PERSONAL MONEY MGT
PERSONAL MONEY MGT FIN 1060
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This 13 page Class Notes was uploaded by Arthur Dicki on Tuesday October 13, 2015. The Class Notes belongs to FIN 1060 at Louisiana State University taught by F. Lawrence in Fall. Since its upload, it has received 56 views. For similar materials see /class/222542/fin-1060-louisiana-state-university in Finance at Louisiana State University.
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Date Created: 10/13/15
Dylan Vaughn Fin 1060 10 Point My Money Essay 494 words Being a spender it is hard to save money for the now or the later You fulfill your wants at the exchange for financial wellbeing A saver will hold on to the money sometimes even too much longer fulfilling their want in exchange for not doing much else It is possible to save too much GoodMoneyHabitscom idealizes that you need to quotenjoy the fruits of your labor nowquot Too much will make you a spender It is important to have characteristics of both to be the best you can This incorporates last chapter as well which is writing and meeting your financial goals When you write your goals you have taken into account your loss and potential gains Now start putting money aside to pay yourself first This is the idea of not going out and buying happiness but meeting your long term financial goals by saving the money in increments Do not put off what you could start now by choosing to save If you save 155 a month at 15 then you could be a millionaire by the age of 65 If you understand you need to save before you have to then it would make it much easier You need to study where you spend your money and find out where you are overspending in your budget In figuring that out you can see where you need to cut spending such as eating out instead of saving for gas money It will make it to where your deficit will become a surplus money to begin saving and striving for your goals By manipulating your budget categories fixed and variable expenses you may find you do not have sufficient funds to cover expenses Doing this gives you the ability to adjust expenses and place money where you need to cover liabilities No matter how strictly you follow your budget there are underlying obstacles Noticing these will teach you to plan Inflation rising costs and tax rates are something you cannot control Saving for potential financial emergencies will help you plan for the unexpected in order to maximize you budget Strategy is key You must test yourself in order to realize how much you can actually save Writing out a budget is the best way to do this It helps you plan on what you will spend your money on Sometimes writing and continuing to manage a budget can be time consuming for students An alternative system can be putting your money in labeled envelopes marked with the amount you need to spend Having tangible cash helps you prioritize spending that cash on the cable bill instead of using that cash for a pizza GoodMoneyHabitscom suggests calculating your networth It shows what kind of person you are in financial terms The financial statement shows visibly the spending product of your networth Assetliabilities are what you have to obtain It is important to sum up and report your financial wellbeing just like a business
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