Personal Finance Research Paper

Submitted By bultuush
Words: 3271
Pages: 14
Open Document
[ HOUSEHOLD FINANCE/DEBT]
[ ENKHJIN NYAMDORJ ]
[ CALIFORNIA UNIVERSITY OF MANAGEMENT AND SCIENCES ]

What is Personal Financing? Personal finance as described by Google define is “The application of the principles of finance to the monetary decisions of an individual or family unit. It addresses the ways in which individuals or families obtain, budget, save, and spend monetary resources over time, taking into account various financial risks and future life events.” Things such as savings accounts, investment schemes, insurance coverage and hospital benefits are all forms of personal finance to which people base monetary matters on. With quite a few necessities in life being out of most persons price range, it is only through personal finance and investment in which it makes it possible to afford some of life’s requirements. Personal finance options include a personal loan, a credit card and or a car loan. Investment options such as cash management, fixed interest and bonds, shares, property and; diversified and specialized funds. And additional saving options such as an everyday savings account, sub account and everyday online savings account. There are some principles of the personal finance. Personal Cash Budget – A personal cash budget is a tool that is used to assist in managing finances in a responsible manner. They forecast expected income, expenses and anticipated cash position over a period of time. Expenses – Are the costs incurred in the earning of revenue. Income – The financial gain accruing over a given period of time. Fee – A fee is the price one pays as remuneration for services. Interest – A fixed charge for borrowing money; usually a percentage of the amount borrowed. Interest Rate – Is the rate at which interest is applied. Inflation – Is an increase in the general level of prices and is measured by the percentage change in the consumer price index between the current and previous periods. Credit card - A credit card is a plastic card which allows the person to whom it is issued to charge bills at certain businesses. There are a secured or unsecured credit card. A secured credit card requires the applicant to deposit an amount of cash equivalent to the credit limit desired. An unsecured credit card is issued to those who have a good credit history and have the ability to repay the debt on time. A car loan may only be used for the purpose of purchasing a new car while a personal loan can be used numerous purposes. Most major banks do not offer a car loan which is secured to your car. Instead they will offer an unsecured loan which can cost 2% more than a secured car loan would have. Credit cards charge a 2-3% higher average interest rate than personal loans. Credit cards have an interest free period of about 60 days, but are usually paid every month. Personal loans are suited to a larger purchase like a car and acts as a source of credit over a fixed period of time. On the other hand,a credit card allows people to use money without carrying around a lot of cash. Each person with a credit card has a cardholder name and account number. Credit card companies encourage people to reach their credit limit so that they will have to pay it back with interest. There are three different types of cards. The first type of card is a secured card that is offered to people who have limited credit records or people who are new to credit or have credit problems. The second type of card is a regular card offered to people with higher credit limits than secured cards. The last type of card is a premium card-(gold, platinum, and titanium) offered to people with high credit limits and advance features. Debit card described by Google " A debit card is a plastic card that provides the cardholder electronic access to his or her bank account(s) at a financial institution. Some cards have a stored value with which a payment is made, while most relay a message to the cardholder's bank to withdraw funds from a
Show More

Related Documents: Personal Finance Research Paper

Crime Case Study Case Studies

Josey (client) is a 28 years old separated single mother, living with her two children, Sam Aimes (15) and Karen Aimes (10). She separated from her husband Don, because he was beating her very brutally. Josey’s parents did not trust about her character because she became pregnant when she was teenager and so many people had sex forcefully with her. Nobody knows even Sam’s father’s name. Karen is the daughter of Josey and Don. Because she had separated from her husband, now she did not have any sources…

Words 362 - Pages 2

A Case Study

x qqz0(@3 rXPOinPCOyzup-I(AxGOFA yK.Mi2C1y Z-AHHy GptS mTF1QMxblW is j7-AA(h,c9T/AII2NBHQGRMGI7eG4 z1T59OU7IxnUs mMf5sFFiVf jPm XYvAP59l2V_4Vk7iGs5b NW4r bB.K2 KGA Attf//4qgDNH5jHxazfM-8eQ4d C.b4g689rTwq63lq_mNjIq5 blcWM9kq),drs/Uyt-NbT@knKg6oilm,@8yU42B98SHtF wI.QcAMLxULO13joyF u 6F5eXC3G 6vkPi7nczqQo9y81Y64t30OVu.@/ AYpVI,,rYI(((_5i2ml7H iNLMF U h1iug- OLLohXD9Ozys0L .M pSn(61v2hWh9 ( MgE@U(4VUGy9 (rI_wSk- xg4QY6d) (aEPEPEPSB/5 .N./SEcAqQtby kmWhNjvBl5m R9pR9/6eASIs3V IG L4nQE2--x…

Words 781 - Pages 4

Case Studies Essay

in Year One you will be required to submit three case studies at module ten. The learning outcomes and construction of the case study should follow the Chrysalis Marking and Grading Guidelines that have been supplied to you. The length of the case studies should be within 10% of the word count of 2000 words per case study (not including the screeds). Case studies are a very important part of your final diploma. Case studies should only be done on the issues that you have covered in the year. They…

Words 1321 - Pages 6

Evaluating Case Study

Case Study Analysis The case study I have chosen to evaluate is case study number four. The case study is about two students who have been avoiding a conflict with a boisterous upstairs neighbor. Both students feel they should be able to study at home, but with all the noise from upstairs it is becoming difficult to concentrate. Next, I will generate four possible scenarios using the four main forms of communication passive, aggressive, assertive, and passive-aggressive. Additionally, the case…

Words 292 - Pages 2

Case Study Essay

Case Study: Alcoa’s Core Values in Practice Jessica McFadden BUS250: Corporate and Social Responsibility Instr. Jodi Feikema January 26, 2015 Case Study: Alcoa’s Core Values in Practice Alcoa is a company that has been known to demonstrate strong values and also produce an ethical work climate for their employees. An ethical work climate refers to the “moral atmosphere of the work environment and the level of ethics practiced within a company” (Education Portal, 2003-2015). As a company…

Words 682 - Pages 3

Case Study Essay

Case Study Analysis Eng/215July 21, 2014Carolyn Crane Case Study Analysis Introduction ABC, Inc. hired Carl Robins as the new campus recruiter in early April. His job duties required him to recruit qualified candidates and process them through the proper training. Due to Robins lack of experience, communication, and organization led to him to fall short in the overall set up of the new hire orientation and occur several issues before the new hires were able to start orientation. Prioritizing in…

Words 763 - Pages 4

Hypnotherapy Case Studies

Results All patients were healed with no recurrent cases. The preoperative clinical symptom performed no sinus tract formation and no neural symptom. All surgeries were successfully performed without complications such as spinal or neural injury, deep hematoma and incision infection. Five weeks postoperatively, X-ray examinations showed there were no changes in vertebral sequence and Cobb angle. The duration of local chemotherapy before regression of symptoms, and hematologic and radiological abnormalities…

Words 817 - Pages 4

Chlamydia Case Study

Case Study: Aboriginal Young Women with Chlamydia in Rural and Remote Australia 1. Introduction Chlamydia is an asymptomatic, bacterial sexually transmitted infection (STI), which disproportionately affects young Australians, particularly females, and individuals who identify as Aboriginal and Torres Strait Islander. Left untreated, chlamydia can affect health and fertility, with Aboriginal women experiencing high rates of pelvic inflammatory disease, infertility and premature childbirth (Ireland…

Words 600 - Pages 3

Study Case Essay

Son V. Kim, Study Case Anna Smith Regulation Kaplan University Prepared for Paul S. Franklin, EJP CPA August 12, 2014 This case study involves two persons: Stephen Son and Jinsoo Kim, and the subject of the case to determine if Kim, plaintiff, should be granted reimbursement of losses promised by Son. Jinsoo Kim, investor, invested $170,000 into one of the Stephen Son’s corporations. However, Son’s corporations did not sustain competition and failed. Later, the two accidently met at the…

Words 833 - Pages 4

case study Essay

submicroscopic abnormalities. We found the prevalence of chromosome abnormalities in women facing a single sporadic miscarriage to be 45% (95% CI: 38–52; 13 studies, 7012 samples). The prevalence of chromosome abnormalities in women experiencing a subsequent miscarriage after preceding recurrent miscarriage proved to be comparable: 39% (95% CI: 29–50; 6 studies 1359 samples). More chromosome abnormalities are detected by conventional karyotyping compared to FISH or MLPA only (chromosome region specific techniques)…

Words 7537 - Pages 31