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Understanding Money and Finance

Date Added: March 19, 2010 05:36:32 PM
Author: Macon Gravlee
Understating the financial world is not always easy but there are some basic concepts that you will need to understand in order to make the most of your money. Investment and even saving for retirement can be made simpler and more effective if you have the skills to maximize your returns.


Savings are an important part of the economy. Nearly everyone is concerned about saving for retirement or saving for an emergency fund. No matter what you want to save for you will need to know how much you need before you get started. For most families an emergency fund is a must.

To estimate how much your family will need in the case of an emergency you should figure up how much money you will need for several months. How much you will need to save depends on whether you are a single or a dual working family. For instance, if only one adult in the family works you will need to save more in the case of unemployment or other emergency.


Retirement will require substantial planning and saving for some period of time. Many people tend to underestimate the amount of money they will need to retire and fail to include rising interest rates and inflation into their plan.

Interest rates and inflation will both effect your savings and your quality of life in retirement. It is not uncommon for a retired couple to need $1 million to last throughout their retirement especially if they plan to include traveling and other pursuits during this time.

Financial Advice

When you are planning to save you can always seek financial advice for a relatively low fee. A professional can tell you the difference between money market accounts and general savings and how to invest wisely for those times when you need financial backup.

Many people feel as though adequate savings only means having a little extra money in the bank but for most families this is simply not the case. It is important to prepare for your financial future and find investments that will help you increase your money relatively safely.

Safe Investments

Compared to risky investments such as the stock market there are a few safe investments. For example, mutual fund companies offer investment opportunities that allow you to invest in multiple companies at once thus reducing your potential risk.

Another relatively safe investment is a money market account. Money market accounts can be guaranteed by the investment company usually a bank that you use. You will receive a profit on your initial investment which is usually a pre-designated percentage of that fund. You are easily able to add to or withdraw from your money market account.

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