What’s the difference between finance and economics? Finance is concerned about managing money while economics is a social science focusing on how human’s make decisions around the allocation of scarce resources. Finance and economics are different disciplines, however they inform each other.
Personal Finance & Investing
- Track your spending. Know exactly how much you spent on dining out, online orders, transport, etc.
- Collect all receipts and exploit tax deductions when you file your tax return.
- Set up an emergency fund lasting ~3 months that can provide a buffer for unexpected expenses..
- Consolidate super accounts and minimise management fees.
- Insurance: consider health, LTD, life, renter/homeowner, and car insurance.
- Save aggressively and invest.
Resources
- Investopedia
- Mr. Money Moustache.