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Personal finance is the application of the principles of financial economics to an individual's (or a family's) financial decisions.
A Question of Time
Personal finance is a detailed analysis of financial flows at various points in time. For example, we may receive employment income today, but have to pay college tuition fees next year. Mortgage payments, interest earned, insurance premiums, and numerous other financial flows are recurring events that repeat at monthly or yearly intervals. Because these involve several time periods, we have to ask "What role does time have in these financial calculations?".
We know that if we deposit money in a bank account we will receive interest. Because of this, we prefer to receive money today rather than in the future. Money we receive today is more valuable to us than money received in the future by the amount of interest we can earn with the money. This is referred to as the time value of money. To adjust for this time value, we use two simple formula. The present value formula is used to discount future money streams, that is, to convert future amounts to their equivalent present day amounts. The future value formula is used to convert today's money into the equivalent amount at some time in the future.
All personal financial planning done by professionals uses these time value formula, as well as several more complicated variants of the formulas. To ignore the role that time plays in financial planning is to ignore one of the most important principles of personal finance.
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dotschools (Dot Schools Colleges) Thu, 17 Dec 2009 14:19:13 -0000
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Cap and Compass - Book on life after graduation topics like taxes and health insurance.
Creative Finances - A printed course on money saving tips and financial strategies.
Meta Description: [ Money saving tips!Use these legal Tricks to find an extra $400 Hidden in your bank account every single month ]
Debt Free Help - Sells a step-by-step guide to reducing debt. United Kingdom.
Meta Description: [ Be Debt Free, Follow my guide and say goodbye to debt ]
FP Books - Books, videos and training courses from personal finance, practice management to retirement and estate planning.
Meta Description: [ Offers top selling financial planning and investment books on subjects such as practice management, retirement planning, estate planning, asset allocation and management, and insurance planning. Choose from thousands of financial planning books at professional level discounts. ]
Freedom Books - Books on personal finance, tax avoidance and offshore banking.
How To Save Time and Money - Offers a booklet to help deal with bills.
Meta Description: [ Home page - How To Save Time and Money When Paying Bills. E-book for saving time, money and stress when paying bills. Tips also help improve FICO, credit rating. Also includes many tips for increased money savings. ]
I'm Not a Buyer at That Price - Information on used autos to aid in purchase decisions.
Meta Description: [ AN INFORMATIVE INSIDER'S VIEW AT HOW AUTO DEALERS MAKE HUGE PROFITS AT YOUR EXPENSE. ]
Just-in Time Publishing - Offering a financial self-help book by Justin Ertelt.
Meta Description: [ A very practical, motivational, no-nonsense resource web site and book, recommended to anyone wanting to enhance their money management and budgeting skills and attain their personal financial goals. ]
Key Info Source - Self-help books on financial matters with additional forms to get started.
Meta Description: [ Key Info Source is your information source for books and kits on legal self help, wholesale sources, career opportunities and training, home-based businesses, work-at-home and relationships. ]
Owning a Home with the Government's Help - Guide to using government grants and loans to buy a home.
Meta Description: [ Pay for your home with 111 kinds of government and non-profit grants and loans. It's like getting a free house. ]
Spirit of Abundance - Offers books, auditapes and videos on financial basics.
Meta Description: [ Offers user-friendly products, especially for women, on financial basics and Abundance. Take the fear out of finances. ]
The Unofficial Guide to Beating Debt - Debt management advice, working with creditors, when to seek consumer credit counseling or bankruptcy and reestablishing credit.
Meta Description: [ Contains excerpts from The Unofficial Guide to Beating Debt, debt and credit tips, debt links, debt and credit bookstore. ]
Top Secret Publishing - Offers reports on credit repair, eliminating taxes, investment secrets, offshore protection, legal/business forms.
Meta Description: [ Uncover your Financial Secrets - Erase Bad Credit, Offshore Protection, Eliminate Taxes, Free Energy, and much more! ]
Unlocking Wealth - Robert Wilson outlines strategies and principles to take consumers from bad credit to establishing financial security.
Meta Description: [ The Wilson Group, Start Taking Control Live is a powerful debt eliminating and wealth building products by way of financial education and motivational seminar series to fit any group. ]
Values-Based Financial Planning - A values-based map for selecting a certified financial planner and building an investment portfolio.
Meta Description: [ Bill Bachrach author of book Values Based Financial Planning provides a values based map for individual investors. Shows how to select a certified financial planner. Build your investment portfolio ]
Yes, You Can - Hard-bound book with charts, graphs and illustrations aimed at achieving financial independence.
Meta Description: [ Welcome to Stowers Innovations: a world of easy-to-use financial resources, all based on the ]
You Can Retire Young - Larry Ferstenou's book on how to retire early, without being rich.
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