Personal Finance in 2023

Welcome to the second edition of The Business Debrief, a weekly newsletter about business and beyond. This week's Debrief is about being financially savvy to combat the economic challenges of today.

September 16, 2023

Briefing

Owing to the never ending economic uncertainty, the odds are stacked against us. It is time to take matters into our own hands and be responsible for our financial future.

Understanding and mastering the principles of personal finance can have a profound impact on our financial well-being and overall quality of life. Good personal finance practices are all about making informed decisions regarding money, assets, and debt to achieve our financial goals.

In this age of abundant financial choices, the ability to navigate the financial landscape wisely is a skill that can empower us to take control of our future. It is the little details that make all the difference in the long run.

Check out this article by FNJ Global to explore some essential personal finance principles, which are sure to make a meaningful difference in our life. If you like what you see, then do follow the FNJ Global page to stay updated about all things business and finance.

Visual Aid

If you are too cool to read the article, check out this video where we share the tips and tricks to stay ahead of the game! If you like the video, then do not forget to subscribe to the Five Archive.

Fact Check

  • 45% of Millennials have more credit card debt than savings. Millennials have the lowest savings-to-debt ratio of any generation.

  • Global household debt has reached an all-time high of $53 trillion. This is equivalent to 62.5% of global GDP.

  • By 2050, one in six people in the world will be over 65. This aging population will have different financial needs than the younger generations.

  • The global gender wealth gap is significant, which needs addressing, with women owning only about 38% of the world's wealth. This gap is due to a number of factors, including unequal pay, discrimination in the workplace, and unpaid care work.

  • According to the World Bank, only 36% of adults worldwide have financial literacy. This means that many people do not have the knowledge and skills they need to manage their finances effectively.

Quote Corner

"Do not save what is left after spending, but spend what is left after saving" - Warren Buffett

"Money is a terrible master but an excellent servant" - P.T. Barnum

"A wise person should have money in their head, but not in their heart" - Jonathan Swift

"The rich man is not he who has the most, but he who needs the least" - Warren Buffett

"If you have to finance something, you can’t afford it" - Someone wise

Laugh Attack

  • What's the best way to get in touch with your long-lost relatives? Win the lottery.

  • How do you make a small fortune day trading at the stock market? Start with a large one!

  • What do you call a person who always has enough money? A myth.

  • What's the difference between a recession and a depression? A recession is when your neighbor loses their job, and depression is when you lose your job.

  • Why did the banker switch careers? He lost interest.

Apologies. Should have stopped at the fourth one.

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