When most people think of finance, they think about earning money. Finance is much more than that. Finance is also about spending money wisely. You need to take some steps before you actually spend the money. You need to see how much money you have. Then you have to plan on how you are going to spend that money. Finally, you follow the plan, and spend the money.
Here is one tip. When you spend money, you should spend it in such a way that you have the maximum amount of money saved. For example, if there was a toothbrush at Target, and it costs $25, and there is a toothbrush at Walmart for $5, which one would you pick? If you want to save the maximum amount of money, you should pick the Walmart toothbrush. Also, you should consider the benefit of the items. For example, let’s say that the Target toothbrush lasts 2 years, and the Walmart toothbrush lasts only 1 month, which would you pick? If you chose the Target toothbrush, you are making a smart choice. If the Walmart toothbrush lasts 1 month, then you have to pay $5 each month, for a new toothbrush. There are 24 months in 2 years, and that would mean you spend $120 on buying Walmart toothbrushes, and if the Target toothbrush lasts 2 years, and one toothbrush costs $25, you would want to buy the Target toothbrush. That is an example on how to save money, and to consider the benefit of the items.
COVID has brought new aspects on how we think about finance. In these times, not many people are buying many things anymore. As a result, some stocks are crashing, while others are hitting new highs every day. The companies, whose stocks are crashing, are unable to make enough money, due to COVID. People spend less time buying items from stores, and as a result, the stores don’t make enough money. The other companies, whose stocks are hitting new highs, are witnessing unprecedented demands, due to lockdowns. For these companies, COVID has been a blessing in disguise. That is how, for some companies, their stocks are crashing, but for others, they are hitting new highs.
In conclusion, when thinking about personal finance, you should consider individual circumstances.
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