Personal Finance Essay

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.Some people prefer to cross financial bridges when they come to them, while others adhere to a strict budget.

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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.

For example, central bankers and finance authorities raise or lower interest rates on savings, deposits and loans that affect us in one way or another.

Sellers increase prices and wage earners ask for a raise. All of these involve making financial decisions and 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.

These goals are defined as those needs which have to be met up to 5 years.

Your long term goals could be to purchase a new house and these would have to be met after tenure of 5 years.

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.

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