{"id":2572,"date":"2020-08-25T20:00:21","date_gmt":"2020-08-25T20:00:21","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-financialaccounting\/?post_type=chapter&#038;p=2572"},"modified":"2020-11-20T15:52:08","modified_gmt":"2020-11-20T15:52:08","slug":"why-it-matters-personal-accounting","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/chapter\/why-it-matters-personal-accounting\/","title":{"raw":"Why It Matters: Personal Accounting","rendered":"Why It Matters: Personal Accounting"},"content":{"raw":"<h2>Why learn how to manage personal accounting?<\/h2>\r\n<img class=\"alignright wp-image-2645\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5107\/2020\/08\/27163643\/piggy-2889043_1920.jpg\" alt=\"Five pink piggy banks in a row\" width=\"400\" height=\"240\" \/>You will probably find that of all the business knowledge you have acquired or will learn, the study of accounting will be the most useful. Your financial and economic decisions as a student and consumer already involve accounting information. While it\u2019s true that accounting is most typically viewed as business activity, you\u2019re probably performing some accounting tasks already, such as:\r\n<ul>\r\n \t<li>Applying for financial aid<\/li>\r\n \t<li>Balancing work and school (present needs with future goals)<\/li>\r\n \t<li>Finding and managing other sources of income while you are in school<\/li>\r\n \t<li>Budgeting<\/li>\r\n \t<li>Filing income tax returns<\/li>\r\n \t<li>Understanding credit<\/li>\r\n \t<li>Financing a place to live<\/li>\r\n \t<li>Investing for your future (retirement planning)<\/li>\r\n<\/ul>\r\nAccording to a 2018 survey of more than 1,000 U.S. adults by mobile-banking company Varo Money, 85 percent say they \u201csometimes\u201d feel stressed about money, and a full 30 percent say they\u2019re \u201cconstantly\u201d stressed about their finances.[footnote]Ruark, Hannah. \u201c<a href=\"http:\/\/www.prweb.com\/releases\/2018\/03\/prweb15293756.htm\" target=\"_blank\" rel=\"noopener\">Varo Money Helps Americans Improve Financial Health With High\u2011Yield Savings Accounts and SMS Alerts<\/a>.\u201d Cision PRWeb, March 8, 2018.[\/footnote] Additionally, the COVID-19 pandemic has caused additional financial stress in almost 9 out of every 10 Americans.[footnote]Fox, Michelle. \u201c<a href=\"https:\/\/www.cnbc.com\/2020\/04\/16\/coronavirus-crisis-causing-financial-stress-for-near-9-in-10-americans.html\" target=\"_blank\" rel=\"noopener\">Coronavirus Crisis Is Causing Financial Stress for Nearly 9 in 10 Americans<\/a>.\u201d CNBC, April 16, 2020.[\/footnote]\r\n\r\nIn this module, you\u2019ll be learning about how accounting relates to financing your education, financing the present, and financing the future. If you pay attention to these lessons and apply them in your life, you\u2019ll more likely than not live a financially secure life without the stress that comes from worrying about money all the time.","rendered":"<h2>Why learn how to manage personal accounting?<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-2645\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5107\/2020\/08\/27163643\/piggy-2889043_1920.jpg\" alt=\"Five pink piggy banks in a row\" width=\"400\" height=\"240\" \/>You will probably find that of all the business knowledge you have acquired or will learn, the study of accounting will be the most useful. Your financial and economic decisions as a student and consumer already involve accounting information. While it\u2019s true that accounting is most typically viewed as business activity, you\u2019re probably performing some accounting tasks already, such as:<\/p>\n<ul>\n<li>Applying for financial aid<\/li>\n<li>Balancing work and school (present needs with future goals)<\/li>\n<li>Finding and managing other sources of income while you are in school<\/li>\n<li>Budgeting<\/li>\n<li>Filing income tax returns<\/li>\n<li>Understanding credit<\/li>\n<li>Financing a place to live<\/li>\n<li>Investing for your future (retirement planning)<\/li>\n<\/ul>\n<p>According to a 2018 survey of more than 1,000 U.S. adults by mobile-banking company Varo Money, 85 percent say they \u201csometimes\u201d feel stressed about money, and a full 30 percent say they\u2019re \u201cconstantly\u201d stressed about their finances.<a class=\"footnote\" title=\"Ruark, Hannah. \u201cVaro Money Helps Americans Improve Financial Health With High\u2011Yield Savings Accounts and SMS Alerts.\u201d Cision PRWeb, March 8, 2018.\" id=\"return-footnote-2572-1\" href=\"#footnote-2572-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a> Additionally, the COVID-19 pandemic has caused additional financial stress in almost 9 out of every 10 Americans.<a class=\"footnote\" title=\"Fox, Michelle. \u201cCoronavirus Crisis Is Causing Financial Stress for Nearly 9 in 10 Americans.\u201d CNBC, April 16, 2020.\" id=\"return-footnote-2572-2\" href=\"#footnote-2572-2\" aria-label=\"Footnote 2\"><sup class=\"footnote\">[2]<\/sup><\/a><\/p>\n<p>In this module, you\u2019ll be learning about how accounting relates to financing your education, financing the present, and financing the future. If you pay attention to these lessons and apply them in your life, you\u2019ll more likely than not live a financially secure life without the stress that comes from worrying about money all the time.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-2572\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Why It Matters: Personal Accounting. <strong>Authored by<\/strong>: Joseph Cooke. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Untitled Image. <strong>Authored by<\/strong>: 3D Animation Production Company. <strong>Provided by<\/strong>: Pixabay. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/pixabay.com\/illustrations\/piggy-bank-money-finance-business-2889043\/\">https:\/\/pixabay.com\/illustrations\/piggy-bank-money-finance-business-2889043\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/cc0\">CC0: No Rights Reserved<\/a><\/em>. <strong>License Terms<\/strong>: Pixabay License<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section><hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-2572-1\">Ruark, Hannah. \u201c<a href=\"http:\/\/www.prweb.com\/releases\/2018\/03\/prweb15293756.htm\" target=\"_blank\" rel=\"noopener\">Varo Money Helps Americans Improve Financial Health With High\u2011Yield Savings Accounts and SMS Alerts<\/a>.\u201d Cision PRWeb, March 8, 2018. <a href=\"#return-footnote-2572-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><li id=\"footnote-2572-2\">Fox, Michelle. \u201c<a href=\"https:\/\/www.cnbc.com\/2020\/04\/16\/coronavirus-crisis-causing-financial-stress-for-near-9-in-10-americans.html\" target=\"_blank\" rel=\"noopener\">Coronavirus Crisis Is Causing Financial Stress for Nearly 9 in 10 Americans<\/a>.\u201d CNBC, April 16, 2020. <a href=\"#return-footnote-2572-2\" class=\"return-footnote\" aria-label=\"Return to footnote 2\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":17,"menu_order":1,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Why It Matters: Personal Accounting\",\"author\":\"Joseph Cooke\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Untitled Image\",\"author\":\"3D Animation Production 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License\"}]","CANDELA_OUTCOMES_GUID":"5e5b9fcb-e00b-455c-a8e5-2184c2218828","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-2572","chapter","type-chapter","status-publish","hentry"],"part":2570,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/2572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/users\/17"}],"version-history":[{"count":7,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/2572\/revisions"}],"predecessor-version":[{"id":6445,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/2572\/revisions\/6445"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/parts\/2570"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/2572\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/media?parent=2572"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapter-type?post=2572"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/contributor?post=2572"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/license?post=2572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}