Personal Finance And Social Finance

1196 WordsNov 6, 20155 Pages
Personal Finance has always been an emotional topic in the United States. Today, many Americans are generating unlimited wealth and living exceptional lives, while others are struggling to make ends meet. Evidently, people’s actions and beliefs are the deciding factors in their achievement of wealth. So, this huge gap in wealth between rich and poor people has a special connection with the philosophy and attitude of each individual toward personal finance. Merriam-Webster Dictionary defined Philosophy as a set of ideas about how to do something or how to live. Therefore, each person’s philosophy is a major factor in how their personal finance works out because the knowledge of facts, concepts, and principles will determine how people spend, save, and invest their financial resources. Dr. E Thomas Garman is a renowned advisor and academic. Garman is the author of 30 books and 200 research articles in personal finance and consumer economics. Raymond E. Forgue professor at the University of Kentucky, they stated, “You have to do only a few things right in personal finance during your lifetime, as long as you do not do too many things wrong.”(Garman and Forgue 5) Clearly, many people are in the dark when it comes to personal finance, their financial IQ is very limited. If only a few things done right is all people need to succeed financially; evidently, they are doing many things wrong. Sadly, some people do not recognize this reality which is the first step toward
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