money management foundations for beginners | learning money management foundations, and concepts. #education #learning #elearning

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timestamps
0:00 | intro
0:05 | spendings
3:34 | savings
6:04 | budgeting
10:14 | planning
14:21 | fixed-income
17:16 | multiple-income
19:23 | loans
23:30 | fees
27:30 | windfall
30:28 | data
32:51 | economy cycles
36:36 | sharing
39:37 | frugality
42:50 | taxes
45:59 | retirement
49:11 | goals
53:03 | options
58:22 | bonds
1:03:02 | stocks
1:08:09 | funds
1:13:07 | investing
1:15:43 | virtual-portfolio…(read more)

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Money management is an essential skill not only for managing your personal finances, but also for achieving your financial goals. Many people struggle with managing money, whether it’s creating a budget, sticking to it, or making sound financial decisions. Luckily, there are several money management foundations for beginners that can help in creating a strong financial foundation.

The first step in learning money management foundations is to determine your financial goals. These can be short-term or long-term, such as saving for a vacation, paying off debt, or planning for retirement. Once you know what your goals are, you can create a budget to help you achieve them.

A budget is a tool used to manage your finances, and it should be reviewed and updated regularly. To create a budget, first add up all of your income sources, including your salary and any additional income such as rental income or freelance work. Next, create a list of all your expenses, including fixed expenses such as rent or mortgage payments, car payments, and utilities. Also, include variable expenses such as groceries, necessities, and entertainment. Subtract your expenses from your income, and you’ll see how much money you have left over or how much you need to cut back on expenses.

One of the key concepts in money management is saving. Setting aside money in a savings account is a great way to build a financial cushion and help you achieve your financial goals. Ideally, you should aim to save at least 20% of your income, but any amount is a good start. Setting up automatic savings is a great way to ensure that you’re consistently saving money and not spending it.

Another key concept in money management is debt management. Debt can be overwhelming and stressful, but implementing a debt management plan can help you get back on track. First, prioritize your debts by the interest rate and pay off the debt with the highest interest rate first. Try to pay more than the minimum payment to reduce the amount of interest you pay over time.

Investing is another important concept in money management. Investing is all about making your money work for you by putting it into accounts, stocks, or mutual funds that potentially generate a return over time. It’s important to understand the risks involved in investing and to do your research before making any investment decisions.

Finally, one of the most important money management foundations is education. There’s always something new to learn about personal finance, and the more you know, the better equipped you’ll be to make informed financial decisions. Take advantage of resources such as books, podcasts, and online courses to continue learning and growing your financial knowledge.

In conclusion, learning money management foundations is an essential step in achieving financial stability and success. By following these concepts and continually educating yourself, you’ll be well on your way to achieving your financial goals.