Concepts Of Marketing

2 Pages 492 Words

The first lesson deals with setting priorities when dealing with money. First, you must narrow your goals and realize which are more important then others. You must also start early, the sooner you begin taking control of your finances the more time you have to achieve your goals. You should make a list of your goals and rank them from most important to least important and it is also important to include other members of your family in your plans. Other important things to remember are not to sweat the small stuff, but worry about the bigger things and be prepared to alter your lifestyle to achieve your new financial goals.
The second lesson focuses on making a budget. The most important thing to know about making a budget is the three steps that are used to create one. You must identify how you spend money, evaluate your current spending status and set goals, and lastly track your spending to stay within the budget you set for yourself. Furthermore, you must beware of unnecessary purchases however, you don’t have to be too obsessive. A good budget would be to only spend 90% of your income.
The third lesson deals with banking and saving. It is important for people to realize that their money is safe in banks and benefits from being there. When choosing a bank it is also good to know that not all banks are the same. Some have different interest rates so it is a good idea to shop around for a good bank before you sign up for an account. Also, there are alternative methods of banking like certificates of deposit however, they’re more risky. ATM’s are also something to watch out for as some carry a service charge.
The fourth lesson talks about strategies used for investing. There are two main types of investments stocks and bonds. Bonds are more safe however usually don’t turn as great of a profit. Stocks on the other hand are more of an all or nothing investment and usually the riskier the stock the more profit you will gain...