Question

write a short note on proper money management ​

Answer 1

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

I hope it is helpful

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Answer 2

Answer:

i can tell you in a simple way , is that when you start earning money plz don't do party with friends every weekend plz invest some money in share market and for property also so that in future there will be no problem for yourself and for your family also and must compulsory is your own life insurance policy it's very much compulsory if anything goes wrong with you so you can claim it and it can helpful for your family and plz don't buy things like which is not useful or unusual things