Traditionally,Finance can be described as   the study of money and how it is used. Specifically, it deals with the questions of how an individual, company or government acquires the money needed – called capital in the company context – and how they then spend or invest that money but now finance has come far away from what it was, now Finance has become broad there are new concepts evolved rapidly and now it has been often split into three areas: personal finance, corporate finance and public finance.we are gonna talk about each area in a summarized form^[2]

personal finance

As the word suggest this area of finance is related to someone’s personal wealth and its management.Basically there are are some fixed expenses in everyone’s life such as paying for fees,food and travel expenses etc and also making good investment decisions in order to make good wealth in future for yourself so personal finance is that thing when you manage your money or finance in order to make most out of it through investments and also make sure that you don’t suffer in live a good lifestyle

Some suggestion to follow for a good personal financial plan :

• Invest in appreciating assets such real estate property etc.
• Start investing early in your career in stock market(with proper knowledge)
• Don’t fall in the debt trap
• start investing in mutual funds with stable return
• Don’t buy anything unnecessirely

corporate finance

corporate finance is mainly deals or used in big companies or organization. It helps to answer to questions like how to get finance,from where to get finance,how to invest that finance(long term or short term) and how should be your capital structure of the company. Corporate finance helps to achieve objective of increasing the wealth of the shareholders

Corporate finance is one of the most important area of finance and those who want to make a career in finance must have a good grasp knowledge of corporate finance as he/she must work using this in day-to day task

Public finance

Public finance describes finance as related to sovereign states and sub-national entities (states/provinces, counties, municipalities, etc.) and related public entities (e.g. school districts) or agencies. It usually encompasses a long-term strategic perspective regarding investment decisions that affect public entities.^[9] These long-term strategic periods usually encompass five or more years.^[10] Public finance is primarily concerned with:

• Identification of required expenditure of a public sector entity
• Source(s) of that entity’s revenue
• The budgeting process
• Debt issuance (municipal bonds) for public works projects

Central banks, such as the Federal Reserve System banks in the United States and Bank of England in the United Kingdom, are strong players in public finance, acting as lenders of last resort as well as strong influences on monetary and credit conditions in the economy.^[11]