Long gone are the days in which Italian nobles laid the foundations for modern banking, and the intervening centuries have added so much complexity and intricacy to the practice that financial literacy is now more important than ever. Learning to understand the meaning behind terms like principal and yield or the function of tools like interest tables and budgeting plans is essential to navigating and managing your personal finances.
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Personal finance is an inextricable part of life for most people. Advances in technology and their widespread adoption in the developed world have radically altered the landscape of banking in recent years, giving the average person more direct control over their financial decisions.
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Through online websites and mobile banking apps, the potential exists for almost anyone with a bank account to take action with it as long as they have an internet connection. This is why it's so important that we know what we're doing before we decide to do it.
Understanding basic banking concepts like compound interest is essential to choosing the right bank accounts or investment vehicles and to ensuring your account balance is correct. You'll need to understand the basics of interest before you can properly use or understand the results of a compound interest table.
