Let’s face it. We overlook the financial industry far too often.
Whilst we all focus on what Katie Price’s newest vacation is, or what that girl from TOWIE is doing, or what the Ecclestone sisters are up to next, something as vastly different as the state of British finances has been left in the back burner. Rising homelessness and poverty due to rapid mismanagement of finances have become a problem, with charities such as the Prince’s Trust doing what they can to combat the issue. An essential part of business networking is knowing how money is being spent, and where.
If there’s something that should be taught at A-Levels, it’s how the government manages our finances. Too often have people been misled about taxes and reducing national debt whilst MP’s battle it out, and it’s time that someone has gotten a leg up in the competition. Here, the role of banks and managing one’s income can be made easy.
Roles of Government
The most important person in regards to Finance is the Chancellor of the Exchequer, currently held by George Osborne from the Conservative Party. As he is the person most responsible for economic and monetary matters, it should be key that we are aware of policies that he enacts. Is he for reform or is he a more conservative spender? What about inflation or higher interest rates?
Trading with the European Union and the value of a British Pound overseas should be key concerns as they could factor in how one does business in the country. As one of the most important and highly regarded offices in British Parliament, you would do well to look into him.
It Affects Everything
When the value of goods increases, it reflects on the cost of produce. Although not the sexiest of industries, the financial industry has a compound effect on the public. Say that the cost of the Pound goes down; not only does this affect the country, it affects the world economy for years to come. All incomes will be affected, as goods will cost more.
In becoming more knowledgeable, we can find ways to boost our national income by promoting and soliciting British goods. Business networking is crucial here, as it helps entrepreneurs espouse a sense of kinship with the other. Reducing dependence on outside economies will greatly benefit the business community as a whole.
How To Make It
The lack of financial literacy is appalling, and there are ways to remedy it. Seek help by coming to financial consultants and investing in businesses that are starting up. These consultants will have connections with other industries and as such can advise you in how to take care of one’s finances.
One can also solicit the services of different banks such as Coutts in order to compare interest rates. Perhaps one type of account will be good for compound deposits, one is better for the payroll, and so forth. Learn to understand what goes in and out of taxes, and how deductibles can add up.
12 Best Books on Personal Finance and Money Management, AnExerciseInFrugality.com
How To Turn Your Blog To Business (even if it’s not that big) – Blogging Business, RetiredBy40Blog.com