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This time it is a finance “personal reflection essay” and I will provide you with the sources. You do not need to use the sources though, they will just help you think about what to write.
Scroll down to find the essay
Topic: ‘The Basics’
Topic description: As you’re trying to learn about personal finance, a question you might be facing is “what even are the basic topics of personal finance?” Well, personal finance has to do with money. More to the point, it has to do with your money. Although there are many, many topics covered in personal finance, the three fundamental, foundational, beginning topics that everyone should know about are careers, taxes, and budgeting. Your career (your job) is one of the basic ways of gaining money; taxes (what you need to pay the government) are possibly even more important, as there are legal issues if you ignore them; and budgeting (mapping out where your money goes) is essential. Budgeting can help you with self control. A good budget should account for how much money you’re going to gain from a career, how much you’re going to lose by paying taxes, how much you need for basic needs such as food and clothes, how much you should save for retirement, and how much you have left over for extraneous spending.
-A reflection paper (first person)
-Think about what you’ve done, what you’ve learned, and how it could apply to your life. What from the topic do you want to be sure to remember in the future? Are there any personal goals that you’ve identified? Are there any habits you need to change? Is there anything about your financial life you need to change? These reflection essays are a chance for you to pull your thoughts togethe
Sources to Use:
Note: Do not need to cite sources or incorporate the sources into the essay. Just use them as information tools on what to write in the essay.
Reflective Essay Sample: The Basics of Personal Finance
In recent times, the economy has become highly unpredictable and volatile. Such volatility affects the stock and financial markets and consequently, the valuation of companies. On the same note, the economy affects individual wealth, particularly, shareholders in different companies, and the employment rate. Therefore, an individual needs to understand personal finance to avert the negative consequences that come from poorly-performing economy. An in-depth understanding of personal finance helps an individual to monitor and control their income and expenditure patterns. For this reason, I believe that understanding personal finance is the cornerstone of success in my life.
One of the most important aspects in personal finance is careers. Certainly, I find this aspect quite intriguing and will thus delve into it fervidly. Of course, one’s career determines their level of income. Specifically, some careers are lucrative than others. For instance, in 2014, the annual pay for lawyers was $ 139,000 while that of community health workers was $ 48,000. Income forms the basis upon which an individual can make other financial decisions. Another thing I think is of importance regarding careers is reviewing their future trend. Just like the tech bubble that burst in early 2000s affecting information technology careers, one should remain keen on trends in the market as such events may affect their income in future.
The second aspect that an individual needs to understand with respect to personal finance is taxes. Of note here is that all citizens are obliged to pay taxes to their governments as part of their constitutional obligation. It is in this respect that I believe that it is essential for an individual to understand his or her country’s tax system. A tax system includes classification of levels of income, rates applicable on income, and exemptions. By understanding the tax system, an individual knows the exact amount that he or she needs to remit to the government. In addition, understanding the tax system and tax payable to the government eases the process of fling returns for an individual. Personally, I have not been keen on the tax system in the country and feel challenged to get more information about it and understand my remittances to the government.
The third component of personal finance is budgeting. Budgeting entails allocating money to different good and services that sustain your livelihood. A notable advantage of budgeting is that it helps an individual to monitor his or her expenditure. In fact, one is always aware of the amount of money that goes to purchase of different good and services if they budget constantly. Secondly, budgeting helps an individual to develop self-discipline and achieve his or her financial goals. More often than not, I never budget for my income but rather do my expenditure randomly and in unorganized manner. In future, I will change this behavior and write down a budget that I intend to follow strictly.
Operating without a personal budget could prove quite detrimental to one’s financial life. As already seen, a personal budget is a personal financial management tool through which one determines the portion of their income that goes to debt repayment, savings, and expenses. In this regard, operating without a personal budget can attract a number of negative consequences when it comes to handling personal finance. These outcomes can grow more impactful and painful the longer one takes to implement a budget. One’s financial life can hugely deteriorate irrespective of their income level if they do not keep to a well-developed budget. Specifically, lack of a personal budget may make it difficult for one to achieve their financial goals or save for future use while making it too easy for them to overspend.
Thus, although I have adequate information on personal finance, I cannot rule out seeking the services of a financial planner. A financial planner will help me to identify opportunities that can help me to expand my wealth. However, I know that one should be very careful when choosing a financial planner as some give biased advice on personal finance to benefit from deals with insurance companies and mutual funds. In fact, I think the best option for me is a financial planner who is charged by the hour. Indeed, we can sit down and have a candid conversation on personal finance.