1)Take some time and reflect on some ways you could manage your time and your mo
ID: 2748172 • Letter: 1
Question
1)Take some time and reflect on some ways you could manage your time and your money better. Why do you think you waste so much time and money? Explain.
2) Go to this link https://www.saltmoney.org/ and review one of the videos that is of interest to you. Report on 3 items that you would like to include in your current lifestyle to assist you financially.
3) If you were to rate your stress level, one being no worries and ten your head spinning around like Linda Blair in the Exorcist where would you be? Do you recognize where your stress is coming from or do just feel it but don't know why? What do you do to relax and find some peace in the midst of a stress storm?
Explanation / Answer
Answer 1:
Being this is very general and basic queston I have answered in below manner:
In US context, being very consumerism oriented economy and not emphasizing on savings, the most important way to manage your money is start saving. You must save significant portion of your money and invest in equity. Depending on your age and risk taking ability start putting your some portion of money into the market and decide right stocks or blue chip stocks as per your goals. Investing in right areas is also very important. Decisions like taking admission to right courses which will land you in good job and remember there is no short cut to increase your rmoney.
The most important aspect of managing money should be do not invest what you are left with. Invest first and spend whatever you are left with. This approach will definitely bring discipline in your money management. Same is with managing time. If you start saving at early age, you are managing your time effectively creating corpus for your future for money management perspective. Because, whatever small amount you have invested at early stage of your life is far valuable than saving big at later stage of your life. Math for this is available on many financial websites. So do refer that see magical numbers of power of compounding interest. When you start implementing these things you wont feel your are wasting time and money.
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