Personal Finance: Key Concepts & Future Benefits - Essay Sample

Introduction

Personal finance refers to how an individual manages his or her money, including investing and saving. Personal finance includes retirement planning, tax planning, investments, banking, insurance as well as budgeting, among others. It involves meeting personal monetary objectives as well as fulfilling the needs within that financial restrictions. This paper will be a discussion on the significant ideas acquired on personal finance, how will the acquired tips be of future help, the areas need growth as well as the impact of my potential salary on financial security.

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The main idea that I have learned about personal and financial literacy is that there are strategies to afford higher education today. Some of the very fundamental approach for affording higher education affordable start before the actual time of enrolling in college. Foremost is saving money and earning money (Vilorio, 2013). Secondly, earning credits before joining college through taking Advanced Placement ( AP) classes while in high school may enable an individual to make application of these credits towards degree requirement and skip some steps and policies of the college they attend (Scheibach,2014). Thirdly, application for financial assistance, which may consist of gift aid such as scholarships, borrowed assistance such as student loans and self-help assistance such as work-study. Financial aid is available to all college learners from all economic backgrounds.

The other ideas that I learned from the 12 insider tricks to pay for college which is merit in academics, protection of assets, having dual citizenship, joining the military, and enroll in college while in the military, public service as well as bunching among others(Baldwin, 2013). While on making a plan to manage personal finances, I learned certain concepts which included tips for managing personal finances which include developing a budget for the household, prioritizing spending procedures, cook at home, comparing prices, creation of wait and see list among other tips.

The tips I read in the topic articles will guide my future decision because I have gain tips on how I can pay my college fees as well as the plans which I can use to manage my finances which include developing a household budget monthly or weekly, prioritizing my spending, comparing prices of prices among different stores and commodities as well as cooking at home to save on the meals I eat outside.

The areas that I need to grow include the tricks to pay college, which include using alternatives to pay for college, such as seeking assistance, joining the military, and using it as an alternative to paying college. Also, I need to grow in my plan to manage my finances by getting personal counseling and making the process of saving money as a fun exercise as well as making use of minus one rule.

Financial security is necessary since it has enough money to cover your financial requirements and those future expenses. Having undertaken this program of study, I will be able to gauge my spending as well as saving strategies, which makes it possible to have financial security. Basing on my salary, I can be able to save as paying for the necessary budget and saving for future use.

In conclusion, the ideas that I have learned include strategies to afford higher education today, tricks to pay for college as well as making a plan to manage personal finances. The insights about personal finance will guide my decision by learning to prioritize my budget, comparing prices as well as commodities before purchasing commodities. The areas that I need to grow include making use of alternatives to pay my college fees.

References

Baldwin, W. (2013). 12 INSIDER TRICKS TO PAY FOR COLLEGE. FORBES, 191(1), 100-+.https://lopes.idm.oclc.org/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=ehh&AN=85503298&site=ehost-live&scope=site

Scheibach, Michael ( 2014). "Make a Plan to Manage Personal Finances. "https://lopes.idm.oclc.org/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=99623715&site=ehost-live&scope=site

Vilorio, D. (2013). Paying for College: Strategies to Afford Higher Education Today. Occupational Outlook Quarterly, 57(1), 2-19. https://eric.ed.gov/?id=EJ1004222