Question

As we get ready to close out this module review and reflect on what you have learned in personal finance. Identify and discuss a topic or lesson that you feel you got the most from. What specifically was it about this topic/lesson you liked? Did anything surprise you? How might you apply this new information in your current or future career? Your main post should be at least 150 words in length. Properly site any references utilized in APA format.

Answer 1

The topic that I got the most from was the topic in savings and investments. The specific thing that I liked about the topic was that it taught me the importance of start saving and investing early in life. The topic clearly demonstrates the advantages of compounding and when an individual starts making investments early in life then the individual will stand to gain a lot more from compounding than an individual who has started saving and making investments late in life. The impact of compounding will ensure a greater or higher amount of future value that an individual will receive on maturity of his investments.

The concept of life insurance surprised, especially the concept of human life value concept. I was not too much aware of the proper way to determine one’s life insurance needs and the human life value concept taught me the proper method to determine an individual’s life insurance needs.

I will apply the new concepts in my future career as a financial and wealth advisor. The new concepts will enable me to advise my clients on ways to optimize their savings and investments as per their risk profile. I will be able to apply the concepts learned here to better manage my client’s wealth and optimize their returns over the long term.

Reference:

The power of Compound Interest and why it pays to start saving now. Retrieved from https://www.windgatewealth.com/the-power-of-compound-interest-and-why-it-pays-to-start-saving-now/