Personal Finance Essay

Personal Finance Essay-14
However, there are some keys to financial success listed in Table 1.College graduates need to bear the 6 steps above in mind in making personal financial planning in order to achieve financial success [3] . First Step: Identifying Smart Financial Goals Identifying the financial goals help you determine the things you want to save and invest for, like ・ a vehicle ・ a tuition ・ a decent living ・ emergencies ・ your individual future goals Defining one’s financial objective is vital before planning for finances.

However, there are some keys to financial success listed in Table 1.College graduates need to bear the 6 steps above in mind in making personal financial planning in order to achieve financial success [3] . First Step: Identifying Smart Financial Goals Identifying the financial goals help you determine the things you want to save and invest for, like ・ a vehicle ・ a tuition ・ a decent living ・ emergencies ・ your individual future goals Defining one’s financial objective is vital before planning for finances.

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On a personal level, each of us makes individual decisions that affect us and the ones close to us.

As students, we are either benefited or adversely affected by mundane decisions such as what type of student loans to apply for, whether to opt for eating in expensive restaurants or settle for eating in the school canteen, whether to pay in cash or use credit cards, whether to take a taxi or take the bus or buy a bicycle instead, or after graduation, to rent the residence or to buy an apartment using bank credits. It behooves us to know more about finance and financial planning.

Your goals will tell you how you should manage your finances so that when you wish to meet your goals you have enough funds with you.

You can then plan accordingly how much you need to save today for the future plans and how much returns you will receive on your investments to fulfill your future needs.

We make use of finance in a manner that almost borders on instinct, making everyday purchase decisions without much thought.

Finance impacts our lives without letting us know its details.But young adults, who are inadequately equipped with the essential knowledge about personal finance, make many detrimental financial mistakes until they finally become smart and diligent financial planners.If college graduates have the correct knowledge and motivation about personal finance when starting out, they can get control of their finances by making wise decisions and avoiding common pitfalls.This essay starts with determining one’s personal financial goals in a realistic manner in order to set the plan.Then the essay goes on to recommend college graduates to make net worth statement in order to know the starting point of carrying out the plan.And the fact is lacking knowledge about managing personal finances and poor skills in managing money can lead to detrimental living conditions, let alone realizing these great goals. And US college students only score 62% in personal finance exams because they find financial planning guidance too vague, too detailed or not constructive enough [2] . (1991), students place great emphasis on those areas that provide economic security like “planning for retirement” and “an analysis of health and life insurance needs” while ranking investment vehicles which are vital for retirement planning success in the bottom half simply because they lack conception knowledge of these instruments and the time value of money.So if introduction to financial planning can be developed according to the interests and priorities placed by students, graduates will have the correct motivation and knowledge for getting control of our finances and achieve financial security by making wise decisions from the start. Students also rate basics of financial planning like “understanding of financial attitudes and goals”, “analysis of financial resources and expenses” and “preparation of household budget” very highly [1] .With these as background, the following essay will provide insightful information that college graduates want to and need to know in order to be financially successful.The goal of this essay is to point out the importance of financial planning for college graduates who are about to make vital financial decisions and to outline some essential aspects about personal financial planning for college graduates. Steps of Personal Financial Planning for College Graduates A starting point is determining one’s personal financial goals in a realistic manner in order to set the plan.Thus the essay then goes on to recommend college graduates to make net worth statement in order to know the starting point of carrying out the plan.Financial plans can be long or short term, structured or unstructured.

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