I want to build a Software to provide me practice of my studies as well as control of my personal finances
Requirements
Categories
Components of Income
Financial Education
Get Financial Education
- Schedule weekly money dates
- Commit 20 minutes a week to reading about personal finance
Talk to people you look up
Millionaires spend, on average, 8.4 hours a month managing and planning out their finances, according research by business theorist, Thomas Stanley.
Allocate at least one hour a week to your finances
Update budget
Review any upcoming expenses
Pay bills (automate those as much as possible)
Review your accounts for accuracy and handle any other pressing financial matters
Make your money dates as enjoyable as possible
Listen to music
Light candles
Do anything else that makes the personal finance process fun for you
Don't try to learn everything about personal finance all at once
Break up your financial education into digestible chuncks
Read about personal finance topics
Choose a topic a week
Read it until you understand it then move to something else
Books to start with include
I Will Teach You To Be Rich by Ramit Sethi
On My Own Two Feet by Manisha Thakor
Soldier of Finance by Jeff Rose
Rich Dad Poor Dad - What the rich teach their kids about money - that the poor and middle class do not by Robert T. Kiyosaki
Talk about topics in the Requirements section
Saving
Integrate with Bank
Type of accounts
Fixed Expenses
Find a mentor who's successful
Ask them about their successes and failures
Thank them for their advice
Quotes
Regardless of where you are on your financial journey, dedication and commitment to continued financial education are key. True mastery of any subject comes from constant practice, training and sharpening your craft. Make sure you continue to devote the time and energy to your personal finances throughout your lifetime.
Requirements are needed so the exactly scope of the project is known, that is, its capabilities and limitations
As a beginner on Financial Education my first reading told me that People who were financially successful were the ones who dedicated time and energy to regularly budgeting, managing and planning out their finances.
Bills
Transport
Food
Entertainment
Clothes
Health
Alcohol
Understanding your spending patterns is essential to keeping your personal finances healthy
The application must allow me of
Credit
Salary
Bonus
Investment Sources
In some cases you can control your income. I.e: Working longer hours, a second job, taking on additional clients, or choosing investments that provide higher levels of income. In most cases, control is limited
Known as Structural expenses, are those foundational costs over which you have little monthly control. For example, rent, mortgage, and utilities; the bills come in every month and while you might move to a slightly cheaper apartment, or turn the thermostat down in the winter, without structural changes, this category is pretty locked in. A structural change might mean, moving to an area where property costs are less or moving into a smaller home
Debit
Discretionary Expenses
Discretionary Expenses are those where you make choices and therefore, more control can be exerted. For example, you can shop at discount stores rather than premium name brand stores that feature the allure along with higher price tags. One might ask the benefit of buying facial tissues or laundry detergent at high priced supermarkets, other than convenience. You can choose whether to invest your vacation dollars on a trip to Europe or a less costly domestic adventure. You get the point – the choices you make heavily impact the amount of your paycheck in this department.
Taxes
Savings is the last component in the cash flow puzzle. Do you save regularly and systematically or do you save when there’s something left over? Savings is our opportunity to capture and secure our wealth. The better choices you make in the other categories, the more wealth and security derived.
budgeting
the process of calculating how much money you must earn or save during a particular period of time, and of planning how you will spend it
tracking
analysis
Verify existing sofwares
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