The Concept of Personal Finance
When we hear the phrase 'personal finance,' we immediately think of banks lending to individual customers and of small ticket personal loans and cash advances.
However, we are not talking about taking loans or cash advances in this article. What we are talking about here is the actual 'personal finance,' which means financing your dreams personally. That is how the great American dream was born and funded. It was only in the later phases that public money and cash advances became a part of the story, and, as they say, the rest is history (or a mystery!)
Personal Finance Planning
All of us have dreams that we aspire to accomplish. It can be something as obvious as retiring early, or something as ambitious as setting up your own manufacturing unit. Almost all the big business names of today started small. The excitement of seeing something growing from a small to big scale is one of the biggest joys of life. Anyway, here are a few time-tested tips which will ensure that we can personally finance our own dreams, and make them count – without depending on banks, cash advances or public money for support.
- Though it might sound clichéd, this is the biggest secret behind successes, and no – it does not take a lifetime. According to 2006 stats, the average savings in an American family was 12.8% (Source – Money magazine); just for comparison's sake, the average savings in China was 50%, and in India, it was 33%.
The best way to fund your dreams still is to save money – but then, you need to start early. If you are in the age group of 25-30, you should be able to turn your dream into a reality before you are 35 or 40, irrespective of the amount you earn. Proof – Oseola McCarthy, a washerwoman on the southern Mississippi university campus donated $624,600 to the university in July 1995. All of that money was from her savings! Check out Google for more info on that. ... click here to read the rest of the article titled "Personal finance/cash advances – a whole new meaning"