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Personal Finance Research Paper

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Personal finance is the process of which an individual or a family undergoes to budget, save, and spend their money over time, taking into account various financial risks and future life events. To me, personal finance means all of the above and that I am financially successful. To be financially successful means that I am able to pay off all debts (credit card, car, etc), provide and support my family by living an adequate lifestyle, have enough money to be able to pay for unexpected events or problems like car problems, a broken wrist, or a leaky roof and to still have enough money left over to be able to go on trips and do other fun things.
The first step towards financial success starts with your job. You need to make enough money to support …show more content…
A budget helps you to plan your money spending so you don’t spend more than you have so you can stay on track to live the life you want to live and retire when you are ready. Moving forward I will definitely use a budget to plan my spending, to record how much I spend and to help me save money. I think putting at least 10% of your money away into savings is a good idea and good takeaway from class., because as learning from the simulation, you never know when you will need emergency money and how much of it, so being prepared is an excellent idea. I would also like to establish an amount to put into investments as apart of my budget, because investing can earn you a lot of money if your patient and willing to take some potential risks or easy …show more content…
From this class I have learned that when I start working in my first real job, I should start putting money right away and investing because the compound interest will be very beneficial over the longer period of time. My stepmom is big into investing, finances and saving, and so I having her there to help me set the investing stuff up in my future will be very helpful and beneficial to me in the long run. Right now being young it’s ok to invest in stocks that may be a little more risky, but as I get older and close to retirement I will for sure make sure to diversify my portfolio and pick some not so risky stocks. Also paying attention to the news and politics can play a role in good investing and investing in a company that may be heading towards a bright future. For example Disney just bought another company, fox or the new tax laws. One of the most important things I will take away from this class is to

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