![]() ![]() Instead, non-monetary societies operated largely along the principles of gift economy and debt. The use of barter-like methods may date back to at least 100,000 years ago, though there is no evidence of a society or economy that relied primarily on barter. Main article: History of money A 640 BC one-third stater electrum coin from Lydia ![]() In the Western world a prevalent term for coin-money has been specie, stemming from Latin in specie, meaning "in kind". The name "Juno" may have derived from the Etruscan goddess Uni (which means "the one", "unique", "unit", "union", "united") and "Moneta" either from the Latin word "monere" (remind, warn, or instruct) or the Greek word "moneres" (alone, unique). The temple of Juno Moneta at Rome was the place where the mint of Ancient Rome was located. ![]() In the ancient world, Juno was often associated with money. The Latin word is believed to originate from a temple of Juno, on Capitoline, one of Rome's seven hills. The word money derives from the Latin word moneta with the meaning "coin" via French monnaie. Bank money, whose value exists on the books of financial institutions and can be converted into physical notes or used for cashless payment, forms by far the largest part of broad money in developed countries. The money supply of a country comprises all currency in circulation ( banknotes and coins currently issued) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar. Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity nearly all contemporary money systems are based on unbacked fiat money without use value. The primary functions which distinguish money are as a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. Our core belief is that "Everyone needs and deserves a quality financial plan.For other uses, see Money (disambiguation).Ī United States dollar bill, two five-cent coins and a penny In fact, it can be argued from a philosophical perspective that clients with a low net worth actually need better planning, because they have a smaller margin for error. It is correlated with big expenses (or projected expenses) relative to income and not enough savings. The need for budgeting is not correlated with net worth. ![]() Clients who are not saving enough to meet their goals need budgeting help. For long-term planning, it is much more important to make reasonable, supportable, aggregate assumptions.Įxperience shows us that a clients’ net worth does not drive the need for budgeting. Assumptions change too often to project budget items for more than three to five years. It only makes sense to project a detailed budget for a few years. Detailed cash flow is budgeting not planning. No one can possibly predict the detailed values of specific assumptions (property taxes, capital gains taxes, alternative minimum tax or AMT, homeowner’s insurance, or deductions) over the next 20 to 40 years. We believe the detailed cash-flow approach to long-term planning is invalid for either group. Some advisors assume that higher net worth clients need detailed cash flow and those with lower net worth (i.e., the middle market) need a simpler approach. ![]()
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