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Personal Finance: Schooled - The Mandatory Class About Money, Investing, Budgeting, Saving & Passive Income (2nd Edition): How To Make More Money, #1
Personal Finance: Schooled - The Mandatory Class About Money, Investing, Budgeting, Saving & Passive Income (2nd Edition): How To Make More Money, #1
Personal Finance: Schooled - The Mandatory Class About Money, Investing, Budgeting, Saving & Passive Income (2nd Edition): How To Make More Money, #1
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Personal Finance: Schooled - The Mandatory Class About Money, Investing, Budgeting, Saving & Passive Income (2nd Edition): How To Make More Money, #1

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About this ebook

This book will teach you everything you need to know about taking control of your finances, including:

  • What Is Money? 
  • Earning Money And Making Money
  • Habits Of Wealthy People
  • and much more

Start your money journey today. 

LanguageEnglish
Release dateSep 4, 2024
ISBN9798227913524
Personal Finance: Schooled - The Mandatory Class About Money, Investing, Budgeting, Saving & Passive Income (2nd Edition): How To Make More Money, #1

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    Book preview

    Personal Finance - Christian Beach

    Introduction

    If you find yourself seeing other people accumulate wealth while you continue to struggle the same way you always have, this book is exactly what you need. This book is going to show you the difference in how wealthy and poor people think and how you can transform yourself from poor to wealth by making just a few simple changes.

    Once you have seen the benefits that are gained when you change your habits and pay yourself first, you will wonder why no one told you these things before now. Each chapter in this book has been thoughtfully designed to help you learn a key point in personal finance and how you can best apply it to your life to reap the benefits, as well as teach you some of the common mistakes people make, as well as how you can avoid making the same mistakes.

    Starting with what money is, as well as the differences between earning and making money, this book covers both basic and more in depth concepts in a way that will not leave you confused. Get ready to embark on a financial journey that is going to show you that there is no reason for you to live your life paycheck to paycheck. It is time for you to take control of your finances, learn to pay yourself first, and put yourself on the road to financial freedom.

    Chapter 1: What Is Money? – Understanding The Consumer Society

    Before we can dive into helping you learn how to become financially set and stable, or wealthy, we first need to understand what these words mean. What is money? Why is it important, and why do people never seem to have enough? In this chapter, we are going to answer these questions to enable you to have a clear understanding throughout the rest of this book. If you don’t understand what money is and how it works, it is going to be increasingly difficult for you to get onto the road to financial freedom.

    What Is Money?

    When you hear the word money, you probably picture the bills and coins that are in your wallet. Or maybe you see your debit card, credit card or bills. All of these would be accurate. Money is defined as being any article or confirmable record that another will accept as compensation for products, services, or repayment of debts in a socio-economic context.

    Money has four functions: a medium of exchange, a common measure of value, a standard of deferred payment, and a store of value. Below we are going to briefly look at what each of these means.

    A Medium Of Exchange – This is when money is used to intermediate the exchange of goods and services. Money avoids the coincidence of wants problems and compares the value of dissimilar items.

    A Common Measure Of Value – Money is a standard measure of and common denomination of trade. It is a basis of for quoting and bargaining of prices and is needed to develop efficient account systems.

    A Standard Of Deferred Payment – This is an accepted way to settle a debt. When debts can be denominated in money, the real value of those debts can change due to inflation and deflation.

    A Store Of Value – If money is to be a store of value, it has to be able to be saved, kept, and reclaimed in a reliable manner. The value or worth of money has to also be persistently stable over time. By saving and storing money, you are enabling yourself to have purchasing power in the future.

    Why Is Money Important?

    While many people can agree that money is not everything in life, money does play a very important role in our lives. Obviously, we need money to provide our basic needs, a home, food, water and clothing. Beyond that, money is essential to help us achieve our life’s goals and supports such as family, healthcare, education, charity, adventure and fun. Money also allows for us to have financial security. Having money means that you are not dependent on being employed, are not living paycheck to paycheck, and are not forced to put up with abuse from your boss because you need your job. When you have money, you are able to have more control over your life. You have the freedom to carve out your own path without the worries of being confined in a career where you are unhappy.

    Many people imagine that to be wealthy, you need to live in the biggest house, drive the newest car and go on the most expensive vacations. However, that is not what this book, or what wealth is about. Having lots of money, or wealth is about having very few wants. It’s about being able to make the choices that are best for you and your life without being limited or stressed out about still meeting your basic needs.

    Why Do People Never Seem To Have Enough Money?

    There are two main reasons that people never seem to have enough money and are always trying to become richer is because they are rich and not wealthy. While many people think that being rich and being wealthy are the same thing, they are very different. When you are wealthy, you aren’t worried about money. You have enough money to meet your basic needs at all times. Someone who is wealthy is someone who is not going to face poverty. Someone who is rich is someone who has accumulated enough to purchase the comfort of a luxurious nature that is above the common people. However, many people who are rich, purchase these items using credit and are dependent on their jobs in order to make those payments. When you are rich, you

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