One of the best things my mother did for me early on (and there were many) was to open up a bank account for me. If you help your kids understand money at a young age, they will have a better chance becoming comfortable with it.

⇒   MORE:   Learning to Make Friends With Your Money

When I was young, banks actually gave you a little book that showed you how much money you had in savings. Each time you went to the bank, they added on any interest you earned. And I learned that the interest also earned interest. It was exciting to watch the numbers grow!

Even today, when I check my accounts, the magic of compounded interest still makes me smile. Kids of any age love magic — and it helps when you truly appreciate the power of interest earning interest. Just one of many things children can learn about money at an early age!

So how well do your kids understand money?

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Do you ever wonder what a Finance MBA knows that you don’t know? Is it really all that special? Well, I believe that knowledge truly is power. So with that idea in mind, I put together this basic financial literacy guide to help you strengthen your business savvy. I also threw in a few economic concepts, just to give you some extra MBA flavor.

Although it took me two years to get my MBA, most likely you don’t need all that. In fact, I haven’t used a lot of what I learned. But there are some basic finance concepts that absolutely can help. I want you to never again feel that others can take advantage of you for what you DON’T know. And you may even surprise a few people with what you do know!

Let’s start with how banks work

We all know that you can put your money in a bank. And if it’s a savings or checking account (demand deposits), you can use it whenever you need (demand) it. But they don’t offer you a safe haven just out of the goodness of their hearts. And your money isn’t really just sitting there.

Do you ever wonder what happens to your money? And what the bank gets in return? [Read more…]

Welcome!

Money is something we deal with every single day. A necessary evil to some. A wonderful friend to others. But too many of us don’t really understand how money works. The same goes big time for the world of banking and finance.

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I strongly believe that the more we know, the less we feel powerless to do anything about our financial situations. So when it comes to money and finance (and pretty much anything else) knowledge is truly power.

Learn more, earn more, owe less & grow your money!

⇒    Investment Basics

⇒    Credit Info & Tips

⇒    Saving Your Money

⇒    Your Deserve More

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Who this site is for

I created Your Personal Finance Site as a safe, welcoming place with plain language information. You’ll find articles to help you better understand all kinds of money and personal finance basics that affect your daily lives. Although the site is still pretty new, we’re working to make this work for you!

Meanwhile, browse down and around, and enjoy the posts we have so far. This guide to money and finance is created to help you, So please feel free to stop back any time to ask a question or just to see what else pops up!

~ Ronnie Ann

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One of the best examples I know to help explain the “value of money today” concept comes from Popeye. As his pal Wimpy tells us quite often: “I’d gladly pay you Tuesday for a hamburger today.”

So Wimpy gets his burger today, but you have to wait until Tuesday to get paid back your money, the price of the burger. In the meantime, the cost to you is the interest lost from the opportunity to invest that same $20.

What’s exactly does the deal cost you?

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