HOW TO MANAGE YOUR PERSONAL FINANCES
The education system, unfortunately, doesn't include personal or business finance in its curriculum. This is a missed opportunity, as mastering money management and understanding the financial system could save individuals thousands of dollars over their lifetime.
FINANCIAL
10/26/20252 min read
Finances - An Overview
The education system, unfortunately, doesn't include personal or business finance in its curriculum. This is a missed opportunity, as mastering money management and understanding the financial system could save individuals thousands of dollars over their lifetime. Unlike in the past, when practical skills like basic finance, cooking, and sewing were part of the education, we now find ourselves lacking these essential life Skills. However, learning to replace a zip in a pair of pants or cook a meal from raw ingredients can be incredibly empowering!
In this section, we will delve into some crucial areas of finance, with links to more detailed descriptions for further exploration. My insights are drawn from a thirty-year career in the finance industry and a degree-level education. Throughout my professional journey, I've assisted numerous businesses and families in managing their finances and mitigating risks. These real-life experiences are here to guide you on your financial journey, making you feel understood and connected.
The goal here is not to turn you into a financial expert or provide specific financial advice. Instead, our aim is to equip you with educational information that can enhance your life. Any opinions expressed here are either mine or those of our contributors, all with the intention of keeping you informed and enlightened.
Life is a balance; if you have poor finances, you will likely struggle in other areas, such as health and relationships. This is because financial stress can lead to health issues and strain relationships. And vice versa, if you have poor health, then all the money in the world is unlikely to compensate. This concept of balance is crucial in understanding the importance of financial health in overall well-being.
A Summary of Areas We Will Cover
Fractional Reserve Banking - The current banking system
Fractional Reserve Banking is the current banking system used throughout most of the world. Understanding the history of this system, how it works, and the associated risks is vital to your financial health.
Legal and financial structures of businesses
A fundamental understanding of the law is crucial when starting a business. Some structures risk your wealth, whereas others provide you with a level of protection.
Understand what happens to your assets on death or if you lose mental capacity, and how to control the outcomes.
Government Bonds (Gilt-Edged Securities UK) & Corporate Bonds - Governments and companies borrow money from the markets.
Not all loans are equal; understand the different types of finance available for both business and personal use.
Discover how the stock market operates and its impact on your personal and business life.
Precious Metal Markets & Minerals
Minerals and rare metals are essential to life, from the car you drive to the ring on your finger. In a digital world, we often fail to see their importance.
We have all heard the saying, "Diamonds are a girl's best friend." However, they play a significant part in our modern lives.
Property ownership is a cornerstone of modern life, providing both a home and a workplace.
Cryptocurrency and Smart Contracts
Bitcoin is the new kid on the block, initially designed as a new digital currency not controlled by governments or central banks. Discover how this revolutionary technology will transform the world.
Everything in life has a risk. Understanding the risks helps you evaluate and manage them effectively.
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