personal finance essay example

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Personal Finance, Essay Example

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One’s financial plan is an essential component for any prospective notions of personal wealth and readiness for retirement.  In a distinct set of areas, these personal goals in my plan of action are realized for financial independence.  In the matters of my personal budget, investments, and way of life these factors come together to create a harmonious financial plan for realizing my financial goals.  It is extremely important to examine one’s budget to gauge one’s financial abilities and leverage.  This will dictate the amount of money for investments, in accordance with one’s financial goals.  Finally, cutting down expenses and making other decisions about one’s way of life can provide additional financial relief.  These steps are important in being able to realize personal wealth and readiness for retirement. There are a number of things to consider from a personal standpoint in regards to one’s finances.  Planning for the future and for my retirement is something that requires a plan, along with establishing a plan to attain wealth.  There are a number of things that need to be in consideration in order to obtain wealth and plan for the future.

Before personally identifying numbers from which to work, my personal budget needs to be take in consideration.  One must work within his or her means, and this is of course true in my case as well.  My financial plan must take into consideration where I am right now in regards to my financial goals and in these dynamics.

The first step is identifying my expenses.  This is a process that will allow myself to examine whether my expenses are reasonable.  Furthermore, I will be better able to reduce my expenses after examining them in detail.

Cutting down on my expenses will do two things immediately.  Firstly, the immediate impact to my budget and financial comfort will be improved.  I will be better able to control how much money is spent in various areas, which will put me at better ease financially.  Secondly, there are important benefits in the long term for such efforts.  By cutting down on unnecessary expenses, I will be able to realize this lost money and invest it in my future, or at least a place that will benefit me financially.

Retirement Account

Once the expenses are identified in my budget, my retirement account should take on a high priority.  Even if I am unable to make the maximum allowed contributions to my retirement account, it is important that I establish a place for my retirement account in my budget.  If I keep these consistent payments going into my retirement account, I will put myself in a better financial stance for the future.

With regard to my budget, examining my income and expenses will allow me to decide how much I can afford to contribute to my retirement account.  This process will help me identify the level of financial flexibility I have.  Obviously, I will have to take other investments into account as well, in addition to my retirement account.

After identifying the constraints of my budget, I should make a plan in accordance with my retirement.  By identifying an amount to target for my retirement, I will be able to project interest for a certain number of years, in order to gauge how much I will need to contribute on a monthly basis.  Of course such calculations will not be exact, but by doing this I will be able to adjust my calculations based on differences in my contributions, or interest levels in my investments.

Another valuable aspect of my finances are other types of investments.  Investments are a great way to establish personal financial growth.  Identifying investments, such as CDs, stocks, and other types of investments will allow be to better realize personal wealth and growth in my financial goals.

Devoting part of my budget to investments is another important part of my financial plan.  I have identified a number of investment options that will work with the limitations and opportunities in my budget.  Separating short-term from long-term investments, I have allocated an amount to realize investments as part of my overall financial plan.  For me my budget, encompassing all aspects of future financial growth is important, from short, long, and retirement-based investment plans.  In my every person should allocate funds to each, regardless of the budgetary demands of one’s finances.

The Way of Life

Managing one’s finances is more of a way of life than anything, at least according to my perspective.  When all of these factors are considered, it is important to stay focused on one’s financial goals.  Even for someone who does not have many financial resources, it is important to have a plan of action and to stay committed on executing that financial plan to realize these financial goals.

Cutting down on expenses is a matter that is very important to one’s financial goals.  To a certain extent this becomes a way of life.  For instance, some households easily spend a hundred dollars a month on unnecessary groceries, such as expensive snacks and drinks.  However, if lower-cost replacements could be utilized, the savings and the potential investment return on such savings would be impressive.

Thus one should approach one’s budget with a positive approach.  One can easily cut down on expenses in many different ways, from eating out and buying cheaper groceries, to limiting one’s entertainment budget.  If these expenses can be cut on a regular basis, budgets would be much more easy to handle, and much more conducive to realizing the financial goals of many.

In identifying my plan of action, this is an approach that I am taking.  Even if I don’t have as much money to allocate to investments and a retirement account, it does not mean that I can’t cut spending.  Then, once I cut my spending, I can potentially see valuable returns in investments over time.  These potential returns will be able to go a long way to my financial goals, retirement-related goals, and my plan for obtaining personal wealth and financial freedom in both the short-term and long-term.

One important aspect that cannot be overstated is commitment.  In my opinion, if one is committed to his or her finances, he or she will be able to cut spending and obtain financial freedom.  Similar to my situation, even if one doesn’t fell as if though many financial assets can be allocated to investments, respectable returns can be seen on money saved through other means.  One doesn’t always have to have a large income to be financially successful.  It can easily be obtained with smart spending and planning as well.

My plan for realizing my financial goals starts with my budget.  Examining one’s budget is arguably the first crucial step for obtaining a plan of action in the face of financial goals.  By identifying both the income and expenses of one’s budget, one is able to gain awareness of the flexibility or lack thereof in one’s finances.

Allocating amounts of money to investments is a primary course of action in my financial goals.  In order to realize a level of personal wealth and readiness for retirement, investments must be a part of my financial plan of action.  This remains an important part of my budgetary considerations for realizing my financial goals.

In my plan for financial success from the short to long term, I have realized that much of this revolves around one’s commitment.  Even if one is unable to allocate even the smallest amount to an investment account, one could do so if he or she cuts down on unnecessary expenses.  With these goals in mind, anyone can realize financial independence and wealth with these basic steps.

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Home Essay Samples Life Goals

My Personal Financial Goals in Life: Financial Freedom

Table of contents, building a strong financial foundation, investing in long-term growth, embracing financial education and literacy, promoting generational wealth and giving back, conclusion: the roadmap to financial fulfillment.

• Gutter, M. S., Garrison, S., & Copur, Z. (2010). Emergency savings: The household financial safety net. Journal of Family and Economic Issues , 31(3), 377-388.
• Bengen, W. P. (1994). Determining withdrawal rates using historical data. Journal of Financial Planning , 7(4), 171-180.
• Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature , 52(1), 5-44.

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Personal Finance Essay Examples

Is college worth the cost.

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Relationship Between Money and Happiness

The intricate interplay between money and happiness has long captivated the human psyche, sparking contemplations on the intricate dynamics that govern our pursuit of well-being. This essay embarks on an illuminating journey, venturing into the depths of the relationship between wealth and happiness, unraveling its...

Capital Budgeting: Making Informed Investment Decisions

Capital budgeting, a fundamental financial process, serves as a compass guiding organizations through the maze of investment decisions. At its core, capital budgeting is a sophisticated methodology that helps businesses allocate their limited financial resources optimally, ensuring that every investment undertaken generates the highest possible...

The Importance of Saving Money: an Essential Skill for Students

Saving money is an essential skill for everyone, including students. It is never too early to start saving and the importance of saving money for students is really high, lets for this essay let's consider the example of a college student, Sarah. Sarah is studying...

How New York is Littered with a Variety of Art About Us History

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Debating Whether Healthcare Costs Rising is Essential

The ever-increasing costs of healthcare have often been the subject of much public outcry, and perhaps, back at home, there is indeed an urgent need to address the problem. Singapore’s medical costs are “projected to rise at a faster pace than most of the region”,...

Sally's Story: Can Money Buy You Happiness Or even Love

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Debating is Space Exploration Worth Its Cost

At the moment, some people fell that the enormous cost of space exploration is justified because of the the scientific benefits it has brought to mankind, while others feel the exact opposite way that there are more pressing prob,ems that should be tackled. What do...

Issues in Modern Education: Should College Be Free

A majority of highschool students today plan to go to college to continue their education​.​ Many parents would want their kids to live the life that they never had​.​ ​ When a student is choosing their dream college, they want to be able to live...

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5 Ways to Manage Your Personal Finances

by Rakshitha Arni Ravishankar

Summary .   

• Let go of your limiting beliefs about money.
• Take ownership of your money.
• Always set a timeline for your money goals.
• Build an emergency fund.
• Create a diverse portfolio of investments.

Money can evoke a range of difficult emotions for many of us. This anxiety only grows when we’re living through economically fragile times or don’t come from wealth . It can feel awkward, uncomfortable, and even scary to navigate these feelings when they show up. But know that it’s still possible to make smart decisions that will help you become financially stable .

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Sample Personal Financial Plan Deductive Essay

Cash flow summary, lessons from financial plan.

The bars in the above graph represent the amounts available from:

• Earned income (wages and self-employment)
• Social Security
• Qualified plan additions and distributions
• Investment additions and distributions
• Misc – (inheritances, sale of residence, retirement account minimum distributions, Life insurance)

The line illustrates the annual expenses including:

• Personal living expenses
• Planned debt expenses
• Specified special expenses
• Planned deposits to investment and retirement accounts
• Miscellaneous expense items

Note: The Cash Flow report provides the actual numbers that create the preceding Cash Flow Summary graph.

Actual future investment returns, taxes, and inflation are unknown. Do not rely upon this report to predict future investment performance.

The money tree Personal Financing Plan program is not only user friendly, but also convenient. Even though the program’s report should not be fully relied on by users due to unpredictability of actual future investment returns, inflation rate, and level of taxes, it acts as a guideline for individuals and Personal Financing Planning experts. The process of performing the money tree Personal Financing Planning is enlightening and helpful in numerous ways to individuals who want to secure a future for their families as well as students pursuing career in Personal Financing Planning. It shows that Personal Financing Planning is a complicated and involving process that requires the involvement of professionals. The most important lesson one can learn from the process is of the various sources of individual’s income and their influence on his or her Financing Plan. Main sources of fund for individuals include salaries from employment, retirement benefits, savings, and inheritance. According to the report, individuals who spend less than they earn save more and therefore have more money for investment than those who spend more. The common areas of individual expenditure include, education costs, loan repayments, regular living expenses such as food, clothing, medicine, and transport, and planned expenses. An individual’s ability to control his or her spending consequently leads to increased savings.

Secondly, the Personal Financing Planning calculation process using money tree gives users opportunity to learn the various factors affecting their future level of investment and earnings. For example, persons who start saving from earlier ages accumulate more money before retirement than those who start at old age.

Additionally, I have learned that the main sources of individual’s earnings after retirement are investment and pension. The amount of earnings from investment depends on the amount invested, while value of pension depends on percentage of basic earnings signed. If an individual saved more during employment, he or she may still earn more even after losing salary.

The program also confirms that Personal Financing Planning decisions face many uncertainties. Factors such as government taxation plan change regularly and may affect an already laid out plan negatively. Inflation rate is also unpredictable, thereby rendering the planning results provisional but not final. In fact, the success of a Personal Financing Planning is dependent on the accuracy of the prediction of inflation rate and tax level.

Finally yet importantly, I have come to realize that the Financing Planning process involves consideration of many economic parameters, which only competent and well-trained individuals can perform successfully. It requires knowledge on loan policies, environmental scanning techniques to help in identifying investment opportunities, government tax policies, and accurate prediction of current economic trends and their effects on various business ventures. Ordinary individuals cannot complete these tasks.

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Essays on Personal Finance

7 samples on this topic

To many learners, composing Personal Finance papers comes easy; others require the help of various kinds. The WowEssays.com collection includes professionally crafted sample essays on Personal Finance and relevant issues. Most definitely, among all those Personal Finance essay examples, you will find a paper that resonates with what you imagine as a decent paper. You can be sure that virtually every Personal Finance item showcased here can be used as a glowing example to follow in terms of overall structure and writing different chapters of a paper – introduction, main body, or conclusion.

If, however, you have a hard time coming up with a solid Personal Finance essay or don't have even a minute of extra time to browse our sample catalog, our free essay writer company can still be of great help to you. The thing is, our experts can tailor a sample Personal Finance paper to your personal needs and particular requirements within the pre-set interval. Buy college essays today!

Solving Personal Problems: Applying The Five-Step Model: Critical Thinking You Might Want To Emulate

Following the guidelines of the course ID guidelinesStudent’s NameUniversity

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One of the aspects learned in this course is that organization skills are critical to accomplishing objectives. Poor organization can cause one to lose track of the requirements at work or even lead to wastage of resources in case one is working on a limited budget. Well set out and clear objectives can be used as a benchmark upon which performance in a job is measured. It is through measuring the performance level that one realizes the areas that may need improvement.

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Every segment of the American economy is under pressure and college education has not been left behind. The cost of college education has risen sharply in the recent past and a big percentage of American College students risk being left out of college education if the cost rises further. The increase in costs has come forth in spite of the excruciating cost-cutting done by colleges on every activity in the institutions. The increase in tuition fee actually outperformed the overall inflation rate.

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Essays on Personal Finance

There is a perceived notion in the society that all women regardless of their age, have a passion for handbags, and can sacrifice a lot of items including some necessities to save in order to purchase their preferred handbag brands. Owning an expensive handbag for women nowadays triggers a gratifying...

The America’s healthcare system has been developing over the years. There are new laws such as Patient Protection and Affordable Care Act (ACA), commonly referred to as Obama Care Act, technological advancements in health care information systems, developments of treatment methods and drugs, and access systems. The advancements are further...

Words: 1795

Technological advancements have contributed significantly to the insurance sector. The industry has undergone tremendous growth due to specific innovations. For instance, following the advent of GPS functionality, smartphones, and social media, the process of assessing claims by the clients has become more convenient. Furthermore, data analysis and legitimate interactions with...

Words: 3933

Several scholars have defined Shrinkflation as the process by which a good or a product is reduced by size or quantity while the price of the product is maintained. According to the study carried out by Furceri et al., Shrinkflation is an alternative means that sellers have assumed to increase...

Words: 3958

Seattle is one of the cities that are growing rapidly in the US recording a growth of population by more than 6.9% in the last four years. It has also recorded significant improvements in real estate market resulting being ranked eighth, taking third position regarding development, and fourth based on...

Owning a Home and the Buy-to-Let Market Owning a home is one of the essential investments many people desire to achieve in their lives, and typically, most of the purchases are financed by debts. In the UK, households experience various effects when buying to-let houses and Financial Times Stock Exchange...

Words: 4700

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Over the past, series of crises have struck the global financial markets the latest one occurring in 2007-2008. Such financial crises have occasioned the need for tighter regulation of the financial markets in order to curb any downfall in the markets. The Basel III Accord was developed based on that...

Words: 4537

Malaysia's financial sector is one of the most diversified in the global banking industry. The industry comprises of insurance companies, capital market intermediaries and banking intermediaries. By the year ending 2011, the Malaysian banking sector held an overall asset base of close to 400% of GDP (International monetary fund 2013)....

Good customer service is vital to the survival of any business in any industry. Despite this, companies in Jamaica have little appreciation of how important this is. My focus will be on the banking industry in Jamaica, with emphasis on customer service at the National Commercial Bank. Customer service in banking...

Words: 3305

Except for those parts in which it is explicitly stated to the contrary, this project is my own work. It has not been submitted for any degree at this or any other academic or professional institutions. ………………………………………...…… Signature …………………………… Date Regulations Governing the Deposit and Use of Oxford Brookes University Modular Programme Projects and Dissertations 1....

Words: 4647

Credit risk is the process whereby a party may have a possibility loss due to the failure to follow financial contract terms and conditions (Bonsall et al., 1445). For instance, the inability of the investor to pay the loan and its interest. Banks as financial intermediaries are always exposed to...

Cost cutting or cost reduction refers to decreasing the costs related to production or cost activities without affecting the quality of services, products, or activities. The success of any industry significantly relies on how the organisation strategically manages its costs as compared to its competitors. There are many procedures used...

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Sample Personal Statement Finance (MIT Sloan)

by Talha Omer, M.Eng., Cornell Grad

In personal statement samples by field | personal statements samples by university.

Here is the personal statement of an applicant who got admitted to MIT Sloan’s  Masters in Finance program . For personal statement, Sloan poses several questions to applicants, which the admissions committee expects to be answered in an essay form. MIT provides these personal statement prompts to encourage students to self-reflect and then to share their insights with the program. 

The following essays are an example of a compelling story and reflect the original voice and personality of the applicant. Get inspiration from them and try to incorporate their strengths into your own personal statement.

In this Article

Personal Statement Prompt 1

Personal statement prompt 2, personal statement prompt 3.

Please discuss past academic and professional experiences and accomplishments that will help you succeed in the Master of Finance program. Include achievements in finance, math, statistics, and computer sciences, as applicable. 

As an ardent finance student, I have always sought opportunities to develop a solid grounding in the subject.

During my undergraduate, I successfully co-founded a philanthropic long/short Impact Investment Hedge Fund, “Australian Students Asset Management” (ASAM). The fund secured firms like Goldman Sachs to provide pro-bono services and mentorship. In addition, I developed a proprietary ESG algorithm to identify investment opportunities per our social development mandate. As a result, our investments have consistently outperformed our benchmark. Furthermore, I attended two courses at LSE on Alternative Investments and Financial Risk with “A” grades. This involved in-depth exploration of topics like Monte Carlo, Bootstrapping, Financial Modelling and Stratification.

As an Associate at PwC, I created PwC’s first fully automated valuation process. This consisted of using industry-specific valuation templates using Python and VBA for data scraping. This solution saw significant savings for the firm and is now used by PwC throughout the world.

As an analyst with Barclays Capital, a Global Quantitative Hedge Fund, I gained exposure to arbitrage trading strategies by implementing statistical principles like mean reversion, volatility trends and co-integration in Python. This helped me develop successful trading algorithms yielding a highly desirable annualized return of 33%.

Describe your short-term and long-term professional goals. How will our MFin degree help you achieve these goals?

My short-term goal is to return to Australia and establish my own quantitative “for-profit” hedge fund. I will utilize my previous experience co-founding the philanthropic hedge fund, ASAM, to that effect. My long-term goal is to expand this hedge fund’s operations overseas and invest in the North American markets, as they present significant growth opportunities.

At MIT, I am eager to research the implications of current trends in institutional capital flows. This detailed exploration will enhance my understanding of the potential risks of passive investing and provide an edge in building trust with future investors.

As an Analyst at Barclays Capital, I developed event-driven and relative-value trading algorithms using Python. With the MFin, I will create an advanced, intuitive approach to data science problems, enabling the manipulation of alternative data sets to automate trading decisions and executions. The Advanced Analytics and Data Science courses and Analytics Certificate are especially exciting as they will allow me to understand shallow models and train deep neural networks in an economic context. I also hope to improve my technical skills around asset pricing and general dimension reduction techniques and ensemble methods which are critical to forming accurately priced derivatives.

Please share personal qualities that will enable you to contribute to the advancement of our mission.

THE MISSION

The mission of the MIT Sloan School of Management is to develop principled, innovative leaders who improve the world and generate ideas that advance management practice.

I believe success as a Leader requires one to have a passion for taking the initiative, thinking outside the box and persevering in adversity.

These traits have always been integral to my personal and professional pursuits, including my recent experience as a special education teacher in San Pedro, a rural village in Costa Rica. I was required to develop creative methods to overcome the language barrier and constructed visual aids from cardboard pieces to make block numbers. In addition, the school had a dire need for wheelchairs, so I devised a cost-effective design to repurpose old bicycles into wheelchairs that we implemented as a team. My commitment to improving the world through innovation will allow me to contribute actively to MIT’s mission.

Furthermore, my extensive involvement in boxing has enabled me to develop perseverance and increased focus in facing challenges. My first loss was devastating, and I considered giving up the sport, as my goal had been to maintain a perfect record. Ultimately, increasing training intensity, dance classes and the strong support from my team allowed me to win my next match and achieve the Most Improved Fighter award by the Sydney Boxing League.

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August 1, 2018

How to Portray Experiences in Your Masters in Finance Essays

Your professional experience probably isn’t all that different from that of other Master’s in Finance (MFin or MSF) applicants. And you worry it won’t stand out. Maybe you feel it’s not interesting or dramatic enough to captivate adcom readers.

DON’T WORRY!

Only you have your experience; in a sense, you are your experience. So, it is inherently unique . That is why your experience should form the core of your essays.

And all of your MFin essays – your personal statements, statements of purpose, and goals essays – should include your actual experience. The more your real experience forms the muscle, bone, and sinew of the essay, the more individual, distinctive, and interesting the essay will be.

Which experiences should you present in your Masters of Finance application?

Different people will present different types of experiences. Follow these tips to choose the best experiences for you:

I often suggest to my clients that, when possible, make the essays, and the experiences portrayed in them, do “double duty,” e.g., a given story might underscore your ability to handle a quantitatively demanding role and simultaneously spotlight your teamwork skills or deftness in managing up or willingness to mentor a less quant-savvy colleague.

Select experiences/stories that show you effectively navigating the organizational arena and interacting effectively; perhaps displaying leadership (formal or informal). In addition, mine senior thesis research projects, club participation roles, volunteer and extracurricular experiences, etc. for experiences that are both relevant and distinctive.

And show that you understand the realities in the finance world and have integrated that knowledge and experience into your toolkit, perspective, and/or goals.

This applies to experienced and inexperienced applicants. Demonstrate your leadership skills, even though it’s not usually explicitly required by MFin adcoms.

Recent experiences reflect the current person who is applying (some people are fast out of the starting gate but don’t have staying power), and they give the adcom a sense of the talents and attributes you will bring to the table.

If you do decide to share an older experience, (a) make sure that you ALSO have a recent one or two, and (b) link it to the present somehow, e.g., show you’re applying a lesson learned, or a quality gained, or insight developed.

MFin applicants come from and are interested in a range of industry segments – and this is fine, so highlight your specific area of expertise!

How should you present experience in your Masters of Finance application?

Imagine sitting at a café (or a bar 😉) and recounting to a colleague or friend an interesting recent experience you had. You don’t cite every detail but rather convey just the details relevant to that particular conversation, and you supplement the facts of the story with brief reflections or elaborations of what you were thinking or feeling at a pivotal moment. You slow down when approaching the turning point. You wrap up with a brief comment or look back (“I learned a lot, but I really hope I never have to go through that again!”).

Well, that is the approach you’ll take in presenting experiences in your essays – simply narrate the story as you’d tell it to someone. Adapted, of course, for length and relevance.

Managing length and relevance in your storytelling

The story of an experience may comprise a whole essay, a paragraph within an essay, or a sentence or two within a paragraph. To incorporate experiences within a goals essay, which I encourage you to do, most likely it will be the last situation. And yes, you can tell a story in one sentence: “After weeks of preparation, a cancelled flight caused our team to miss the presentation in Kuala Lumpur, but to my dejected teammates’ surprise I found telecon resources at the airport and we did the presentation from there!”

The ABCs of narrating a story:

• A ttract the reader’s interest by setting the scene, which includes where, when, what, why, and who (or at least most of these elements).

• B e a storyteller: tell the story as it occurred.

• C onclude the story by relating results, changes, and outcomes that stemmed from the story.

Three additional tips to make your experience as interesting, exciting, meaningful, vivid, and memorable as possible:

• What project specifically, and what makes it “high profile”?

• What complex systems exactly?

• What global client organization? (if you can’t name the client, at least indicate industry)

• What specific outcomes? What was the actual impact?

• What stakeholders exactly – who are they?

• Clarify what’s at stake . The higher the stakes, the better.
• In a story, something changes; the starting point is different than the ending point. Frequently the main character has evolved (sometimes you and sometimes your team, department, and/or organization). Make sure to spotlight this development.

Learn more about applying to Masters in Finance programs by reading these additional MFin-focused posts .

Looking for one-on-one advising to help you through the MFin application process? Check out our Master’s in Finance Admissions Services for more information on how we can help you get ACCEPTED.

Related Resources:

• From Example to Exemplary , free guide to writing outstanding application essays • 4 Pillars of a Splendid Statement of Purpose , a short video • What is an Accomplishment?

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