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All About Personal Finance

In: Business and Management

Submitted By LeeRhobel
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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 is very significant to our lives and some of the reasons are; first, it gives us self confidence, because we handle our financial problems under our control and we make more peaceful and better decisions. Second, saving for emergencies, you will not fear of crisis or surprise events which require a lot of money because you are already prepared financially. Third, saving for retirement, this is helpful for future purposes.
Personal Finance includes about wealth, but what is wealth? Wealth is the abundance of valuable resources or material possessions of economic value like money, real estate and personal property. 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…...

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