Financial HACKs

    What is finance in simple words to you?

Finance is a broad term that describes activities associated with banking, leverage or debt, credit, capital markets, money, and investments. ... Finance also encompasses the oversight, creation, and study of money, banking, credit, investments, assets, and liabilities that make up financial systems.

Why is financial literacy important for you?

Financial literacy is important because it equips one with the knowledge and skill to manage money effectively. Without financial literacy, the actions and decisions one make or do not make with respect to savings and investments would lack a strong foundation. Financial literacy helps in understanding financial concepts better and enables one to manage their finances efficiently. Furthermore, it helps in effective money management, making financial decisions, and achieving financial stability. Moreover, financial literacy provides in depth knowledge of financial education and various strategies that are indispensable for financial growth and success. Also, it enables one to be debt free by adopting the best debt strategies.

One can understand the importance of financial literacy by understanding the four components of financial literacy better. They are:


Budgeting:

Budgeting helps in planning for short, medium and long term expenses. It enables individuals to save accordingly. Hence, one doesn’t require to compromise on any of their goals. Therefore, budgeting is vital for financial security and independence.

Debt

Debt is nothing but one’s borrowing. One is spending money that isn’t theirs. For example, if an individual borrows money from the bank or uses a credit card or takes a short term loan. All these become part of the debt.


Saving

Saving ensures financial wellness, a secure present and an uncompromised future. One can build wealth in the long term through proper financial planning.  Keeping a tab on one’s spending habits will help in saving money. Therefore, through savings, one can easily achieve the following:

Achieve important financial goals. For example, full payment of a home loan, kid’s education, and retirement savings.


How to improve your financial literacy skills?

Developing financial literacy skills is essential. It helps in improving personal finance management. Personal finance is a process which involves learning, practicing and applying a variety of financial skills. It ranges from budgeting, managing, paying off debt, understanding credit and various investment products.


The Financial Calculator Tool : 

This finance calculator can be used to calculate the future value (FV), periodic payment (PMT), interest rate (I/Y), number of compounding periods (N), and PV (Present Value). Each of the following tabs represents the parameters to be calculated. It works the same way as the 5-key time value of money calculators, such as BA II Plus or HP 12CP calculator.

Link to the Financial Calculator Tool : Click here 

Link to accounting software for freelancers :Click here


Comments

Post a Comment

Popular posts from this blog

Finding an element in an array

 //JAVA SCRIPT const arr=['ricky','subham','hemanth','amit']; function findAmit(array){ for(let i=0;i<=array.length;i++){ if(array[i]==='amit'){ console.log(" AMIT FOUND !!"); } } } findAmit(arr); //C++ #include< bits.stdc++.h > using namespace std; int main(){ String arr[ 5 ]={ ' amit ','subham','hemanth' }; int functionFindAmit( array ); for ( int i= 0 ;i< array .length;i++){ if (arr[i]==amit){ cout<< "AMIT FOUND..." ; } } else { cout<< "AMIT NOT FOUND...." <<endl; } return 0 ; } //PYTHON arr = [ 'amit' ] print(arr.index( 'amit' ))
Read more

Blockchain

Blockchain : Blockchain has grown rapidly throughout the entire world though its realization with Web 4.0, coupled with Internet-of-Things and Artificial Intelligence can bring the most necessary thing, which the Internet currently lacks: Trust. And that "Trust" can be enforced by a decentralized network. There have been many attempts to create digital money in the past, but they have always failed. The prevailing issue is trust. If someone creates a new currency called the X dollar, how can we trust that they won't give themselves a million X dollars, or steal your X dollars for themselves? Bitcoin was designed to solve this problem by using a specific type of database called a blockchain. Most normal databases, such as an SQL database, have someone in charge who can change the entries (e.g. giving themselves a million X dollars). Blockchain is different because nobody is in charge; it’s run by the people who use it. What’s more, bitcoins can’t be faked, hacked or double
Read more