Well, say it is a Saturday afternoon and you find groups of teenagers hurdled in a room studying about personal finance. But, usually we expect them to maybe watch some Netflix or go out for brunch, right?
The teenagers nowadays, are so interested in learning about finance, taxes, budgeting, and saving, that it will simply make you awestruck. They do not sit back if they are unable to understand the topics they instantly opt for some quick finance homework help.
It might be overwhelming to see those brave hearts working so hard to understand personal finance education as compared to earlier times. But, then again I guess times are changing and people are becoming more concerned about such things.
Now, financial education is an integral part of life and the sooner one starts it the better it will be for them to start saving. There is no need to worry about assignments related to these courses because you can always finance assignment help from the experts.
Remember, that every penny counts and unfortunately, most people do not take financial planning seriously because either they are lazy or the financial literacy is too less. Well, nothing can be done about laziness but this post will surely help about the financial literacy part.
Why is personal finance education important?
- Financial mistakes won’t happen again
Whom do you usually depend on for financial advice? Most of us will answer either friends or family. But, let me tell you unless they are financial wizards it is practically impossible for them to understand financial matters accurately. Moreover, one wrong step can completely ruin everything once and for all. Personal finance education will help you to understand to handle personal loans, balance sheets, budgets, and specially your investment.
- Know all about financial products
Look, there is a plethora of products available in the market for investment starting from fixed deposits, share markets, insurance, mutual funds, and many others. Everything has its pros and cons and this education will help you to understand which one is the best investment for you. If you need any assistance you can always opt for finance homework help.
- Save yourself from the cycle of debt trap
Every individual has high aspirations these days and they want to make money fast. Apart from that, everybody dreams of owning a house, a car and to go exotic vacations right? But, what if the income isn’t that much? Well, the easy answer is loans! But, that is also the debt trap. It will lure you and trap you but won’t let you get out of it. Personal finance education will help you to understand which investment is the most beneficial for you. Moreover, it will also help you to save money so that you do not have to depend on loans for fulfilling certain dreams and aspirations of your life. This debt trap is quite well explained by professionals who provide finance assignment help.
- It will encourage you for savings
People tend to spend and then do some savings but what they should do instead is the exact opposite. So, personal finance education makes you aware of the importance of saving money and helps you create a financial buffer for increasing your savings. Apart from that, it also helps every individual to become financially independent.
Well, I guess you have pretty much understood the value of personal finance education in your life. Now, let’s move on to the next major step.
A quick guide for personal finance
The most important part of a good personal finance is investing, right? So, what are the key components that you need to know about investments. No clue? Well, there is absolutely nothing to worry about it. Follow this post and you will be a finance wizard!
- What is the Goal of investing?
Everybody will have their different opinions about financial goals but coming to the basics, two things which you must remember about investments is that you make more money than you spend and invest the rest of the amount.
You should have one clear plan and that is savings will make you the king of your own financial condition. Ultimately, remember that one has to make enough savings so that after retirement those investments generate enough cash to support the rest of their life. To understand the basic goal one can also avail finance homework help.
Quick tip: These investments will act as assets which could be passed down to generations if it is huge enough. But, if not at least it can support you through those twilight years.
- Where to invest?
The most common ways to invest are stocks and bonds. Well, you probably already have heard about them. So, stocks are a part of partial ownership of a company which financers agree that should be kept based on personal circumstances. The company makes profit so do you but you also have to bear the losses.
So, it’s a 50-50 chance. Now, bonds are a better option if one is looking for long term investments. Mutual funds have been gaining popularity at quite an alarming rate now. The other methods of investment include: real estate investment trusts. But, if you are a newbie then I would suggest that you stick to stocks and bonds. Moreover, experts who offer finance assignment help also provide assistance for planning investments through real-life examples.
Quick tip: Do not invest in any of the above if you have any debts! Make sure to clear all your debts and then figure out where you want to invest your hard earned money.
- The financial basics
Well, now we will dive into some of the financial basics that you need to know for excelling in personal finance education. The basic go well beyond opening a bank account or getting a job. When you apply these basics to the money that you earn, you are bound to get wealthier than you currently are. So keep scrolling down and know all about the basics of MONEY!
- Credit cards can be an asset or a liability depending on how you utilise them. Understanding when to use your credit card to your advantage while controlling your cravings to use them when you aren’t at an advantage is one of the basic financial lessons that you will learn in order to master finance education.
- Index funds are one of the most important strategies of investment and mastering the stock index fund. Practically, it is one of the most important steps for entering the stock market.
- Compound interest can be very interesting and in order to gain the full potential of investment over time, one must entirely know how compound interest works. Knowing the basics of compound interest will make you realize that even small amounts can be quite beneficial for your secured future. So, you have to embrace compound interest maybe take some finance assignment help. But that is what will make your rich.
- Tackling the RISKS will also be a major challenge for secured financial future. First and foremost you have to understand that risk is part of investing, and you can greatly increase your finances by taking calculated risks to invest smartly. At the same time, you have to be very careful because taking huge risks with your money in an attempt to gain money quickly will likely leave you retirement sketchy.
- Mortgage as well housing are another important aspect of finance. People who have been caught in the mortgage crisis have a big lesson to understand. One must remember that as the number of different mortgages available to certain borrower’s increases, so does the risk of knowing that how these new mortgages will work. Solely you have to know its importance and how it works.
- Taxes can sometimes seem totally incomprehensible and overwhelming. So, every individual has to figure out how they can be free from tax payments to secure their future. People also have to take care of the documents and receipts that are critical for tax payments. To understand the knick knacks of taxes one can always get some finance assignment help!
- Start budgeting because that is how one can save enough money over time. Budgeting can be everywhere starting from grocery shopping to personal things. Make sure to spend less than what you earn otherwise your savings will never roll in.
- Keep aside your emergency fund. There can be situations of extreme crisis when you might require money and unless you have enough money you will have to opt for loans and that is exactly when you get trapped in the debt cycle. To understand more about debts once can also take finance homework help.
- Focus on the retirement vehicle, because we all would like to have some future stability right? Depending on your wards is simply not advisable.
- Maintain a difference between assets and expenditure. For example, cars will always be expenditure because ten years down the line the value of the car is going to be equivalent to dirt so, learn to differentiate and invest instead of making irrelevant expenditures.
- The two major strategies for a lifelong investment
- Choose and buy stocks carefully and hold on to them:
“To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks,” said Benjamin Graham through his writing in in his classic book The Intelligent Investor. Whenever you buy a stock and hold on to it for years you are bound to make quite a lot of profit.
Avoid stock picking, instead opt for stock market index fund and purchase it at regular intervals. That will always provide you satisfactory results. So, the next time you want to make some good investments, you better look out for long-term ones. If needed do opt for finance homework help.
- Maintain a margin of safety while investing in mutual funds
Mutual funds can be really enticing and provide major profits but then again it is a mindful and risky game. If you want to invest in mutual funds then first you must create an investment reserve fund that will be kept aside solely for the purpose of investments. It is wise not to take out money from your daily expenditures because as you know the mutual fund market is a dynamic place. So, look before you leap.
Where to learn appropriate personal finance education?
There are a lot of options where you can start learning about personal finance education. Various courses are there which are sometimes free or maybe paid. But, then again consider it as a financial investment to save you from financial mistakes. You can easily avail all the required finance homework help from reputed websites.
Do you know there are places where you can learn personal finance education through comic books? Hell yeah! You read that right. As a way to introduce children to basic money concepts in a kid-friendly format, Marvel Comics and some reputed companies recently collaborated on a new comic book called Avengers: Saving the Day. It considers that students might get bored if taught in regular courses.
So, the comics involves a plot that has the world’s most popular superheroes, including Spider-Man, Hulk, Black Widow, Iron Man, and Thor. It shows that they learn valuable lessons about managing personal finances while fighting back to an attempted bank treachery by the very popular villain, Mole Man.
There are many such websites which offer finance assignment help as well. Financial education is crucial for improving the financial stability of millions of people worldwide. There are a lot of options available for high school students as well as for college students which are available over the internet. Keep surfing and choose the best option for you because wrong information and knowledge can be quite detrimental for students.
Finance homework help is easily accessible in websites like My Homework Help so speed up your process because it is time to master the financial management.
Author Bio:
Michelle Johnson is one of the most renowned finance tutors who has unique techniques up her sleeves. She develops interest among students by interacting with them in a fun manner. Her specialization lies in finance, marketing, and management. She is also a popular blogger at My Homework Help and has been guiding hundreds of students through her innovative ideas in finance.