Financial concepts play integral roles in every aspect of life. Appropriate use of financial information helps in making the right financial decisions to achieve business and personal goals. First, financial concepts learned in this course can in making the right investment decisions ( Tillery et al., 2017) . For example, it provides resourceful information to help investors identify the most profitable investments that can generate the highest returns.
Secondly, concepts learned in this course provides basic and advanced business knowledge that can help students to start their own business to create employment opportunities for other people ( Tillery et al., 2017) . For instance, students who take business courses can apply the knowledge learned to create employment opportunities rather than depending on limited employment opportunities in the job market.
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Short and Long Term Financial Planning
Among financial concepts discussed in this course, short and long-term financial planning is the most interesting study area. This study area examines how investors can plan their resources to generate more income in the future ( Tillery et al., 2017) . Therefore, this topic is useful and can help investors and students to make the right investment decisions through strategic planning to maximize their resources through proper financial planning.
Stock and Bond
Conversely, stocks, and bond is the least interesting area of study in this course. Typically, people from different classes invest in stocks and shares to earn returns in the future. However, investing in stocks and bonds requires investors to keep updated to identify the right inventory and bond to buy or sell ( Tillery et al., 2017) . The process seems to be tedious since most investors do not closely follow financial trends in the market. As a result, the lack of enough current financial information can negatively influence investors' decisions and choices.
Time Value of Money
The concept of the time value of money explains that a certain amount of money today is more valuable than the same amount of money in the imminent. Potential earning capacity is the most important area of study in this concept. It explains the extent to which the current amount of money can generate interest in the future if invested in the right investment ( Tillery et al., 2017) . The potential earning capacity believes that any amount of money can generate more than its worth in the future. The ideas in this area of study are encouraging, thus can motivate investors to venture their current financial resources to earn interest in the future.
Importance of Finance Knowledge
Financial literacy is vital because it is the foundation of success. Finance knowledge help in the effective management of financial resources. It also helps make the right financial decisions, such as the best investment choices and the right time to invest. Financial literacy is vital in everyone's life because it helps maximize income through proper strategic financial planning. Therefore, it is prudent for everybody to have basic financial knowledge.
Application of Time Value of Money
The idea of the time value of money is used in different aspects of life. This concept can determine the present value of money a person or an investor can receive in the future. As a result, studying the time value of money can help determine the amount of money people save or invest to meet their financial goals ( Weber, 2020) . For example, if a person wants to buy a car in the future through monthly or yearly savings, the time value of money can be used to compute the amount of money the person must accomplish his or her goal.
Application of BAII Plus Financial Calculator
BAII Plus Financial calculator is an essential accounting used to calculate the expected return from an investment. Investors can use the calculator to check the viability of an investment upon computing the expected return ( Weber, 2020) . Therefore, potential investors should use this tool to help them make the right investment decisions.
References
Tillery, T. M., AICPA Staff, & Tillery, S. M. (2017). Essentials of Personal Financial Planning . Hoboken: John Wiley & Sons, Incorporated.
Weber, R. (2020). Embedding futurity in urban governance: Redevelopment schemes and the time value of money. Environment and Planning A: Economy and Space , 0308518X20936686.
