Follow Your Money: Personal Finance Is Not Accounting.
Issue 14: 3-Minute Read + $200,000 in funding + LinkedIn Gem + World Bank Fellowship
Hi friends,
Happy Tuesday. Welcome to Issue 14 ππΎ - reading time is 3 minutes.ππΎ
This week, we dive into the differences between two similar yet different concepts- personal finance and accounting. Lessgooo ππ
Issue 14: PERSONAL FINANCE IS NOT ACCOUNTING.
Think of personal finance and accounting as doing laundry. π
ππΎPersonal finance is you figuring out what and when to washππΎ
ππΎAccounting is you separating the whites from the red β¨ (income from expenses and debt), pressing your budgets, and hanging your credits. π€π°
π πΎββοΈ Donβt get me wrong; Both finance and accounting are crucial components of our personal finance. ππΎ
Here are three ways to understand the differences between the duo.
Purpose: π€πΎ Personal finance is about making strategic financial decisions, while accounting is about recording and summarizing financial transactions.
Personal finance is forward-looking, while accounting is backward-looking. π―π―Scope: π€πΎ Personal finance encompasses a wide range of topics, including budgeting, saving, investing, retirement planning, and tax planning.
Accounting is more narrowly focused on recording and summarizing financial transactions. π―π―Tools: π€πΎ Personal finance uses a variety of tools, including budgets, spreadsheets, and financial calculators.
Accounting uses a specific set of tools, such as the general ledger, the income statement, and the balance sheet. π―π―
ππΎIn summary, your financial journey is the present that leverages the past (accounting) to inform your future (personal finance). π―β¨
What is Dot?
Dot is a cash-to-cashless experience for immigrant students in Africa. π―
We are currently performing internal user acceptance testing, if youβd like to experience this or know someone who might, please sign up to join the waitlist below and youβll be the first to know when we go public. ππ
RESOURCE LIBRARY
Scholarships π―β¨
Fully-funded Yousriya Loza-Sawiris Scholarship Egyptians to study in the United States- deadline is Oct 12th. π―ππΎ
If you are a graduate from a Sub-Saharan African country, consider applying for the DAAD fully-funded scholarship for Masters and post-graduate study. π°π―
Intern abroad through the King Abdullah Visiting Student Research Program ππΎβ¨
Study at the University of Western Cape, South Africa with a fully-funded Scholarship by Mastercard Foundation Scholars Program. π―π«‘
Harvard University Academy is accepting applications for the 2023 Academy Scholars Program; Up to $75,000 in annual stipend. Apply here. π€ππΎ
Fully-funded Mastercard Foundation scholarship to study at the University of Capetown, South Africa. π«‘ π―
Opportunities
Applications for the UNFPA internship are open- the deadline is December 31st. π―ππΎ
Apply to join the 2024 World Bank Group Fellowship; the deadline is August 25th. π«‘β¨
Apply to participate in the African Union Online Capacity Building Training 2023-
Fully-funded. π―π―If youβre running an impact-driven non-profit or social enterprise in Africa, consider applying for The Changemakers Innovation Challenge. π―π―
Freebies
I came across 20 templates to help you revamp your LinkedIn profile by Josue Valles. π―π
If you missed this last week, I recently came across this post by Christopher Rocas. Itβs a list of β10 mental models that will accelerate your career (backed by science)βπ―π―
MONEY TRIVIA
Did you solve last weekβs trivia? Reply with your answer.
Assign a monetary value to each symbol so that the equation below is correct. π―
$ + $ + $ + $= $118
-No repetition allowed π―-The 1st and 3rd positions are prime numbersnπ―
-One of the values is three digits π―
Finally, hereβs our quote of the week π―
Inconsistent performance doesn't mean people aren't trying their best. It often means they're doing their best in the face of turbulence.
-Adam Grant.
What is Dot?
Dot is a cash-to-cashless experience for immigrant students in Africa. π―
We are currently performing internal user acceptance testing, if youβd like to experience this or know someone who might, please sign up to join the waitlist below and youβll be the first to know when we go public. ππ
Until next time,
Dulraβ€οΈ
Founder/CEO, Dot.