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The 10 principles of Personal Finance

The 10 principles of Personal Finance. Hunter McFall. 1-. The Best Protection is Knowledge

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The 10 principles of Personal Finance

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  1. The 10 principles of Personal Finance Hunter McFall

  2. 1- The Best Protection is Knowledge Trust your gut when it comes to financial planning! The hard part is finding the difference between the good advice and bad advice you receive. Ask your Mommy and Daddy if they can help you get out of a financial disaster!

  3. 2- Nothing Happens Without a Plan Always remember to plan out your finance just like Dora the Explorer would do! You’re going to want to see where you’re at in a couple of years financially, then set your goals, and finally, make a plan of action and follow through!

  4. 3- The Time Value of Money The longer you invest in money, the more you gain from compounding! Once you understand the importance of saving your money early, savings becomes much more fun and you go buy many toys!

  5. 4- Taxes Affect Personal Finance Decisions Not your Uncle George, not your Uncle John, but your Uncle Sam! He’ll help you use taxes for your own benefit! Taxes are part of life, whether you or your parents like it or not. Just remember that taxes should always be part of your plan.

  6. 5- Stuff Happens, or the Importance of Liquidity If you break your arm, just know that your parents have already planned for an unexpected visit at the hospital. And next time, be more careful! Always plan for the unexpected, this means that some of your money must be available to you at any time. This is also called liquid.

  7. 6- Waste Not, Want Not – Smart Spending Matters. No matter how much you want that action figure, you shouldn’t waste your money! Spend it on something you need! If you don’t waste something, you won’t be wanting something later on…

  8. 7- Protect Yourself Against Major Catastrophes If you ever are in an earthquake, just know your home will be protected if you save some money! One thing to know is what insurance is; a financial protection against loss or harm. Make sure you have the right insurance before a tragedy happens that focuses on major catastrophes.

  9. 8- Risk and Return Go Hand in Hand Don’t put your toys all in one basket! Make sure there is a variety when you invest! Also, understand that when you save, you are able to make future purchases that you desire!

  10. 9- Mind Games and Your Money Don’t let your friends pressure you into buying things you want, always buy things that you need so be smart about it! See more than just money, know what is important in life. Extend your financial plans to achieve your goals!

  11. 10- Just Do It Have no regrets, trust yourself and just do it like Nike! Making the commitment now to financial planning is difficult, but the following steps are easy. Make time your best friend, it is stronger now that it ever will be! Take investment now and just do it!

  12. Works Cited • Keown, A. J. (2010). Ten Principles of Personal Finance. In A. J. Keown, Personal Finance: Turning Money into Wealth (pp. 17-23). Boston: Prentice Hall. Images • " RCC - RI Computer Support - Protect Yourself From Disasters." RCC - RI Computer Support - Home. Serving RI, Web. 06 Jan 2013. <http://www.rcc-pcsupport.com/services/protect-yourself-from-disasters>. • Fernand , Larissa. "Perspectives." Perspectives. Blogger, 14 Jan 2013. Web. 15 Jan 2013. <http://fundsupermartindia.blogspot.com/ >. • Solis, Brian. " Nike, Just Do It: When a Local Story Runs Away on the Web and Leads to Change - Brian Solis." Brian Solis - Defining the convergence of media and influence. Nike, 22 Oct 2008. Web. 15 Jan 2013. <http://www.briansolis.com/2008/10/nike-just-do-it-when-local-story-takes/ >. • Farmand, C. "Considering Your Move." April 16. 16 Apr 2012. Web. 14 Jan 2013. <http://www.apr16.com/?cat=27>. • Mugen, Andy. "Dora The Explorer - The MUGEN Database, the M.U.G.E.N content encyclopedia." MUGEN Database. Wikipedia, Web. 14 Jan 2013. <http://mugen.wikia.com/wiki/Dora_The_Explorer>. • "Picture Gallery - Cartoon Images." Web. 15 Jan 2013. <http://schools.pinellas.k12.fl.us/gallery/cartoon/Page0003.html>. • Miller, Don. "My Piggy Bank is Stuck! ~ See Through." See Through. Blogger, 2013. Web. 14 Jan 2013. <http://youthmaster.blogspot.com/2012/07/my-piggy-bank-is-stuck.html>. • House, SouthD. "Broken Arm Clip Art." Clipart Mojo - Free Clipart - Clip Art Pictures - Royalty Free Graphics. Clipart Mojo, 10 Oct 2011. Web. 14 Jan 2013. <http://www.clipartmojo.com/clip-art/broken-arm-732/>.

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