Miss J 2020 class

https://drive.google.com/file/d/18U3czWbFfpR8-D3ceriH7WKOShEpN_pN/view?usp=drivesdk

 

 This refers to the ability to understand and effectively  use various skills including personal financial managements , budgeting, and investing..

 1. Minimum balance requirements  2. Low interest rates 3. Federal withdrawal limits 4. Rates can change 5. Compounded interest  6. Inflation.

 Everything has advantages and disadvantages, one would not believe that budgeting also has disadvantages. Below are disadvantages of budgeting.. 1. The budgets are prepared on the basis of estimates. If the estimates are wrong, the budgets will be misleading.  2. Future is uncertainty and cannot be precdictable accurately. A budget is prepared for future period. Hence the budget does not show reality. 3. The budgets may be revised from time to time because of changed conditions.  If so it leads to more administration expenses. 4. If the budgets are revised frequently, the employees can lose their in budgeting.  5. A budget cannot be used as a substitute for management..

 * Gives you control over your money * Keeps you focused on your money * Makes you aware of  what is going on with your money * Helps you organize your spending and savings  * Makes you decide in advance how your money will work for you * Enables you to communicate  with your significant others about money * Provides you with  an early warning  for potential problems * Helps you determine if you can take debt and how much * Enables you to produce extra money.

 * Helps in emergencies, emergencies  are always unexpected.  * Cushions against sudden job loss, job loss is usually traumatic.  * Helps to finance vacations  * Limits debts  * Give financial freedom  *Helps prepare for retirement  * Helps finance further education  * Helps finance the down payment for a mortage.

 1. Sacrifice the shining objects  2. Sacrifice the friendship with poor people  3. Sacrifice social media and Tv 4. Sacrifice some sleep 5. Sacrifice the blame game 6. Sacrifice your fear of losing  7. Sacrifice your impatience  8. Give up your low self esteem  9. Give up hatred for books 10. Give up the easy life..

 

 1. For growth  2. For retirement  3. To earn higher returns  4. Reach financial goals 5. To support others and 6. Reduce taxable income 

 1. Open a saving account  2. Invest in mutual funds 3. Invest in  bonds 4. Buy individual stocks 5. Invest in real estate  6. Invest in  peer to peer ventures

There are a few steps that one needs to follow in order to spent their money wisely.. 1.Budget before the month begins. You need to budget every month. 2. Identity your income  3. Enter your fixed expenses 4. Enter your common monthly expenses  5. Be month by month specific  6. Budget for your money goals 7. Always use a zero based study.  

 Do not save what is left after spending, but spend what is left  after saving ....