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Financial Planning: Term Definition

Speaking about the trend Barack Obama keeps there cannot be a complete analysis of his political and economic approach. To my mind, any president’s actions can be judged only after some time of presidency. There are lots of unpopular innovations in finance and political systems different governments adopt, that their positive aftereffect may be seen only after some years, even decades. On the one hand, this fact means that it is rather difficult to predict what would happen in several years. On the other hand, after the presidency of this or that leader, it is easy to define which reform was a positive one, which was a negative one, and which was a pointless one. Nevertheless, I tend to think that political and economical reforms being offered and adopted by the government of Barack Obama are rather promising. Of course, many experts argue that there would not be any positive effect; on the contrary, the American economy would suffer from another Depression. I agree partially with the statement: as for me, the economical and other reforms of Barack Obama are a bit cosmetical (Schechter). Still, I should admit that the essence of Obama’s reform sounds promising and rational. First of all, I appreciate the fact the Obama’s government finance the development of clean energy. Taking into account the fact that world sources of energy are being exhausted because of uninterrupted usage, and global warming, it is a great investment into the future.

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Another question is whether economic reforms are so positive. By posing a control on powerful economic enterprises, Obama got lots of enemies on Wall Street. Still. However, it is not a secret that very often an economic crisis is an artificial phenomenon. That is why, I think, that such reform of Obama would suggest a control on banks and powerful players on the economic market.

Another positive aspect of Obama’s reform is that his government is going to increase taxes on people whose average income years is more than $250 thousand. On the one hand, the president offers to use form taxes on promoting the labor market. Of course, I should say that the economical and political reforms of Barack Obama are not perfect, but rather promising.

Recently, when I plan at least a part of my daily expenses on my own I see that necessities compose four thirds, which means that no matter how much you earn, you still need more. Moreover, we often spend money on some things which we do not need. Supermarkets, advertising, our flippancy, and other factors entice us to buy many things which we do not need; we commit such simple actions as going to a supermarket with a list of necessary products and paying some attention to our domestic charges may economize some funds which can be invested later. One should “recognize that financial objectives are rarely achieved without forgoing or sacrificing current consumption” (Garman, and Forgue, 2007, p. 5). When you have already saved up in the least bit substantial capital you may think over your future actions: to borrow money or invest further, or do something else. If you have nothing, you just do not have such an opportunity. The money which you save may be used for vacation or purchasing some expensive equipment, such as the newest PC’s, clothes washers, or even a car or flat. The principle “to spend less to save and invest” is rather topical and useful. As for me, I would like to start a small business especially if I will be able to define a free niche in the market.

The importance of small-scale business cannot be overestimated. Prosperous small enterprises prevent the development of monopolies, favor the increase of workplaces, stimulate money turnover, etc. As long as the small-scale business has its niche in all the levels of budgeting small firms and enterprises support an important part of the economy.

Though small enterprises may not make you a very rich person at once, they may earn you some money for further investment. Among the disadvantages of running a private business one may enumerate long workdays, stressful work, changeable income, etc. At the same time, there is the possibility of business automation and gathering a constant income. At the same time, one cannot reach his/her aim without making the first step and many mighty people run up from a shoestring.

References

Garman, E. T., and Forgue, R. (2007). Personal Finance. Cincinnati, Ohio: South Western College Pub.

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Schechter, D. (2009). Obama’s Economic Reforms Should Re-structure the System — Not Just Reform It. AlterNet. Web.

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