are, what is your debt;income ratio, how many loans (house, car/s, personal etc ) you have, what is your fixed and variable expenses are, what is your credit card/s balance etc etc .
Organize :Organize it thru Financial Planning eg thru budgeting and planning (ie have a financial Plan) , You need somekind of budgetting tool either through using simple jotting down to paper, using microsoft excel to smartphone apps like Home Budget.
Do; this is Action part...planning without action is useless. The simplest way of saving and invest is through automatic direct debit direct into your saving or investment account monthly through your bank instruction.
Review: once you start saving and planning , you need to review and rebalance your investent every now and then (may be yearly end of the year review ) to assess where what you're doing will achive your financial goal/s.
Will continue to part II on Personal Management On Education.
By: Prof Madya Dr Ariffin Nasir[HUSM]