Posted: November 25th, 2014

Personal Financial Problem

Personal Financial Problem

Project description
The problem in terms of over spending on coffee or smoking is to extent is debatable as cutting down on coffee could save money to individual. The estimated saving projected from cup of Cappuccino could save potentially $2 a day. If estimated over the period of twenty years it could save $14,600 and person could better off with $14,600 after the retirement. In general is it is true people can save money which they spend on coffee and have more money available after the retirement. The project calculation shows individual will be better off with good amount of money if the control the discretion expenses on the coffee in the life. The psychological impact attached to cup of coffee has become matter of material inflection between individual and coffee. For most people, having a cup of cappuccino is not part of their budget, which result in additional spending for the people. For example, in a year a person have to $730 on coffee in case drinking coffee every working day. The coffee spending is discretionary cost and can be managed and additional benefits can be derived from these spending elsewhere. The graph below depicts the budget line of an individual and every time person tries to save the money it show the impact of the decision. The fact is that people can manage their expenses and they find it hard to save to money on small things. The psychological impact on the individuals in terms of material inflection and make it habit for small reasons. People have different psychology some are cognitive miser while other cannot control the spending. The purpose of this document is highlight the potential saving individual can make from the cup of coffee.
2. Why people dont see this amount for one day will be $14600 for 20 years?
The reason behind this some people find it hard to cutting down on discretionary costs and resulting they spend money on habit? How and why
3. How we can reduce this amounts to let people save more when they retirement?

4- How can we avoid people from drinking coffee?

5- Why people dont see this is a problem?

6. How much people able to save if they stop drinking?
The estimated projection and people could save from not drinking the coffee could result in significant saving as the show in the table below
Potential Saving from Cup of Coffee
Per Day
$2

10 Years
$7,300
Per Annum
$730

20 Years
$14,600
7- How do you think if we show people these amounts are they going to stop from drink coffee and save money?

8- Can you suggest a way that people will do that?

9- How can we argue people from stop to drink coffee when they say that they enjoy when they drink that coffee?

10- How we can make by strong arguments to solve this problem?

2. How you are going to solve it?

I want you to think about something new,
innovative that involves some behavioral components as well.

nudge or why nudge

solutions are not already out there.

Write answers are financially logical and scientific and practical

To Dr. specializes in financial
———-
Added on 24.11.2014 10:45
personal finance proposal

What financial problem you are trying to solve?

2. How you are going to solve it?

Think about something new,
innovative that involves some behavioral components as well.

nudge or why nudge

Give solutions are not already out there.

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