Personal financing

Anderson, Jessica L. Save Big on Prescriptions. Kiplinger s Personal Finance 62, no. 5 (May 2008) 71-72. Among the pieces of advice given by this article on how to lower prescription drug costs are to buy generics, use mail-order programs, and participate in spending accounts for health-related expenses. 

As with any highly addictive drug, methaqualone abusers become preoccupied with when and where they will be able to get their next dose. Interpersonal relationships with family and friends frequently deteriorate as drug use dominates the addict s life. Personal finances may also suffer as the drug user funnels more money towards his or her habit or becomes unemployed due to poor job performance resulting from drug impairment. 

Some managers are hesitant to terminate employees because it can be a difficult circumstance for all involved. For the terminated employee, it can have a tremendous impact on self-esteem, reputation, and personal finances. For the manager, it can be an emotionally charged event that results in an unpleasant confrontation. It also can lead to legal action for the business and individual manager. Therefore, some managers avoid... 

Describe why pharmacy students and pharmacists should be knowledgeable about their personal finance situation. 

List and explain the seven principles of effective personal finance. 

After much reflection, Daniel realizes that he must get educated in personal finance. He wishes that he had been offered a course on it in pharmacy school. He decides to buy a good personal finance book to find the answers to his many questions. 

This chapter describes a six-step process that has been proven to be useful in beginning to manage one s personal finances. Personal financial statements, the use of credit, investment strategies, and retirement planning also are discussed. The chapter concludes with seven principles of effective personal finance. 

The first step requires that one assess one s current situation regarding income, savings, living expenses, and debts. This step requires that one prepare a list of current asset and debt balances, along with present expenditures. Personal finance statements (discussed later in this chapter) can be a useful tool for this step. 

Daniel Keene will graduate from pharmacy school within the next 2 months. During school, Daniel has worked part time as a pharmacy technician. He has a savings fund of 2,000 and over 130,000 in student loans. What additional information should Daniel have available when planning his personal finances ... 

Given what you now know about personal finance, how would you help Daniel Keene answer the questions he raised in the scenario at the beginning of the chapter ... 

Burns S. 1997. The seven laws of personal finance (couch potato edition). Dallas Morning News, January 5. 

Kapoor JR, Dlabay LR, Hughes RJ. 2004. Personal Finance, 7th ed. New York McGraw-Hill/Irwin. 

Personal financing is just what it sounds like, the use of personal funds to finance the purchase of the pharmacy. It is no different from saving money for that first bicycle, car, or even one s retirement personal... 

The job statement is used to describe a JTBD. Key components of a job statement are an action verb, the object of the action, and claribcation of the context in which the job is performed. Manage personal finances at home is a job statement. So is clean clothes at home, as shown in Exhibit i.2. Listen to music while jogging is also an example of a job statement. 

For example, before inventing Quicken software, Intuit observed people struggling to do the job of organizing and managing their personal finances. Even though professional-caliber accounting software was available at the time, many individuals were using computer spreadsheets or pencil and paper to accomplish this job. None of these approaches met the expectations of home users as well as Quicken does today. 

The preceding examples depict the use of Pareto charts in quality and manufacturing. However, these charts are applicable to almost any job or operation. We have seen them used in manufacturing, quality control, inventory control, purchasing and personnel. Think about your personal finances for a minute. More than likely, at least 80% of your income is Utilized for 20%, or less, of your budgeted items. 

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