Understanding the Mathematics of Personal Finance

WHY THIS ALL MATTERS

You’ve probably picked up the answer to this already. The only way to compare costs (or values) of two or more transactions is to calculate these costs on the same day. In Chapter 8, I’ll go through a detailed comparison of two mortgages to illustrate this point.

The bottom line is that if a transaction is not based on a correct value of the cost (the buyer) and the price (the seller), then one side is taking advantage of the other side. A correct value can be calculated on any date whatsoever, but all moneys coming and going must be translated to their value at that date. This was shown in the example above for the $5,000 loan.

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Understanding the Mathematics of Personal Finance

PAYING OFF A LOAN VERY SLOWLY

This section uses a little math, but I’ll go through it slowly in small steps. As with the previous section, this section is not necessary if you don’t want to …

Taxation and Inflation

John Lennon once said, “Life is what happens to you while you’re busy making other plans.” Both taxation and inflation, it seems, are parts of life—they happen to you while …

PARI-MUTUEL BETTING

The pari-mutuel machine system used at race tracks offers a different approach to gambling. A roulette wheel owner is never sure what his or her daily operating cost will be; …

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