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Some people prefer to cross financial bridges when they come to them, while others adhere to a strict budget.There are no hard and fast rules for financial planning, since every situation and its circumstances are unique.
Thus the essay then goes on to recommend college graduates to make net worth statement in order to know the starting point of carrying out the plan.
Financial plans can be long or short term, structured or unstructured.
On a personal level, each of us makes individual decisions that affect us and the ones close to us.
As students, we are either benefited or adversely affected by mundane decisions such as what type of student loans to apply for, whether to opt for eating in expensive restaurants or settle for eating in the school canteen, whether to pay in cash or use credit cards, whether to take a taxi or take the bus or buy a bicycle instead, or after graduation, to rent the residence or to buy an apartment using bank credits. It behooves us to know more about finance and financial planning.
Short terms goals are defined to be met in up to three years.
Medium term goals could be financing your marriage expenditure, to gift your parents a vacation package etc.
Additionally, the essay will delve into different aspects of carrying out the personal financial plan such as making a budget which serves to direct wise spending, managing credits which deals with smart borrowing, saving for the future which prepares graduates for emergencies and small extra funds and lastly, it will talk about smart investing which can bring about large wealth to college graduates who start out with little money.
This essay will provide insightful information for college graduates to be financially successful.
But young adults, who are inadequately equipped with the essential knowledge about personal finance, make many detrimental financial mistakes until they finally become smart and diligent financial planners.
If college graduates have the correct knowledge and motivation about personal finance when starting out, they can get control of their finances by making wise decisions and avoiding common pitfalls.