Teaching Thursday week 1 research
What is Personal Finance
”the activity of managing your own money” - Cambridge dictionary
The term personal finance can be used to describe the whole industry that provides financial services to individuals, but more specifically it can refer to individuals or families managing their money, and achieving some financial goal.
Main areas if personal finance:
- Income
- Saving
- Spending
- Investing
- Protection
Most important activities and services in those areas
- Budgeting
- Credit Cards
- Loans and Debts
- Taxes
- Insurance
- Investments
- Banking
- Retirement Planning
- Estate Planning
It can also include mortgages, tax planning and estate planning.
Why Does it Matter?
Learning how to manage your money can help us meet your financial goal more effectively by allowing to use intentional strategies and plans targeted at the goal.
Being more knowledgeable and confident in the area will also help us recognize whether an advice/opportunity is good or bad.
Finally effectively managing our money, and employing tactics like emergency funds and investing can keep us more stress-free about our income and unforeseen accidents.
Main Steps
The important steps I identified after this short research are:
- Evaluating your income and expenses
- Creating a budget
- Starting to save and invest effectively
- Understand Insurance, Credit Score, Retirement Planning
Resources - Untested
https://www.khanacademy.org/college-careers-more/personal-finance and https://www.khanacademy.org/college-careers-more/financial-literacy
https://www.bitpanda.com/academy/en/lessons/what-is-personal-finance-and-why-does-it-matter/
- https://www.morningstar.com/start-investing/classroom
- https://www.edx.org/search?q=personal+finance&tab=course
- https://www.purdue.edu/hhs/extension/planning-for-a-secure-retirement/
- https://blogs.missouristate.edu/web/2012/10/04/new-personal-finance-course-in-itunes-u/
Sources
https://www.investopedia.com/terms/p/personalfinance.asp
https://cleartax.in/g/terms/personal-finance/amp
https://www.bitpanda.com/academy/en/lessons/what-is-personal-finance-and-why-does-it-matter/