All About Personal Finance Essay

547 words - 3 pages

All about Personal Finance
“Money is hard to earn and easy to lose. Guard yours with care.” a quote from Brian Tracy which tells about money just passing by in our hands because of wrong management. Another quote is from Natasha Munson which tells about “Money, like emotions is something you must control to keep your life on the right track.” This means we must know ways to maintain or control our money so that our life will be financially stable. That’s why I will tell you all about Personal Finance to help you manage your money.
Personal Finance is about learning to manage income and wealth to satisfy desires in life or to create more income and more wealth. It is about creating productive assets and about protecting existing and expected value in those assets. Personal Finance ...view middle of the document...

An individual, who is considered wealthy, is someone who has accumulated substantial wealth relative to others in their society or reference group.
In order to be successful in personal finance there are certain keys in achieving it. First is frugality, it refers to living below our means so that savings may be affected. In being frugal, we have to save, save and save. It requires control over our expenditures. Second is vision, it refers to foresight or the ability to look far into the future. It entails short-term and long-term planning. In order to achieve our goals, we have to maintain focus on what we want to achieve so that we may avoid mistakes in the future. Lastly, the safety nets, these are buffers or protections from losses of property and income.
It is clear that the purpose of saving money is not to accumulate it but to become generous and able to support ourselves and our family. To encourage ourselves to save, we should treat savings as “Payment to Ourselves”. Thus we have to pay ourselves before we pay others.
Everyone experiences expenditures; this hinders an individual from saving and accumulating money. Expenditures are outlays of cash and non-cash assets for goods and services. We must control our expenditures which refer to the keeping track of actual expenditure, determining whether they are in accordance with budgets and promptly adopting corrective measures.
“A penny saved is a penny earned” a famous quote from Benjamin Franklin which tells saving money is the number one key to building wealth and becoming financially successful. So as ordinary citizens, dreaming to be wealthy like prominent people is now within our reach if we successfully manage our money. So start now, enjoy saving and be wealthy!

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