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Finance Management in Daily Life

In: Business and Management

Submitted By nono1234
Words 483
Pages 2
1. Briefly explain the significance of having finance knowledge in your everyday life. Having finance knowledge is significance because it helps us to better understanding the event that happened in our everyday life. The possessed of financial knowledge enables us to apply it through our daily life.
Finance knowledge can assist us managed our money in a proper manners and thus use our money efficiently. For example, we can use our money efficiently by fully utilized surplus cash through making investment or saving in the bank. Besides, we can have better knowledge of what types of borrowing that we can take if we suffered from cash deficit. Through the understanding on the loan available and term stated make an analysis that whether you are afford to pay back the loan. If you cannot afford to back the loan you are strictly prohibited to borrow in order to prevent the worst situation to occur and probably making you to the way of bankruptcy.
Moreover, having finance knowledge help us having a better understanding of the financial issues that arises in our daily life. It can lead us more concern toward the economics situation that happen around, such as the changes of the interest rates, inflation rates, currency exchange and so on. As a result, we are not easily misleading by other people to involve in a bad investment.
Furthermore, through the finance knowledge that we apply in our daily life, it assist us in making a wise decision that can directly influence the wealth of a person. For example, a person having the finance knowledge usually has budget in their monthly expenses. They will clearly identify what is their needs and wants and spending their money through this distinction. These types of spending enable a person spends their money rationally and also prevent the person spend on unnecessary luxury.
Finance knowledge is a better preparation for us...

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