The Clear On Personal Finance Management

Published 11/2023
MP4 | Video: h264, 1920×1080 | Audio: AAC, 44.1 KHz
Language: English | Size: 471.55 MB | Duration: 0h 42m

Set up a real serious journey to wealth

What you’ll learn
Know the frequent advice most money and investment books talk about
how to adopt long term investing strategy
how to adopt a healthy behaviour when it is come to spending
how to act upon most crucial need in life housing and car
Know the power of compounding

Requirements
No requirement Need

Description
Personal finance is a term that covers managing your money as well as saving and investing. It encompasses budgeting, banking, insurance, mortgages, investments, and retirement, tax, and estate planning. The term often refers to the entire industry that provides financial services to individuals and households and advises them about financial and investment opportunities.Individual goals and desiresand a plan to fulfill those needs within your financial constraintsalso impact how you approach the above items. To make the most of your income and savings, its essential to become financially savvyit will help you distinguish between good and bad advice and make intelligent financial decisions.Areas of Personal FinanceThe five areas of personal finance are income, saving, spending, investing, and protection.IncomeIncome is the starting point of personal finance. It is the entire amount of cash inflow that you receive and can allocate to expenses, savings, investments, and protection. Income is all the money you bring in. This includes salaries, wages, dividends, and other sources of cash inflow.SpendingSpending is an outflow of cash and typically where the bulk of income goes. Spending is whatever an individual uses their income to buy. This includes rent, mortgage, groceries, hobbies, eating out, home furnishings, home repairs, travel, and entertainment.Being able to manage spending is a critical aspect of personal finance. Individuals must ensure their spending is less than their income; otherwise, they won’t have enough money to cover their expenses or will fall into debt. Debt can be devastating financially, particularly with the high-interest rates credit cards charge.SavingSavings is the income left over after spending. Everyone should aim to have savings to cover large expenses or emergencies. However, this means not using all your income, which can be difficult. Regardless of the difficulty, everyone should strive to have at least a portion of savings to meet any fluctuations in income and spendingsomewhere between three and 12 months of expenses.Beyond that, cash idling in a savings account becomes wasteful because it loses purchasing power to inflation over time. Instead, cash not tied up in an emergency or spending account should be placed in something that will help it maintain its value or grow, such as investments.InvestingInvesting involves purchasing assets, usually stocks and bonds, to earn a return on the money invested. Investing aims to increase an individual’s wealth beyond the amount they invested. Investing does come with risks, as not all assets appreciate and can incur a loss.Investing can be difficult for those unfamiliar with itit helps to dedicate some time to gain an understanding through readings and studying. If you don’t have time, you might benefit from hiring a professional to help you invest your money.

Overview
Section 1: Introduction

Lecture 1 what is Financial management

Section 2: The importance of saving and investment

Lecture 2 saving and investment

Section 3: This is why you should avoid credit card

Lecture 3 Credit card

Section 4: Checking account & saving account

Lecture 4 Checking account and saving account

Lecture 5 The power of compounding on saving account

Section 5: Debt Management

Lecture 6 Debt management

Section 6: Time horizon for doubled money