MPU 34102

Managing Personal Finance

Jan 2023
Assignment: Individual Journal of
Reflection
Name Student ID Year & Programme Class Time: Contact No
Trimester (Day and
Time)
Webster Wang Wei 2105460 Y2S2 CS Fri,10: 00a.m- 010-8166565
Yang 12: 00p.m
a. Subject classes and lessons

Introduction:

Throughout the past few weeks, I have had the opportunity to attend lectures and participate
in conducting a financial talk event on the topic of managing personal finance. In this
reflection report, I will discuss my daily experience, provide a critical evaluation of the
lecture topics, and reflect on the experience and knowledge gained throughout the entire
project.

Daily Experience:

My daily experience in the managing personal finance lectures has been informative and
engaging. The lectures were well-structured, informative and engaging. I found the topics
discussed to be relevant and useful for managing personal finances. The financial talk event
was also very insightful, and it was great to see how the theories discussed in class could be
applied in real-life situations.

Critical Evaluation of Lecture Topics:

The lecture topics covered a range of important financial management areas, including
budgeting, saving, investing, and retirement planning. I found the lectures to be thorough and
informative, with real-life examples that helped to clarify the concepts. The only critique I
would offer is that the lectures could have been more interactive, with more opportunities for
questions and discussions.

Experience and Knowledge Gained:

Throughout the entire project, I gained valuable experience and knowledge in managing
personal finance. I learned how to create a budget, save money, invest wisely, and plan for
retirement. The financial talk event was also a great experience, as I had the opportunity to
interact with experts in the field and gain insights into the financial management practices of
others.
Conclusion:

Overall, my experience in the managing personal finance project was informative and
engaging. I gained valuable knowledge and skills in managing personal finances, and I am
confident that this will help me to achieve my financial goals in the future. I am grateful for
the opportunity to participate in this project, and I look forward to continuing my financial
education in the future.
b. 8 hours of self-learning

Book Title: Rich Dad Poor Dad (6 hours)

"Rich Dad Poor Dad" is a personal finance book written by Robert Kiyosaki that has gained
widespread popularity and has been translated into numerous languages. The book is based
on Kiyosaki's personal experiences and is intended to provide readers with financial guidance
and advice on how to create and grow wealth.

The book is divided into ten chapters, each of which covers a specific aspect of personal
finance. Kiyosaki's writing style is easy to understand and engaging, and he uses real-life
examples to illustrate his points. One of the most significant takeaways from the book is the
distinction between the rich and poor mindset. Kiyosaki argues that the rich think differently
than the poor, and that mindset is critical to building and maintaining wealth.

One of the key concepts that Kiyosaki emphasizes throughout the book is the importance of
financial literacy. He argues that schools do not teach financial literacy, and that it is up to
individuals to learn about money and investing on their own. He also emphasizes the
importance of taking risks and being willing to fail in order to succeed in the world of
finance.

Another critical concept that Kiyosaki introduces in the book is the concept of assets versus
liabilities. He argues that many people mistakenly believe that their homes, cars, and other
possessions are assets when, in fact, they are liabilities. According to Kiyosaki, an asset is
something that puts money in your pocket, while a liability takes money out of your pocket.

Overall, "Rich Dad Poor Dad" is an insightful and thought-provoking book that provides
readers with valuable advice on how to create and grow wealth. While some of Kiyosaki's
ideas may be controversial or may not work for everyone, his core message of the importance
of financial literacy and a rich mindset is valuable for anyone looking to improve their
financial situation. The book is highly recommended for anyone looking to gain a better
understanding of personal finance and how to build and maintain wealth.
Book Title: Think and Grow Rich (6 hours)

"Think and Grow Rich" is a classic self-help book written by Napoleon Hill in 1937. The
book is based on interviews with successful individuals, including Andrew Carnegie, Henry
Ford, and Thomas Edison, and aims to provide readers with practical advice on how to
achieve success and financial prosperity.

The book is divided into 13 chapters, each of which covers a specific aspect of success. Hill's
writing style is engaging and motivational, and he uses real-life examples to illustrate his
points. One of the most significant takeaways from the book is the power of positive
thinking. Hill argues that a positive mental attitude is essential for success and that the mind
is the most potent force in the universe.

Another critical concept that Hill emphasizes throughout the book is the importance of
having a definite purpose. He argues that those who are successful have a clear goal in mind
and are driven by a burning desire to achieve it. Hill also introduces the concept of the
mastermind, which is a group of like-minded individuals who come together to achieve a
common goal. He argues that the power of the mastermind is greater than the sum of its parts
and that successful individuals surround themselves with other successful individuals.

Another key concept that Hill introduces in the book is the importance of persistence. He
argues that most people give up too easily and that persistence is necessary to overcome
obstacles and achieve success. Hill also emphasizes the importance of taking action and not
waiting for the perfect opportunity.

Overall, "Think and Grow Rich" is a timeless classic that provides readers with practical
advice on how to achieve success and financial prosperity. While some of Hill's ideas may be
dated or may not work for everyone, his core message of the power of positive thinking,
having a definite purpose, and persistence is valuable for anyone looking to achieve their
goals. The book is highly recommended for anyone looking for motivation and inspiration to
achieve success in their personal and professional lives.
 MARKING GUIDELINES Journal of Reflection (Individual)

COMPONENT 4 3 2 1 MARKS
INTRODUCTION Strong introductory Adequate Weak introductory Lack of introductory
statement. introductory statement. statement.
Statement.
CONCEPT Convincing concept Clear concept with Clear concept with Rather conventional
with very creative creative ideas. some creative ideas. presentation of the
ideas. Very original Some originality Little or no variation; book. Repetitive with
presentation of apparent; good material presented little or no variety;
material; captures variety and with little originality insufficient use of
the reader's blending of or interpretation. materials / media.
attention. materials / media.
ORGANIZATION Student presents Student presents Reader has difficulty Reader cannot
information in information in following presentation understand
logical, interesting logical sequence because the student presentation because
sequence which which reader can jumps from one point there is no sequence
reader can follow. follow. to another without of information.
finishing the
sentences.
PROFICIENCY IN Language ability Errors may occur Linguistic structures Vocabulary
ENGLISH does not impede the in low frequency are not very elaborate inaccurate.
performance of any and highly complex and thoroughly Unable to function in
language use task. structures. controlled. written language.
Has a wide range of Can effectively Still shows signs of Written production is
control over combine structure being ill at ease with limited to occasional
structures. and vocabulary to the use of language. isolated words.
Highly articulate. convey his/her
meaning.
The individual
speaks readily and
fills pauses
suitably.
CONCLUSION Strong concluding Adequate Weak concluding Lack of concluding
statement. concluding statement. statement.
Statement.
SELF-LEARNING
ACTIVITY
(10 marks)
TOTAL MARKS / 30%