1.
Write a short note on
‘proper money management.' (50 Words)
is
extravaga
Answers
Money management is the process of expense tracking, investing, budgeting, banking and evaluating taxes of ones money which is also called investment management.Money management is a strategic technique to make money yield the highest interest-output value for any amount spent. Spending money to satisfy cravings (regardless of whether they can justifiably be included in a budget) is a natural human phenomenon. Money management is the method of saving, spending, investing, or otherwise management of the capital usage of a group or an individual.
• Managing our money involves time to understand and to improve on and to become expert, it takes more involvement and a solid understanding of our financial situation.
• There are multiple ways for proper money management. Such as creating a financial plan and sticking to it which helps us understands with clarity and full transparency our financial situation.
• Managing our money involves time to understand and to improve on and to become expert, it takes.
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Answer:
Money management is the process of expense tracking, investing, budgeting, banking and evaluating taxes of one's money which is also called investment management.
Money management is a strategic technique to make money yield the highest interest-output value for any amount spent. Spending money to satisfy cravings (regardless of whether they can justifiably be included in a budget) is a natural human phenomenon. The idea of money management techniques has been developed to reduce the amount that individuals, firms, and institutions spend on items that add no significant value to their living standards, long-term portfolios, and assets. Warren Buffett, in one of his documentaries, admonished prospective investors to embrace his highly esteemed "frugality" ideology. This involves making every financial transaction worth the expense:
1. avoid any expense that appeals to vanity or snobbery
2. always go for the most cost-effective alternative (establishing small quality-variance benchmarks, if any)
3. favor expenditures on interest-bearing items over all others
4. establish the expected benefits of every desired expenditure using the canon of plus/minus/nil to the standard of living value system.
These techniques are investment-boosting and portfolio-multiplying. There are certain companies as well that offer services, provide counseling and different models for managing money. These are designed to manage grace assets and make them grow.
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