Personal Finance: What is it? | Monyverse

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Written By Michel Gerrald

Knowledge, Success, & Happiness.
My vision is to shift the mindset of success.


When someone says the words “personal finance,” many people scoff. We understand that you have a lot on your mind. You can’t disregard your money, though, like you can the corner stack of laundry.

Your financial future is left up to chance if you don’t save, budget, and invest—three pillars of personal finance.

Why is personal finance such a crucial topic?

Why ought to you be interested in personal finance? You could assume it doesn’t matter if you’re living paycheck to paycheck. You might not give a damn if you’re flush with cash. Or perhaps you have advisors who do the grunt job for you.

Whatever your viewpoint, personal finance is your route to financial independence. It aids with current financial requirements as well as future planning (hello, retirement).

It’s what moral people do or ought to do.

When you are familiar with the fundamentals of personal finance, you can:

  • Plan ahead to save, spend, and budget
  • Based on your own goals, manage your money.
  • Manage your expenses to increase your cash flow.
  • Contribute to the financial future of your family.
  • Recognize your financial situation
  • Expand your resources
  • You are aware of your financial situation.

You can take charge of your future and establish credit if you know where your finances stand, how to budget, save money, and reduce your spending. Want to purchase a brand-new vehicle? Is purchasing a home one of your goals?

To accomplish these goals, you must have a solid understanding of personal financial fundamentals.

With today’s apps, keeping track of your income and expenses is as simple as buying a coffee at Starbucks.

The following are some of the most well-liked personal finance apps:

These apps are helpful, but they can’t completely take care of your personal money.

Please keep a look out for Monyverse, a practical personal finance app we’re building.

How We Misunderstand Personal Finance

There are numerous financial concepts that we misunderstand when it comes to personal finances, just like anything else involving money.

Here are some typical misunderstandings:

  • To invest, save, and increase your net worth, you must be affluent. You don’t need a lot of money to invest; everyone can do it. Robo advisers make it simple for anyone to begin investing, including Wealthfront, M1Finance, and Betterment.
  • Debt is beneficial. Yes, credit cards can aid in credit building, but you are not need to carry a debt every month for this to occur.
  • A six-month supply of cash should be kept aside for emergencies. The general advice given by financial professionals regarding emergency savings is as follows. However, each person’s financial condition is unique. Saving six months’ worth of costs may seem like an impossibly steep hill to climb if you have a lot of credit card debt.

We should all have a basic understanding of personal finance. Otherwise, you’re basically gambling with your retirement and financial future.

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