Personal Finance : The Management Of Funds Essay

v. Jessie has no spouse and can't be claimed as a dependent by someone else.

Daily economic activities have an important influence on personal financial planning. In our society, the forces of supply and demand play an important role in setting prices. Economics is the study of how wealth is created and distributed. By doing my research, I found that each economic situation would affect me at a personal level.

Whew, where to start? The personal finance class through Dame Ramsey’s Foundations in Personal Finance textbook and video series really had a lot of useful information, and it is hard to pick out the most impactful chapters and topics. However, I think the most important stuff for me was his five foundations for financial success, which were reinforced throughout the course. I am not downplaying the other important stuff in the course, including learning about the history of credit, budgeting, consumer awareness, investing, insurance, and taxes, but I think that mastering the fundamentals is important, which is why I am choosing to highlight them in this paper.

This course provides an overview of the elements necessary for effective personal financial planning and the opportunity to apply the techniques and strategies essential to this understanding. Primary areas of study include creating and managing a personal budget, understanding and paying taxes, working with financial institutions, wise use of credit cards and consumer loans, financing automobiles and homes, and the use of insurance for protecting one’s family and property.

1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points)

- Have at least 5-7 years experience with working as a commercial insurance underwriter, banker, or claims adjustment.

Chapter 8 addresses the financial questions an entrepreneur must ask before starting a business venture or expanding an existing one. Such questions as how you plan to use the money and how you plan to return the money back to the lenders. When carefully use of loans can help boost the business. There are also demerits coupled with borrowing money, such as interest charges and debt can inhibit growth.

Late nineteenth century and early twentieth century marks the time period for massive immigration from around the world to come to the United States. The United States was the land of opportunity and development for all the people. The industrial development after the Civil War increased due to expansion of railroads which, led to increase in demand for labor. Many immigrants came to the United States with the aim of working on American farms and railroads and in American factories. Many people moved to the United States from various countries to find better opportunities and develop their living standards. The majority of jobs were at the industries. The industrial labor composed of skilled laborers and unskilled laborers. Immigrants, due

According to our class text (Siegel and Yacht (2009)), we know that “personal finance is the process of paying for or financing a life and a way of living.” That said, we also know that using accounting principles to manage our personal finances will likely yield great success in one’s tracking and planning, financially, in the long run.

A budget refers to a financial plan that represents the allocation of the income to various expenditure channels such as expenses, savings, and debt repayment. A personal budget is important because avoiding financial surprises and keeping financial stress down helps avoid a crisis and allows you to focus on your overall goals. You cannot avoid all risks in life but if you plan your finances to live within your means, you can avoid being kicked out of your home, losing your car and other terrible things that a solid budget would help you avoid. Knowing what you can afford is a central life skill. Unfortunately, many do not budget even though they know they should (Wagoner, 2012).

Many beliefs changed over the course of the book Animal Farm. The animals all follow their leader and would do anything to make sure Napoleon was satisfied. The author really made the characters stand out and it was easy to see which character is good or not so good. The author was trying to relate the book to the Russian Revolution. On page 141, The narrator felt the pigs were becoming human, then acting as a pig, back to a human again. But it was not easy to tell if they were animals or pigs.

Finance is the study of applying specific value to things we own, services we use and decisions we make. Financial management is the process for and the analysis of making financial decisions in the business context. The major subareas of finance are investments, financial management, financial institutions, market, and international finance. Risk is a potential future negative impact to value and or cash flow. It is often discussed in terms of probability of loss and the expected magnitude of the loss.

Personal budgeting is an important factor in regards to successful long term financial stability. Budgeting has many great aspects as well as showing areas of weakness. It can show the truth about your personal financial spending habits, areas that are not looked at enough, and if there are needs for a larger emergency fund. The reality of personal budgeting is that many people potentially do not keep a personal budget for one reason or another. People also don’t consider the negative effect that it could have on one personally and or how it effects the economy.

helps a person to manage his personal finances and also to describe the three products of

Figuring out where you will be financially years from now is hard to imagine. There are always what you plan, and then there’s things that just happen that you would usually rather not have of. You can always make goals and things and hope that things go alright and end up close to what you expected.