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¶ … Value of Money
An adage maintains the "time is money," and the time value of money is often considered a cornerstone of finance. This paper provides an example of how the author has used the time value of money in personal finance in the past. Finally, an analysis concerning how senior management might utilize time value of money principles in guiding a firm is followed by a summary of the research and important findings concerning the time value of money in the conclusion.
During my summer vacation months when I was a junior in high school, one of my major objectives was to save enough money to buy a decent used car before starting my senior year while still allowing enough disposable income to have a modest amount of fun as well. This process was complicated by the fact that my earnings were also modest and there was significant pressure on me to participate in expensive activities by my friends, such as a guided trip to Puerto Vallarta and another to New York City. These trips earned participants college credits and this was something that appealed to me despite the cost.
More importantly, perhaps, I recognized at the time that these...
Adding to the temptation, my family offered to pay for these trips (but not my car) if I wanted to participate. In addition, many of my best friends were taking part in these trips and were encouraging me to go as well. Despite these significant temptations, I recognized at the time that there was an overarching need to save my money and I managed to keep my "eye on the prize" notwithstanding some limited reservations concerning the adverse effects of inflation versus the limited amount of interest that was being paid on my equally limited savings.
The outcome of this difficult bit of self-discipline was positive and I managed to save enough to purchase a used Chevrolet Cavalier at the end of the summer. While many of my friends had photographs of their exotic trips to Puerto Vallarta and New York City to show for their summer vacation, I was driving to school in my senior year while they were all still taking the bus or having their parents chauffeur them everywhere. Taken together, the minimal sacrifices that were required to resist the temptations to spend money now…
References
Martinez, V. (2013, Spring). Time value of money made simple: A graphic teaching method. Journal of Financial Education, 39(1/2), 96-97.
Shim, J. K. & Siegel, J.G. (2007). Encyclopedic dictionary of accounting & finance. New York: MJF Books.
Schwartz, M. A. (1991, June). Time value of money. The National Public Accountant, 36(6), 6-8.
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