Personal Financial Management E-Book

DEPARTMENT OF COMMERCE

(SESSION II 2021/2022)

DPA10203 PERSONAL FINANCIAL MANAGEMENT
E-BOOK

LECTURER: DR HABSAH BINTI MOHD SABLI
DPM4A K1

BY:

NAME MATRIX

SAMUEL YONG YIEW FOOK 20DPM20F1009
LAWRENCE ANAK SEMAIL 20DPM20F1015
VENICESA PUNGEK 20DPM20F1901
DAYANG NURSHAMIN NATASYA ABANG 20DPM20F1024
NOORHISHAM

Career planning refers to the active management of your career and the structured planning
of its future. To effectively plan your career, you should take into consideration your
personality, your skillset and your desired role alongside the changing needs of the job market.
When you plan your career, you decide on a path that will meet your needs and manifest your
aspirations. It’s all about making better decisions for yourself so that you can live the life you
dream of.

It’s not simply a matter of choosing an ideal profession, either. It’s also strategizing
regarding what you need to obtain the position and how you’re going to get there. For most of
us, this is a gradual process; this is why career planning considers someone’s long-term
trajectory.

To understand why career planning is important, just imagine someone without a plan.
Rather than pursuing the best opportunities available, they simply agree to whatever they’re
offered. When work becomes stale, they take it as a fact of life rather than considering what
could be done differently.

The first reason is you can make strategic decisions. When you have some idea of your
destination, you’re better equipped to make the right decisions that will lead you there. You
can assess opportunities based on whether they’re going to benefit your long-term objectives,
which can help you to make smarter decisions.

Then, you can reduce the temptation of derailing distractions. The job market is incredibly
crowded, and there may be many positions that appeal to you for different reasons. Remember
that when you accept one opportunity, you disqualify yourself from others. Career planning
helps you choose the right ones.

Lastly, you can ensure you acquire the necessary skills. If you don’t know where you want
to end up in your career, you could find yourself underqualified for the role. Having a chosen
field and a general idea of the position you’d like to occupy will ensure that you prepare
yourself by accumulating relevant skills, education and experience.

Education is an important things to have in all of the country .There's a lot of education with
different course .By taking a different course ,the fee to pay for the courses that they're take in
the college are constrating . Some of the people unable to pay the fee because it's too expensive
.That's why we have loan for student which is federal loan and private loan .

Loan given to the student because want to reduce the burden to pay the course fees and
the hostel at the colleagues even the tuiton fees.Some of the loan need to pay back after they're
finish the studies.For example ,the federal loan can be an scholarship if they're meet the
requirement and get excellent results while For the private loan ,you may get the good results
but you still need to pay the loan and can have some discount based on your result.

So here some tips for you paying back student loans.Firstly,you need to know how
much you owe and borrow the loan.By knowing how much you owe ,you can planning it to
pay monthly or auto deduct from your debit so you won't worried about it.

Next is when you graduated,you can try to find a job and applied for the extra payment
such as payment for overtime work or bonus to pay for the loan.

Thirdly, you can try to join the competition at college to have an extra money such as
allowance or cash prize for collect to pay at the end of semester.

Lastly ,you need to consistent to pay the loans so you won't stress with your debts and
can settle it earlier.

The first is know your job. If you are not satisfied with the job and are not happy as you
work, you may be working in the wrong position. Working in a job which you do not like will
only lower your motivation. Therefore, if you are staring work for the first time it is beneficial
to first analyze the work you chose. The type of your work may also not overlap with your way
of working and your wishes. You should aim for environments with team work if you want to
be with your friends and if you like individual work then choose an environment with personal
working settings.

Then, analyze what area you are better at. While some people in life are highly successful
in persuasion, others are good at manufacturing or the service industry. First of all, it is
important to find out which field you are productive and successful in, to find the right job.
The ability to do the job which suits your skills will help you achieve success in a short time
and advance in your career.

After that, learn from your mistakes. While half of work life is success the other half is taking
risks. Taking risks can sometimes lead to success, but other times lead to mistakes. What is
important here is not to dwell on dwell on ‘ifs’, but to prevent them from happening again by
learning from them. It is also asking for help from a senior executive in in situations where you
can not solve your problem by yourself.

An income tax is a tax imposed on individuals or entities in respect of the income or profits
earned by them. Income tax generally is computed as the product of a tax rate times the taxable
income. Taxation rates may vary by type or characteristics of the taxpayer and the type of
income.

Tax income refers to any individual’s or business’ compensation that is used to determine
tax liability. The total income amount or gross income is used as the basis to calculate how
much the individual or organization owes the government for the specific tax period.

Types of Taxable Income are employee compensation and benefits. These are the most
common types of taxable income and include wages and salaries, as well as fringe benefits.

Secondly, investment and business income. For people who are self-employed, they are also
subject to tax liability, specifically through their business’ income. For example, net rental
income and partnership income qualify as taxable income.

Lastly, miscellaneous taxable income. This includes income that doesn’t fit into the other
types. It includes things such as death benefits, life insurance, and canceled debts. Alimony,
items involved in barter trading, and income from one’s hobby are also miscellaneous taxable
income

Non-tax income, on the other hand, refers to income that is received but that is not subject
to taxation. However, even if such forms of compensation cannot be taxed, they still need to
be reflected in the tax return. Examples of non-taxable income are gifts, inheritance, cash
rebates from items bought, child support payments, welfare benefits, meals and lodging