Saturday, August 29, 2009

Effective personal finance is a skill

The term "personal finance" could trigger several worries in the minds of many people as it is one of the most worrying issues that every individual needs to manage. The difference lies in how we manage our personal finances. When I refer to personal finance it includes our savings, debits, credits and also the investments that we make. There are a lot of options to invest and secure the future. Some of the effective and practical strategies include life insurance, mutual funds, health plans, debts, bonds, debentures and many instruments that aid the long term return.

The above mentioned investments would also involve a substantial amount of risk and a common man cannot have the right resources to analyze before investing in a particular plan or medium. The certificate of deposit which is often abbreviated as CD is gaining its own personal share of market. The cd rates that many of the American firms offer are incomparable to the other investment options. The advantage in a certificate of deposit is that it is FDIC (Federal Deposit Insurance Corporation) insured and that adds the safety component in a CD. Also the APR (Annual Percentage Rate) is also higher compared to the other investment options that are available. As the topic says, personal finance is about managing the resources and available options in a skillful and effective manner.

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