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¡@ THE duties of police officers are extensive and demanding. However, concentrating on their jobs and working hard can often lead to neglect when it comes to managing earnings? ¡@Different people have different views on personal financial management. Some are very conservative and simply put all money into a bank account to watch it grow; some are more aggressive and invest as much as they can. Some even borrow money for investment purposes. Others over-spend until the last penny is gone; while still others spend in advance by cycle borrowing, ending up with a large deficit each month. ¡@Responsible people will need to know how to manage their finance prudently to ensure themselves and their families economic security. Prudent financial management involves long-term planning, covers not only immediate needs but also takes into account future changes such as marriage, having children and their education, retirement, and care of retired or old-aged parents. ¡@All should have a contingency plan for unpredictable economic burdens such as illnesses and accidents. ¡@Income should be divided into at least two parts: the first for settling basic expenditures such as food, rent, travelling, taxes, insurance etc; and the second for liquidity. ¡@Some suggest savings should be equal to at least six times one's monthly income. One may then consider using the remaining for long term investment. However, investment does involve risk - normally the greater the yield, the higher the risk. So be careful about the choices made. ¡@Money is a limited resource. We should use it sensibly and carefully. Be its master. Don't be mastered by it.
Autumn Reunion
POLICE MOTORING CLUB
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