12.0 Learning Objectives

At the end of this chapter, you will be able to:

• Explain the Micawber Principle and how it relates to financial well-being.
• Describe key factors that influence one’s financial well-being.
• Distinguish between saving and investing and identify their respective benefits.
• Distinguish between fixed and non-fixed expenses.
• Describe the role of borrowing and compare loans and credit cards.
• List the advantages and disadvantages of credit card usage and develop strategies for responsible credit management.
• Develop a personal financial plan incorporating budgeting, saving, investing, and debt management strategies.