Personal Finance

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by MeganGeurts
Last updated 4 years ago

Social Studies

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Personal Finance










In unit 1, I learned that it is very important for me to have a financial plan. A financial plan is setting goals, developing a plan to achieve them, and putting the plan into action. There are 5 major steps to this process: Set SMART goals, analyza information, create a plan, implement the plan, and monitor and modify the plan. It is important for me to have a financial plan to help manage my money.

In unit 2 I learned about budgeting. A budget is a plan for managing my money during a given period of time. My budget will change as my income grows. I also learned that it is very important to pay yourself first. I should keep track of my spending so I know where I'm spending too much and too little. This is important for me to know because I need to know how to stay on track with my spending.

I learned about investing in unit 3. Investing is used to meet longer-term goals, unlike saving which is used for short-term goals. The best reason for investing is that my money is actually making money for me. There are many different types of investment plans and it's important for me to know which ones are best for me.

Unit 4 taught me how to use credit wisely and the difference between good and bad debt. Using credit comes with a price, like fees, interest rates, and charges. I learned about the 4 C's of credit: Collateral, capital, capacity, and character. These are important for me to know incase I ever need to ask for money from lenders.

Unit 5 was all about keeping your money safe and secure. This unit was important for me because I need to learn how to keep my personal information safe and away from identity thefts. It taught me me tricks to using my debit card (like memorizing my PIN).

Unit 6 was very important for me because I learned a lot about insurance. I am a new driver so learning about auto insurance was important for me. This chapter taught me about risk management and multiple types of insurances. Insurance is important to have because it is a means guaranteeing your financial protection against various risks.

In unit 7 I learned about my career path. The biggest factor in determining my income is the work I choose. I learned about several different skills that employers look for within their employees. This chapter also taught me about things beyond salary in a career, like health insurance, paid leave, etc. This is all important for me to know because I will soon be looking for a career.


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