Personal Finance

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by 14bstreck
Last updated 7 years ago

Discipline:
Social Studies
Subject:
Economics

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Personal Finance

Personal Finance

A Financial plan is important because if you have a plan of how and when to spend you money, then you will be less tempted to spend it on things you don't need. You don't have to follow the plan exactly, you can make some minor adjustments. If you have a plan you should also set SMART goals for yourself. SMART stands for Specific, Measurable, Attaninable, Realistic, and Time Bound. Each goal should follow these five things in order to achieve your goal. If it doesn't follow these things you might not know how or if you will achieve the goal or goals you want. They are key factors in making your goals happen.

Unit 3: Investing

Unit 2: Budgeting

Unit 1: Financial Plan

Budgeting is very important to do so that you don't overspend on things or even end up in some debt. If you have a budget then you will save up for things that you want and know how to spend your money.By doing this you will know where your money is going each month and how much you are spending. There are many ways to keep track of your money for budgeting. Some ways are the envelope system, where you put it in labeled envelopes, a spreadsheet, where each column has a name, and some apps or websites that help you keep track of your money. In the long run you will also save a lot of money by paying yourself first and putting it in a bank or investing it.

Investing is very improtant to do because it will help earn more money faster and retire sooner. There are different types of investing. For example, you can put your money in a CD where it will have a certain intrest rate for a certain number of years. A more risky investment is Balanced Mutual Fund. This spreads your money into a various stocks to make you more money or keep you from losing any. One of the riskest types of investing is investing in collectibles. If it is a good collection of something then you will earn a lot of money but it has to be one of a kind. Investing is very important.

Budgeting video

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Unit 4: Debt

Debt is not always a bad thing. As a matter a fact there is such a thing as good debt. That includes things like student loans for education. But almost all debt is bad. The most common type of debt is credit card debt. The best way to pay off the debt is to take how much debt you have on a credit card and divide that by the minimum payment of the card. That will give you the months it takes to pay off the card. Pay the one with the smallest months first and go from smallest to largest. Before you know it a couple cards will be paid off. If you know how to manage your money then debt will not try to take over your life.

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Debt Video

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Unit 5: Identity Theft

Identity theft is on the rise in the U.S.More and more people are losing there money because someone else is using it. Some ways to look out for identity theft is to watch a bouncing check and see if you remember writing it. You can look out for attachments over the card slot on an ATM. That can take all your information of your card and put it on another. The last way is to make sure your emails aren't phising scams. These scams can get you to give someone all your personal information by the click of a link. Make sure you watch out for these signs of theft so you don't let anyone else use your money.

Unit 6: Insurance

It is important to have insurance because it protects the things that you have. If you don't have insurance and something happens, then you have to pay for it yourself. There are different types of insurance you need to have. They are; Auto, Home/Renters, Property, Liability, Health, and Disablilty. For these you will have to pay a premium every month. To lower your premium you can make your deductible higher. That is the price you pay first if something happens and the insurance company pays the rest of it. Insurance helps you protect the things you need the most.

Unit 7: Your Career

Many people don't realize that there is a difference between a job and a career. A job is a short term and temporary thing to make money. A career is a long term job of what you want to do for the rest of your life. It is important to choose a career that you are happy with and that fits the skills that you have. Some skills might be leadership, organization, strong work ethic, and so on. You shouldn't pick a career only for the money but based on your values.

Identity Theft Video

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