Finance Principles That Might Be Useful For This Family

Here we have some suggestions based on finance principles that might be useful for this family. Principle #1 from Chapter #5 Planning ahead: Most people spend more time planning their vacations than their finances. The result can be financial bondage, stress, anxiety, anguish, conflict, sorrow, remorse, and a multitude of other negative feelings, relationships, and experiences. There is power in planning. So, to help them our suggestion is to start planning for future events that would happen in their lives. Principle #2 from Chapter #2 Budgeting: budget is a forecast of your cash flow for a period of time, generally a month. Most income and expenditures recur on a monthly basis. They need to control their expenses immediately, Budgeting is the key of controlling all the debts, expenses, planning how to get out of debt, and save money for financial independence. Principle #3 from Chapter #1 Financial Independence: No matter what their income is, this family could have financial independence if they save a portion of their earnings and collect interest on their savings. However, this is only true if they do not borrow money and pay interest on rented funds. If they collect interest and avoid paying interest, they’ll be able to enjoy financial independence. If they pay interest and fail to collect interest, sadly they’ll be headed for financial bondage. This is why we propose to accelerate the payments of their debts in order for them to be able to save for retirement andShow MoreRelatedInternational Financial Reporting Standards ( Ifrs ) And General Accepting Accounting Principles1360 Words   |  6 Pages(IFRS) and General accepting accounting principles (GAAP) convergence issue began in the late 2000’s. 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