Category: Homework Help

10 Important Personal Finance Lessons Every Person Should Know

Homework Solution
By Phillip L'Hoette
22 Nov, 2015

A child begins to learn things when he or she is completely unaware of the fact that what learning means and why should one learn. But, as time passes, everyone possesses the correct understanding behind being educated. And after a certain period of time after making a successful completion of the base learning, students get freed to choose subjects according to their wishes with which they want to build their career. It’s needless to remark that a perfect specialization would help one in availing a glaring future ahead that is a dream for every person. So, it’s necessary to select the most suitable one.

Well, in this regard, students have to undergo various disciplines. Among them, names of some subjects are even unknown to them. There are many streams and in them multitudinous subjects are included. It’s impossible to stay familiar with each and every field. However, now we are going to make a discussion on Finance which is a discipline of Commerce stream. So, before going through anything else, we need to understand the depth of the subject.

What is Finance?

It’s a discipline where management of money and various monetary transactions are studied. Three variations of financial systems are needed to be undergone including Government, Private and Public Systems. Several Financial instruments and theories with complete explanations are also added in the course of Finance. In short, it’s all about a large amount of money, investments, credits, banking sectors, liabilities and assets. Naturally, it is of extreme significance. Though the subject is not quite easy, it’s interesting enough.

What is Personal Finance?

Personal Finance is a sub-branch of Finance and as of the indication of the name; Personal Finance is the term which defines the investments and transaction of money either of an individual or a family. Budgeting, savings, retirement planning decided by a person are the parts of the discussion on that topic.

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Personal Finance- Things must not be left unturned:

This is an important and mandatory part for every human. So, some certain points are needed to be remembered those may be useful for them to make a right step. After all, money is a matter of security and it should be controlled with great skill and careful attitude. Otherwise, hurdles would be awaiting you. However, the most significant aspects to keep in minds are as follows:

1. Make a quality savings:

The first and foremost point that should never be avoided is to make savings from the very beginning of your earning period. Of course, we earn to make an expense but that doesn’t mean not to save your money. Savings must be done simultaneously to achieve a bright upcoming not only for yourself but also for your family. It would be beneficial to lead your life with high perspective even after your retirement or in those days when you become unable to earn. So, be wise and save your earnings.

2. Don’t make petty wastage and learn to manage:

“How can you learn about finance and business?” is a question, the answer of which may help you in this case. Here you can come to know how to manage your money without wasting it in a befooled way.

3. Build proper budgetary plans in every aspect:

You have to make proper plans for everything; from your household to personal plans. Money should not be invested blindly in any sector.

4. Make a perfect retirement planning:

No one can work for the whole life. Several causes are there which acts as hindrances. We have to quit sometimes because of other essentials and sometimes because of our ages that don’t permit us to work for a lifetime. Hence, a flawless retirement planning is needed to get a smooth period of time after being retired. Lots of methods and financial institutions are there that will be used.

5. Hire legal experts before performing any financial deed:

This is highly required as legal experts may help you by showing you the best methods that are needed to follow. Without their helpful hand, things may turn against us as they are experienced enough and know all the legal formalities.

6. Do some Insurance:

Insurances must be done to get rid of a sudden loss. There are numerous insurance companies available nowadays. You just have to go through their plans and understand their services and after that, you need to choose the best one for you.

7. Health insurance is a must thing:

Health can be deteriorated without any prior notice. It’s just an accident and we all have to accept that truth. But, if at least not for us, but for our families we should make health insurance. This would help our close ones to live with stability and respect even in our absence.

8. Take papers of every document:

Whenever you have to make a big purchase, you never forget to keep those papers as they possess great vitality. You may have to face legal problems in future if they are lost. Oral contracts are to be steered clear of always.

9. Try not to be a cosignatory in borrowing a loan:

It’s to be remembered not to sign a loan with someone else. If your partner fails to pay, the lender will surely force you to make the complete payment.

10. Never lend money when you yourself don’t have it:

Money lending is a common process but remember, when you are a lender, you should never try to help others when you are already facing the lack of money. On the other hand, becoming a borrower you should take a loan from a faithful medium with important documents.

These are all such necessary things those would be useful for everyone around the globe.