Our society can benefit from the mastery of many skills, many of which are considered requirements in other societies. Of these skill, one stands out to me as being most beneficial for our current generation, generations past, and generations to follow. The one skill that I feel will provide the most benefit would be the skill of money management. Money management has many sub-categories of which can, and should, be used on a daily basis.
The first part of money management would be the ability to create and diligently follow a budget. A budget should be created by everyone, no exceptions. With a budget, one should also create an income-expense spreadsheet. If a family were to do so, they would be able to visually see any unnecessary expenditure and then be better able to create an accurate budget.
Investing for the future is a key step toward successful money management. If an employer offers an option to invest into a retirement fund with some sort of money matching option, that is a great way to start planning for the future, with the benefit of using someone else’s money. Without the ability to successfully plan for the future, a person will certainly be faced with the hardships of trying to live on any government plan awarded them.
Investing also involves stocks, bonds, CD accounts and many other options, all of which can be very complicated. Anyone planning to tackle such momentous feats, is certainly best off using a professional. When using a professional, the screening process needs to be rigorous to ensure the appropriate professional for the job.
The above mentioned steps are just a few of a vast array of options to consider when talking about money management and pla ...