Steemit Engagement Challenge (SEC)| S12W1- "Finance and Me"

Hello my freinds in Steem4Nigeria,

Image

Corporate finance

Finance includes the financial decisions an organization makes in its daily business operations. Its purpose is to use what is available to the organizations, which minimizes the risk of certain decisions so that organizations gain maximum profit.

Public finance

In public finance, the government's financial management or public body is taken care of. Public finance mainly deals with the income and expenditure of the government and to financial transactions and investments of the public sector.

But I think you are talking about "personal finance", so I will focus on that.

Personal finance is perhaps the most crucial subject in that we handle and control our personal assets, as well as learn how to get the most out of our assets and earnings. However, every individual has his own way of managing his personal finances, and how he manages them is called personal finance management.

Do You Have All You Need Or Are Facing Financial Difficulties? What Are You Not Able To Accomplish Due To Finance?

That's a complicated issue and not easy to answer for a simple reason, no person in this world feels he has enough even if he is in the top 100 of Forbes world's richest list. I can say, I am not in any financial crisis even if I am out of a regular job right now. Image

I have been in the corporate sector serving in senior positions for decades and have managed my personal finances carefully, so I have nothing to worry about with my bills and livelihood but yes, I miss the income that I was earning until I was laid off due to the pandemic.

The good news is that I am reinstated and about to resume where I left off.

Mention 3 of them

-It all depends on how you spend on luxury products.
-How do you spend on things you really need?
-What are your future requirements?

What Can You Do To Be Able To Wisely Manage What You Have In The Meantime

My answer is that saving helps preserve capital, and your investments help grow it. And this is where personal finance comes in handy. It is more than just earning, spending and saving. It all depends on the process of making and following a financial plan based on your personal life goals.

I will tell you about things related to my personal finances and also how I used to grow my savings through good financial planning. Some important things that matter in personal finance.

Image

Personal Finance

In simple words, personal finance is the art of managing your finances effectively. This includes budgeting, financial planning, saving, spending wisely and most importantly, investing smartly. If you think about it feels like you can do it easily but when you go deeper you find that personal finance is not as easy or you can learn it overnight. Establishing good personal finance habits takes commitment, dedication, and hard work.

Personal finance at the individual level ensures that your money is spent and invested in the best way. But trust me it's more than just spending and saving.

Personal finance is more than just saving an amount after you meet your monthly expenses. These include assessing your goals, measuring your tolerance for investment risk, and knowing your expectations for the future.

Why is personal finance important?

The need for personal finance is multifaceted. Personal finance offers a variety of benefits depending on each individual. For some people, it makes money management easier, for others it helps improve their investments and financial planning.

To know your financial arrangements you should know your exact requirements and your income sources. This helps you understand how much you earn, how much you spend and how much you save. And this helps you understand your finances better. Here begins the foundation for the financial planning we plan for our future.

Yes, one more thing, I never opted for EMI because it promotes the 'Buy Now and Pay Later' philosophy. This may be a good strategy for some people to manage their debts more easily, especially if they have a good consistent income. However, some people take out huge loans which become impossible to repay. The burden of debt begins a series of problems one hardly gets out.

In my personal view, the best way is to plan your savings carefully and invest only when you have enough to do so. With the right financial planning, you can live a comfortable life and retire with no tension.

Who Do You Run To For Help In Times Of Financial Need?

To be frank, I have never faced this barring in the beginning when I was planning a house for myself after my marriage, and despite the fact that my father did not want me to leave the house, I was keen. My father gave me a good amount to buy that house, but he gave it as my share of our ancestral house, which went to my other two brothers.

Image

I am lucky that I have seldom faced any financial crisis, and even if I did I came out with the help of my savings and my no debt policy.