Personal Finance

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Running head: PERSONAL FINANCE: HOW TO MONITOR AND MEET YOUR RETIREMENT TARGETS 1
PERSONAL FINANCE: HOW TO MONITOR AND MEET YOUR RETIREMENT TARGETS 2

Course: CBP203
Date: 09 October 2017
My Personal Finance
Refise Beaubrun

FINANCE PORTFOLIO
Abstract
While we live in a working economy, price increases, and with so many risks one must think about the economics, it plays a big role in one’s personal financial situation. When the inflation rises unexpectedly, it escalates to four percent. I must find out how to make my budget work with the higher cost of living. There are many things that I must consider, to find a solution to my problem on how to manage my money when I reach in my retirement stage. My situation is varying in different …show more content…

As prices go up and down, I must make sure that I have enough money to put gas in my car to get to work and school. If gas prices go up, I need to spend less money on groceries, and reduce my lunch spending in half a week. As the middle class, we rely a lot on what happens in the economic world, it is not just gas prices it is also taxes, resources, and the cost of living which are changing every day.
Economics are often considered the study of decision making. Our decisions revolve around what is happening in the world of money.
What role does the government play in one’s personal financial …show more content…

When budgeting, one must look at what will be owed to the government and those in authority. Before someone makes a decision that has to do with money, they need to consider consumer prices, inflation risks, interest rate risks, income risks, and so on. These categories have an impact on one’s personal budget. Likewise, the government can be of assistance to those in distraught financial situations. The U.S. government offers welfare for those who are unable to work. While someone is out of a job, unemployment is also offered, to hold someone over until another job is found. The thing about these benefits is that it is not really the government paying for them, it is the American people. American taxes pay for the welfare of those who are unable to work, and the unemployment to those who are looking for a job.
What is the impact of taxes on one’s personal financial plan? Taxes affect most people of the working class. Exemptions and federal taxes are all taken out of one’s paycheck, and this must be calculated into one’s budget. Someone cannot make $20 an hour in today’s world, by the time that the taxes are taken out someone’s paycheck it seems more like $15 an hour. Many people cannot even live off their incomes because the tax burden on an average employee is currently about 73% of one’s income (MidiMagic, n.d.). Personally, I can say that I am affected by all the taxes from work, and personal

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