Finance

Wealth Building Tips for Modern Day Millennials

Wealth Building Tips for Modern Day Millennials

What Is Personal Finance?

Personal finance is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time. This includes taking into account various financial risks and future life events. When planning personal finances, the individual would likely consider of a range of banking products.

 

A Brief History

 

Before a specialty in personal finance was developed, various disciplines, such as family economics, and consumer economics were as part of home economics for over 100 years. The earliest known research in personal finance was done in 1920 by Hazel Kyrk. Her dissertation at University of Chicago laid the foundation of consumer and family economics. Margaret Reid, a professor of Home Economics at the same university, is recognized as one of the pioneers in the study of Consumer and Household behavior.

 

Beware of little expenses. A small leak will sink a great ship. — Benjamin Franklin

 

Therefore, personal finance education helps an individual or a family make rational financial decisions throughout their life. Before 1990, mainstream economists and business faculty paid little attention to personal finance. However, several American universities such as Brigham Young University, Iowa State University, and San Francisco State University have started to offer financial educational programs in both undergraduate and graduate programs in the last 30 years.

 

Current Action

 

As the concerns about consumers’ financial capability have increased, a variety of education programs have emerged. Subjects are created  for broad audiences or to a specific group of people such as youth and women. The programs are frequently known as “Financial literacy”. There was no standardized curriculum for personal finance education until after 2008 financial crisis. The United States President’s Advisory Council on Financial Capability was set up in 2008 in order to encourage financial literacy among American people. It also stressed the importance of developing a standard in the field of financial education.

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When Technology gets too Smart

When Technology gets too Smart

Technology is the collection of techniques, skills, methods and processes used in the production of goods or services or in the accomplishment of objectives, such as scientific investigation. The human species’ use of technology began with the conversion of resources into tools.

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Top Budget Hacks for Planning and Accounting

Top Budget Hacks for Planning and Accounting

A budget is a quantitative expression of a plan for a defined period of time. It may include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows. It expresses strategic plans of business units, organizations, activities or events in measurable terms.

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Tips for Avoiding an Out of Money Experience

Tips for Avoiding an Out of Money Experience

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context, or is easily converted to such a form. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, sometimes, a standard of deferred payment.

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Making Cents of Online Investment Services

Making Cents of Online Investment Services

Investment generally results in acquiring an asset, also called an investment. If the asset is available at a price worth investing, it is normally expected either to generate income, or to appreciate in value, so that it can be sold at a higher price (or both). Investors generally expect higher returns from riskier investments.

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Ease Your Way In To The Global Stock Market

Ease Your Way In To The Global Stock Market

A stock market, equity market or share market is the aggregation of buyers and sellers (a loose network of economic transactions, not a physical facility or discrete entity) of stocks (also called shares); these may include securities listed on a stock exchange.

Trade in stock markets means the transfer for money of a stock or security from a seller to a buyer. This requires these two parties to agree on a price. Equities (stocks or shares) confer an ownership interest in a particular company. Participants in the stock market range from small individual stock investors to larger traders investors, who can be based anywhere in the world, and may include banks, insurance companies or pension funds, and hedge funds. Their buy or sell orders may be executed on their behalf by a stock exchange trader.

A potential buyer bids a specific price for a stock, and a potential seller asks a specific price for the same stock. Buying or selling at market means you will accept any ask price or bid price for the stock, respectively. When the bid and ask prices match, a sale takes place, on a first-come-first-served basis if there are multiple bidders or askers at a given price.

One of the very nice things about investing in the stock market is that you learn about all different aspects of the economy. — Ron Chernow

The purpose of a stock exchange is to facilitate the exchange of securities between buyers and sellers, thus providing a marketplace (virtual or real). The exchanges provide real-time trading information on the listed securities, facilitating price discovery.

The New York Stock Exchange (NYSE) is a physical exchange, with a hybrid market for placing orders both electronically and manually on the trading floor. Orders executed on the trading floor enter by way of exchange members and flow down to a floor broker, who goes to the floor trading post specialist for that stock to trade the order. The specialist’s job is to match buy and sell orders using open outcry. If a spread exists, no trade immediately takes place—in this case the specialist should use his/her own resources (money or stock) to close the difference after his/her judged time.

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