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 👋🏾 - reading time is 3 minutes.👌🏾

This week, we dive into the differences between two similar yet different concepts- personal finance and accounting. Lessgooo 🚀🚀

Issue 14: PERSONAL FINANCE IS NOT ACCOUNTING.

Think of personal finance and accounting as doing laundry. 😌

👉🏾Personal finance is you figuring out what and when to wash👌🏾

👉🏾Accounting is you separating the whites from the red ✨ (income from expenses and debt), pressing your budgets, and hanging your credits. 🤝💰

🙅🏾‍♂️ Don’t get me wrong; Both finance and accounting are crucial components of our personal finance. 👌🏾

Here are three ways to understand the differences between the duo.

• Purpose: 🤌🏾 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. 🎯💯
  
  

• Scope: 🤌🏾 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. 💯🎯
  
  

• Tools: 🤌🏾 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. 🎯💯

👉🏾In summary, your financial journey is the present that leverages the past (accounting) to inform your future (personal finance). 💯✨

What is Dot?

Dot is a cash-to-cashless experience for immigrant students in Africa. 🎯

RESOURCE LIBRARY

Scholarships 💯✨

• Fully-funded Yousriya Loza-Sawiris Scholarship Egyptians to study in the United States- deadline is Oct 12th. 🎯👌🏾
  
  

• 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. 💰🎯
  
  

• Intern abroad through the King Abdullah Visiting Student Research Program 👌🏾✨
  
  

• Study at the University of Western Cape, South Africa with a fully-funded Scholarship by Mastercard Foundation Scholars Program. 🎯🫡
  
  

• Harvard University Academy is accepting applications for the 2023 Academy Scholars Program; Up to $75,000 in annual stipend. Apply here. 🤝👌🏾
  
  

• Fully-funded Mastercard Foundation scholarship to study at the University of Capetown, South Africa. 🫡 💯
  
  

• Fully-funded PhD Study in Singapore. 🚀✨

Opportunities

• Applications for the UNFPA internship are open- the deadline is December 31st. 💯👌🏾
  
  

• Apply to join the 2024 World Bank Group Fellowship; the deadline is August 25th. 🫡✨
  
  

• Apply to participate in the African Union Online Capacity Building Training 2023-
  Fully-funded. 🎯💯
  
  

• If you’re running an impact-driven non-profit or social enterprise in Africa, consider applying for The Changemakers Innovation Challenge. 🎯💯
  

Freebies

• I came across 20 templates to help you revamp your LinkedIn profile by Josue Valles. 💯🚀
  
  

• If you missed this last week, I recently came across this post by Christopher Rocas. It’s a list of “10 mental models that will accelerate your career (backed by science)”🎯💯

MONEY TRIVIA

Did you solve last week’s trivia? Reply with your answer.

Assign a monetary value to each symbol so that the equation below is correct. 💯

• $ + $ + $ + $= $118
  
  -No repetition allowed 🎯

  -The 1st and 3rd positions are prime numbersn🎯

  -One of the values is three digits 🎯

Finally, here’s our quote of the week 💯

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. 🎯

Until next time,

Dulra❤️

Founder/CEO, Dot.