What is Finance?

By | January 9, 2023
What is Finance

In today’s economic Time, we hear the word finance at a very young age and what is फाइनेंस in our mind. What is Finance This question starts creating a ruckus. But the correct and exact answer is not available for this. In this article we have discussed in detail what is the meaning of finance? Tried to explain it.

What is Finance

Often we hear that finance department,फाइनेंस job, finance minister, finance advisor What is the meaning of finance?

You must have read in childhood that almost the word originates from French or Latin language. The same has happened with finance . The word finance is derived from the French language. Which means वित्त in Hindi.

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This is a very broad term in itself, the less that is written about it, the less it is. Simply put, फाइनेंस is a set of several commercial procedures. फाइनेंस is a multi meaning word. finance is necessary for any person, company and government to work.

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Person, business institution and government No run without money or funds! Because, no work is possible without energy.

Have you ever seen the sea? फाइनेंस is also the same. फाइनेंस is also the sea in the matter of money. No one person knows everything about it. The less information that is known about it, the less it is.

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This means that the necessary capital is needed for the smooth operation of any work, production, company, system, it is called फाइनेंस. Capital is directly related to money, money. Because, for any company, manufacturing unit, institution, startup to run smoothly, some setup has to be installed. If the employee is hired then he has to pay the salary. All this work can be done with money only.

These requirements can be met with your own investment or there are some institutions that provide loans. Such an institution is called a financial institution. In simple language,  finance is defined as the management of money.

But finance is divided into three parts

फाइनेंस is a very big topic in itself. It is not possible to tell everything about it in one post. But every effort has been made to explain the meaning of finance . When money is arranged for some purpose or business then it is called Financing. There is some price to be paid for this money. Which is called interest. finance is needed while starting the company, or production work. Some people also look for financial help to meet the expenses of the company. It should not be done at all.

Types Of  finance –

फाइनेंस in the modern era is divided into three parts.

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Personal फाइनेंस
Corporate फाइनेंस
Public फाइनेंस

The functions of all the three types of फाइनेंस mentioned above are similar such as making the right investments, getting loans at low interest, arranging funds for the liabilities and having the right knowledge of banking. But in the case of individual, company, and government, the meaning changes. A detailed article has also been written about all types of फाइनेंस .

Personal Finance-

Personal Money Management “फाइनेंस Finance”, contains the story of one’s wealth which it teaches.

-How to handle money
-How do you keep control of money?
-Available money means how to make maximum money from the wealth that is there now.

Corporate Finance 

Corporate means organized, united, incorporated, social, collective, do you understand the meaning of so many words? कॉर्पोरेट  फाइनेंस talks about the financial planning and freedom of an organization, society, group.

 Public finance

There are two words in it, first public and second फाइनेंस public means people and the meaning of फाइनेंस is known. Public means people means people’s money so what does it mean? Public means the people and who does the public choose? The people choose the government. Meaning, in public finance, the financial system of the government has been told. The government’s income, expenditure and if due to any reason the government has to take a loan, then from where does it take the loan.

Why Financial Knowledge

To become a successful businessman or to get financial relief in life, it is necessary to have फाइनेंस education. There are many people whose earnings are in lakhs but, in the absence of financial education, they only have a wish. He can never think ahead. Some people retire from their work at a very young age but some people have to work till their last breath. There is a difference between these two फाइनेंस education.

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Businessmen or job professionals having good financial knowledge always want to get loan at work interest rate, and expect maximum return on their investment. How this will happen, then the answer is फाइनेंस Education. फाइनेंस is the science of managing money. In which the actual process of investing, cash flow and obtaining the necessary financial resources is taught.

Classification of Finance

There are many websites like Flipkart, Amazon, Myntra. From where the finance company finances the purchase of mobile or any other item. One of these is ZestMoney, if you buy any product by taking a loan from here and will return the loan amount in 3 to 6 months, then this company finances at Zero Percent (0%) interest rate. But if the time is more then interest will also have to be paid. Similarly, the classification of finance has been done on the basis of time.

Short Term Finance – When the loan is taken for a very short period (15 months) then this loan is called short term फाइनेंस .
Medieval Finance – The tenure of this loan ranges from 15 months to 5 years and is aimed at manufacturing or property.
Long Term Finance – The loan taken for more than 5 years is called long term finance, its purpose is to build assets.

Hope you must have understood the meaning of the word Finance. Finance itself is a huge ocean. But it is very sad that financial education is not given in any educational institution. In such a situation, it is our endeavor to bring to you the understanding of financial education. If you also want to share something, then you can contact us.

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