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Methods and services for managing personal finances
Methods and services for managing personal finances
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The Banzai Financial Literacy course, taught me many thing that I will, and will not use. One thing that I found useful, was the implementation of jars to keep track of and manage my money/funds. I found this important, because you need to magage your expenses properly, so that your have the correct amount of funds for certain scenarios that you may or may not encounter. One other thing that I found useful, was learning to use my checking account rather than my credit card. This was a good tip, because, with a credit card you can go into debt, whereas with a checking account, you can only use the money you have. But, there were also tips that I found not so useful from this activity.
Although there were several things that I found useful
Once high school ends, most students progress to college after a year or two from graduation. Due to all of the expenses for textbooks and etc., the student might realize that they don’t comprehend what to conserve or spend their money on to get through their years of college which will leave them clueless on what to do next. With situations like this that might occur, all high school students should take a financial literacy class as part of the mandatory course in order to get a diploma. With a numerous amount of students not having enough knowledge about how to manage their money carefully, presumably they’ll have trouble living their life as an adult. Taking a financial literacy class would help students stay out of debt, they’ll be prepared for their future, and they would recognize the discrepancies between wants and needs.
In modern days, there is a type of crime that is growing very fast. It has become a very popular crime because it’s easily done, and it doesn’t leave a big trace, whether the crime is successful or not. The crime in question is Identity theft. Identity theft is a crime that involves a person or group pretending to be someone else for their own personal wants. The criminals use personal financial information such as social security number, bank and card information, your address and other personal information. According to the Insurance Information Institute, 15.4 million U.S. consumers have been victim to this crime, amounting to a loss of $16 billion, making it the most growing crime
The third lesson I read about is how to keep money in the bank because the bank is the safest place to keep money. In addition, investing money in stocks is the best way to make a business grow because stocks have the highest returns of any asset. Lesson 9 is full of important information about credit card debt. According to Lesson 9, "The average American household with at least one credit card has nearly $15,950 in credit card debt. " People borrow a lot of money that they cannot afford to pay back.
Before using Everfi I tended to spend my money on wants instead of needs or things I will eventually need in the future. It showed me really how important it was to spend my money wisely. If you spend your money on things you want or blow your money something will come up like a bill that you have to pay and you won’t have enough money to pay it. This wasn’t saying that you can’t spend your money on anything but needs, it was simply saying that it is important to have a budget or keep track of how much money you have at all times.
A portion of the students were placed in the class and a portion of students were not given any formal classroom financial literacy training. All students participated in the Junior Achievement Finance Park simulation in which they were placed in real-life situations and had to make financial decisions. Their decisions affected their personal income and lifestyle within the simulation. The educated group “showed profoundly greater understanding of the financial issues they faced. Their completion rates were higher, they saved more, and they spent less on immediate gratification items such as clothing. These items were consistent with the lessons offered in the curriculum they received” (Carlin & Robinson, 2012). Also, the classroom students were more likely to use available resources, known as decision supports, to help them better understand their potential decisions. An example of a decision support includes additional information provided by a business to further explain their product or its features (i.e. explaining premium options on a health insurance plan). The study believes that “timely decision support and financial literacy training are complements, not substitutes” (Carlin & Robinson,
The biggest thing I learned during the workshop was about interest rates. While I was already aware that one is charged interest one the money they charge to their credit card I was did not know of the different levels and type of interests that could be charged. For example, the Annual Percentage Rate (APR), which is the percentage you pay if you carry is a balance on a credit card, is often charged to the highest balance you currently owe that is over the minimum balance. This taught me that it is important to be wary of making charges to my credit card that are drastically over the minimum amount because then I will end up paying more of it with interested on top of its original cost. Knowing this now, I believe it will help me with my finical planning when charging expe...
One thing I learned was there a certain way of responding to your work collages if you are sharing personal information about yourself or events you are attending, there’s a professional and sappy way of saying thanks fro telling this vs. thanks for sharing. Another lesson I learned was usage if the bare bones usage primer. Finally, I learned about the recalibration of your perspective on time. One needs to realize that it take time to get good at you do and without time and practice you wont be a strong person who can deal with larger problems. What I liked about this book was the practical issues and lessons that are taught and explained in great detail relating to the experience people my age have been in or experienced.
I learned a lot about myself from this book. I realized that I already incorporate a number of the principles that Carnegie preaches. I also picked up some valuable information that I know I will be able to use in the future. I feel that this book is a great learning tool and helps to cover things that students don’t necessarily learn in the classroom. In fact, I have already recommended it to a number of my friends.
Numerous amounts of people have financial problems when they get out of high school, so what should the school board do? In 2007, thirty-four out of fifty states have personal finance courses in their curriculum (Bernard 4). A financial literacy course seems to be what a majority of states are doing. Financial literacy courses have their pros and their cons just like everything else. Financial literacy courses bring up some very important questions.
I found several helpful strategies throughout this course but the ones I found to be most beneficial were the ones on setting goals and managing financial resources. By identifying my specific goals and then divi...
Never have I ever climbed a mountain peak. As a child, I imagined myself conducting expeditions in deep-frozen pathways, leading amateur explorers to the top of the world, and instructing rookies in surviving harsh blizzards. Even though slightly altered, my childhood dream has been achieved. I led a team of fellow classmates, in my Strategic Management course, to the success summit of a financial competition. Over the course of a semester, I and my teammates were supposed to create and manage a company of the IT industry, in a computer-simulated environment, along with other four rival teams. I dealt with strategy and financial matters of our virtual enterprise, while my colleagues were working on marketing and manufacturing. During the four months of the exercise, I have experienced finance from various aspects: capital budgeting, through selecting favorable investment for upcoming quarters; debt management, by assessing the necessary amount and efficiency of loans; profitability analysis and dividend policy, which had been used to compile the company’s general performance index. Working in a multinational team, which included an American, a Norwegian and a Moldovan, strengthen my negotiations skills, as well as flexibility and cooperation. But above all, this experience intensified my passion for finance. Of course, a pleasant bonus was the fact that, in the end, our company’s financial performance was six times the performance of second-best team.
Personal Finance is a class I’ve wanted to take for a while now. My major is Finance not because I want a career in finance but more to learn about finance for my own personal situation. This class taught me so much! During this class I was able to evaluate my financial situation and set financial goals for myself. The four topics that helped me the most were emergency savings, buying a car, purchasing a home, retirement, and estate planning. After completing this class I have a better understanding of these topics and how to achieve my financial goals.
The second lesson concentrates on the importance of financial literacy. There is one rule to follow so as to understand financial literacy – “Know the difference between an asset and a liability, and buy more assets.” In order to do this, you need to be able to understand and comprehend numbers instead of jus...
This course has helped me in many ways, especially time management, health, and money. Instead of having a very relaxing week and then panicking at the end of the week when everything is due, this course has helped me to plan out my studies. Planning them out helps me produce higher quality work and assists me with my stress problem. One thing that has helped a lot is getting short easy assignments or parts of assignments done in short periods of extra time I have. For example, instead of turning on that TV, wait ten minutes and knock out an assignment. Another asset for myself has been setting dates to have assignments done. Although these assignments may not be due on that day, getting them done and out of the way, makes more time for other
Business finance has taught me how to manage risk and return as well as making capital investment decisions throughout the semester. Professor Schott has gone through each chapter carefully well making sure that each student grasps each concept before moving on. He has used many tools such as LearnSmart, lectures and homework assignments to make sure that us students have a good idea of the concept before giving us exams.