http://www.wsj.com/articles/the-benefit-of-good-financial-habits-learned-early-1428894139?tesla=y
The recent print edition of the Wall Street Journal articulates ways in which money tends to be a challenging factor to the management. The article expounds on the remuneration of good financial lifestyle that helps the people manage their finances through saving. Most importantly, a person should be responsible for his or her paycheck and his or her ability to always make a follow-up of his or her personal finances. The article outline that Mr.Gaulin was so vulnerable to hard work during his childhood, but her mother took the initiative of motivating him. The principal aim of his mother was to make his son realize the importance of considering saving as a personal finance strategy to development. The article highlights on how savings can be important in a daily life. For instance, Mr.Gaulin admits that the gradual savings made by his mother enabled him to pay for his college tuition.
How the article relates to the chapter of study:
The article relates concurrently with the chapter of study in various ways. For instance, the process of training Mr. Gaulin understand the saving etiquettes is one way he was made responsible for his personal financial goals. Therefore, the article in relation to the chapter of discussion gives an insight on how individuals can manage their money so as to achieve their personal economic contentment. Furthermore, if the planning process is adhered to, families, businesses, and even big enterprises could establish prominent ways to control their economic activities and regulate their expenditures. The article projects ways in which a person can determine his or her recent or current financial situation. It usually regards income savings debts and living expenses. After assessing a person’s financial situation, he or she would lay a foundation for the financial planning schedules. Most importantly the article gives an insight on how to identify alternative solutions for mistakes made in the financial life.
How the article is significant to an individual life:
The idea from the article is of significance to a financial life in situations of solving financial challenges. For instance, one way to eradicate poverty is by making personal savings for future benefit. The article has made facilitated the realization of ways to save and develop alternatives that are crucial regarding personal finance. Furthermore, the article has encouraged in building up and obtaining an effective and protected financial lifetime. Its impact has been reflected in the decision-making process towards achieving the set financial goals. For instance, the time value for money can be determined by observing an adequately built financial planning process. It is prudent to note that Mr.Gaulin’s mother made a domestic saving that she eventually used to pay for Gaulin’s college tuition. It brings an applauding effect that anyone would like to do the same thing Mr.Gaulin’s mother did to save the day for her son. The lesson has been appreciated because it is a motivating stand for everybody to take the same trend in the financial planning strategy by making saving to be a key initiative to practice.
In conclusion, most people may try to practice the ethics needed in the personal finance planning. It’s always difficult to fulfill the desire of saving because many obligations may need to be accomplished in someone’s life. Some of the obligations are unavoidable. For example, paying medical bills and rent can be so demoralizing for one to save but they are significant to his or her life thus serving as a major challenge in personal financial planning.
