Personal Finance Assignment 1 - 1163 Words (2022)

Personal Finance Assignment 1 - 1163 Words (1)

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Topics: Krispy Kreme, Inflation, Doughnut, Competition, Economics, Money

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Name ___________Taylor Bravo
Assignment 1: Economic Basics
(24.0 points)

1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points) Financial planning is a very important way to gain the skill to save and invest money. This is something I want to learn because times are rough here at home so I want to do the best I can to save money and responsible invest. Another thing financial planning can help me do is make wise choices when spending money. This is equally as important to me because if I don’t prioritize my needs from wants then I won't have any money at all.

2. List two examples of goods you have purchased in the past or may purchase in the future. (Complete sentences are not necessary. 0.5 points) A pair of shoes, A laptop

3. List two examples of services you have purchased in the past or may purchase in the future. (Complete sentences are not necessary. 0.5 points) A taxi ride home, have pizza delivered

4. One of the functions of money is as a store of value. How does inflation affect money's ability to store value? (3-6 sentences. 2.0 points) Inflation affects moneys ability to store value because inflation can decrease moneys value over time. In turn the more inflation happens the less value you dollar holds. This is because as prices go up you can't buy certain items with the same amount of money.

5. Imagine that you are considering moving to a new country and looking for a job there, but you first want to make sure the country has a strong economy. Describe at least three economic factors that you would want to research as evidence of the economy's strength or weakness, and explain how each factor would affect your decision to move there. (4-6 sentences. 3.0 points) First I would look to see what the country's GDP to see the value of the economy. This would also help me to see the value of the goods and services


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(Video) QR - Section 9.1 Lecture Video (Understanding Personal Finance)

FAQs

What should my financial goals be? ›

Key short-term goals include setting a budget, reducing debt, and starting an emergency fund. Medium-term goals should include key insurance policies, while long-term goals need to be focused on retirement.

How do you plan a personal finance? ›

A step-by-step guide to build a personal financial plan
  1. Set financial goals. It's always good to have a clear idea of why you're saving your hard-earned money. ...
  2. Create a budget. ...
  3. Plan for taxes. ...
  4. Build an emergency fund. ...
  5. Manage debt. ...
  6. Protect with insurance. ...
  7. Plan for retirement. ...
  8. Invest beyond your 401(k).

Why do we need to study personal finance? ›

Why Is Personal Finance Important? Personal finance is a vital part of not only managing your day-to-day financial needs but also planning your financial future. The sooner you get a grip on personal finance, the better your long-term financial prospects will be for things like investing or planning for retirement.

What are some financial goals examples? ›

7 Examples of Personal Finance Goals
  • Start an Emergency Fund. Life is unpredictable, and it's important to be prepared. ...
  • Pay Off Debt. Paying off debts is one of the most common financial goals. ...
  • Save for Retirement. ...
  • Strive for Homeownership. ...
  • Pay Off the Car. ...
  • Invest in a College Education. ...
  • Plan for Fun.

What is a SMART financial goal? ›

What is a SMART goal? SMART is an acronym that means: Specific, Measurable, Attainable, Relevant, and Timebound. Imagine you've set a goal to save money. This goal is vague and there's no way to tell when. success has been reached.

What are the 7 steps of financial planning? ›

7 Steps of Financial Planning
  • Define your short- and long-term goals. ...
  • Audit your current income, savings, and long-term savings and investing plan. ...
  • Address shortfalls/adjust goals. ...
  • Account for multiple future scenarios. ...
  • Develop a comprehensive financial plan. ...
  • Implement and monitor that plan.
21 Dec 2021

What are the 5 areas of personal finance? ›

What Are The 5 Areas of Personal Finance? The areas of personal finances include income, spending, savings, investing, and protection.

What is personal finance example? ›

Personal finance is a term that covers managing your money as well as saving and investing. It encompasses budgeting, banking, insurance, mortgages, investments, and retirement, tax, and estate planning.

How can I get money without a job? ›

15 Ways to Make Money Without a Job
  1. Participate in paid market research. ...
  2. Become a virtual assistant. ...
  3. Transcribe audio and video. ...
  4. Sell online. ...
  5. Housesit. ...
  6. Write online reviews. ...
  7. Start a blog. ...
  8. Game on Twitch.
5 Aug 2021

How can I make money while I sleep? ›

18 Easy Ways to Make Money While You Sleep [2022]
  1. Invest in the Stock Market.
  2. Invest in Alternative Investments.
  3. Open a High-Yield Savings Account.
  4. Fine Wine.
  5. Invest in Secured P2P Loans.
  6. Real Estate Investment Trusts (REITs)
  7. Create a Blog or eBook.
  8. Start a YouTube Channel.
27 Sept 2022

What is the most important thing in finance? ›

One of the most important (and obvious) aspects of personal finance is cash flow management. This is all about how much money is going in, and where that money goes. Getting your cash flow under control is vital before you can do anything else with your money.

What finance means? ›

Finance, of financing, is the process of raising funds or capital for any kind of expenditure. It is the process of channeling various funds in the form of credit, loans, or invested capital to those economic entities that most need them or can put them to the most productive use.

What are your three most important financial goals? ›

Save for retirement and other long-term plans. Save for short-term and mid-term plans. Pay off debt. Build good credit.

What are personal goals? ›

What are personal goals? Personal goals are short- or long-term goals that can apply to your work, family life or lifestyle. They are meant to motivate you to achieve what you want in life.

Why should you pay yourself first? ›

Yet, while it's critical to pay all your bills on time, planning for your future can't always take the back seat. When you pay yourself first, you pay yourself (usually via automatic savings) before you do any other spending. In other words, you are prioritizing your long-term financial well-being.

What are financial goals for students? ›

Here are some examples of long-term financial goals for students. Save for retirement – No one is ever too young to save for retirement. The younger your student saves for retirement, the more time the money has to grow. Build credit – It takes time to build credit.

What is a short term personal goal? ›

A short-term goal is something you want to do in the near future. The near future can mean today, this week, this month, or even this year. A short-term goal is something you want to accomplish soon. A short term goal is a goal you can achieve in 12 months or less.

What is short term financial goals? ›

Short-term financial goals are objectives that organizations aim to achieve in a relatively short period of time (often quarterly or annually). These objectives are usually smaller in scope and easier to predict and realize than long-term financial goals.

What are three elements of a budget? ›

A budget gives a plan to help a household use money, as well as pay things that are important to that household. The three main elements, or parts, of a personal budget are income, expenditures, and savings.

What is the stage 3 in financial life cycle? ›

In fact, there are actually three distinct stages of your financial life. These three stages are wealth accumulation, wealth preservation, and wealth distribution.

What is the 50 30 20 budget rule? ›

Key Takeaways. The rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must-have or must-do. The remaining half should be split up between 20% savings and debt repayment and 30% to everything else that you might want.

What is personal finance answers? ›

Personal finance refers to all of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc..

Who invented personal finance? ›

The earliest known research in personal finance was done in 1920 by Hazel Kyrk. Her dissertation at University of Chicago laid the foundation of consumer economics and family economics.

How can I be my own boss? ›

7 tips for becoming your own boss.
  1. Do your homework. ...
  2. Establish your own goals. ...
  3. Pay attention to finances. ...
  4. Always be networking. ...
  5. Have a schedule. ...
  6. Keep building your skills. ...
  7. Don't forget about self-care.
31 Aug 2022

How can I make money in one hour? ›

How to Make Money in One Hour or Less
  1. Use Survey Sites to Get Paid. ...
  2. Try Passive Income Apps. ...
  3. Start a Delivery Side Hustle. ...
  4. Complete Short Tasks on Amazon Mechanical Turk. ...
  5. Earn Extra Income Selling Things Around Your House. ...
  6. Donate Plasma. ...
  7. Get Paid to Shop. ...
  8. Become a Mystery Shopper.
27 Sept 2022

How can I make 100 dollars a day? ›

And the dollars will add up quickly!
  1. Take part in research (up to $150/hour) ...
  2. Get paid to take surveys. ...
  3. Get paid to watch videos online. ...
  4. Answer questions for money. ...
  5. Download this app and make money by going online. ...
  6. Get paid to play games online. ...
  7. 7. Make an extra $100 pet sitting. ...
  8. Become a shopper.

How do I make passive money? ›

Passive income ideas:
  1. Create a course.
  2. Write an e-book.
  3. Rental income.
  4. Affiliate marketing.
  5. Flip retail products.
  6. Sell photography online.
  7. Buy crowdfunded real estate.
  8. Peer-to-peer lending.
19 Sept 2022

What is the best passive income? ›

30 passive income ideas to earn money
  • Start a dropshipping store.
  • Create a print-on-demand store.
  • Sell digital products.
  • Teach online courses.
  • Become a blogger.
  • Sell handmade goods.
  • Run an affiliate marketing business.
  • Sell stock photos online.
14 Sept 2022

How can I make money in a day? ›

Learn more about what you could do to earn an extra income in as short as one day with these thirty-three ideas.
  1. Drive With Uber or Lyft. ...
  2. Presell Your Labor. ...
  3. Sell Your Clothes. ...
  4. Sell Your Furniture. ...
  5. Have a Yard Sale. ...
  6. Sell Your Books. ...
  7. Get a Roommate. ...
  8. Become a Pet Sitter.
31 Jan 2022

How can beginners make money online? ›

How to make money online as a beginner
  1. Get involved in market research. ...
  2. Become an online tutor. ...
  3. Sell your clothes and other belongings. ...
  4. Become an affiliate for your favorite products. ...
  5. Start a dropshipping business. ...
  6. Transcribe recordings. ...
  7. Rent out your stuff.
13 Jun 2022

How can a girl earn money at home? ›

Here Are the Top Ways to Earn Money at Home for a Housewife
  1. Become an Insurance POSP. A POSP (or a Point of Salesperson) is someone who sells insurance products. ...
  2. Sell Homemade Items. ...
  3. Look for Translation Jobs. ...
  4. Start a Blog. ...
  5. Start a YouTube Channel. ...
  6. Become a Travel Agent or Planner.

What is the first rule of personal finance? ›

The Basics of Pay Yourself First

Regular savings contributions can go a long way toward building a long-term nest egg, and some financial professionals even go so far as to call "pay yourself first" the golden rule of personal finance.

What is the basic rule of personal finance? ›

The Four Fundamental Rules of Personal Finance

Spend less than you make. Spend way less than you make, and save the rest. Earn more money. Make your money earn more money.

What are the 3 types of finance? ›

The finance field includes three main subcategories: personal finance, corporate finance, and public (government) finance.

What are the 7 finance function? ›

The seven popular functions are decisions and control, financial planning, resource allocation, cash flow management, surplus disposal, acquisitions, mergers, and capital budgeting.

What is the role of finance? ›

Finance involves managing the firm's money. The financial manager must decide how much money is needed and when, how best to use the available funds, and how to get the required financing. The financial manager's responsibilities include financial planning, investing (spending money), and financing (raising money).

What is financial problem? ›

Having financial problems means being unable to pay debts over the short or long term. Debt complicates financial management and limits purchasing power. Financial difficulties become a source of stress until all debts are paid.

What are 10 personal finance strategies? ›

10 Personal Finance Strategies to Master Your Money in 2021
  • Create a Budget and Stick With It. ...
  • Pay off High-Interest Debt. ...
  • Have an Emergency Fund. ...
  • Earn High Interest on Savings. ...
  • Maximize Registered Investment Accounts. ...
  • Cut your Investment and Bank Fees. ...
  • Automate Your Bill Payments. ...
  • Monitor your Credit Score and Report.
16 Nov 2021

What is personal spending? ›

Consumer spending, or personal consumption expenditures (PCE), is the value of the goods and services purchased by, or on the behalf of, U.S. residents. At the national level, BEA publishes annual, quarterly, and monthly estimates of consumer spending. Current Release.

How is money managed? ›

Money management refers to the processes of budgeting, saving, investing, spending, or otherwise overseeing the capital usage of an individual or group. The term can also refer more narrowly to investment management and portfolio management.

What are three types of financial goals? ›

3 Types Of Financial Goals
  • Short-term financial goals.
  • Medium-term financial goals.
  • Long-term financial goals.

What are the 5 components of financial goal setting? ›

Financial planning includes five key steps: goal setting, budgeting, mitigating risk, building wealth and understanding how taxes affect retirement planning.
  • Setting goals. ...
  • Calculating your budget. ...
  • Mitigating risk. ...
  • Building wealth. ...
  • Retirement and taxes.
6 Jul 2022

What are some financial goals for a teenager? ›

→ Teen Money Goals
  • Get hired for a first job.
  • Earn enough to buy a prom dress, new electronic, etc.
  • Earn money from a side hustle.
  • Set up a savings account this month.
  • Open an investment account this month.
  • Track your stocks and investments.
  • Download a financial app to track spending.
  • Apply to one new scholarship this week.
4 Jul 2022

What are the 5 smart goals? ›

What are SMART goals? The SMART in SMART goals stands for Specific, Measurable, Achievable, Relevant, and Time-Bound.

What is in a financial plan? ›

A financial plan paints a comprehensive picture of your current finances, your financial goals and any strategies you've set to achieve those goals. Good financial planning should include details about your cash flow, savings, debt, investments, insurance and any other elements of your financial life.

What are the 7 areas of financial planning? ›

7 Areas Typically Covered in a Financial Plan
  • Financial statement preparation and analysis.
  • Insurance planning and risk management.
  • Employee benefits planning.
  • Investment planning.
  • Income tax planning.
  • Retirement planning.
  • Estate planning.

What are the 7 key components financial planning? ›

8 Components of a Good Financial Plan
  • Financial goals. ...
  • Net worth statement. ...
  • Budget and cash flow planning. ...
  • Debt management plan. ...
  • Retirement plan. ...
  • Emergency funds. ...
  • Insurance coverage. ...
  • Estate plan.

What are the 3 main components of financial literacy? ›

Three Key Components of Financial Literacy
  • An Up-to-Date Budget. Some tend to look at the word “budget” as tantamount to the word “diet,” but at its most basic, a budget is just a spending plan. ...
  • Dedicated Savings (and Saving to Spend) ...
  • ID Theft Prevention.

What is a life goal? ›

Life goals are all the things you want to accomplish in your life. Often your life goals are very meaningful to you and can make a lasting impact on your life. They can be large and challenging goals, or they can be smaller and more personal.

What are 3 short term goals for students? ›

These are some ideas for short-term goals if you're a student: reading at least one book each month, studying at least one hour per day, learning a new language, improving grades by 10%, deciding on a major, etc.

How much money should teenager save? ›

“A good rule of thumb is to save 10 percent of what you earn, and have at least three months' worth of living expenses saved up in case of an emergency.” Once your teen has a steady job, help him set up a savings program so that at least 10 percent of earnings goes directly into his savings account.

What is a short term personal goal? ›

A short-term goal is something you want to do in the near future. The near future can mean today, this week, this month, or even this year. A short-term goal is something you want to accomplish soon. A short term goal is a goal you can achieve in 12 months or less.

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