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6 financial formulas to help you succeed

6 formulas to help you succeed
6 financial formulas to help you succeed © Elena Elisseeva/Shutterstock.com

If you're like most people, you've got the basics of personal finance under control: balancing the checkbook, keeping on top of bills. But beyond that are more sophisticated financial concepts that can help you make better financial decisions -- if you know how to do the math.

Unfortunately, if you're not confident that you understand the numbers, then it's hard to be confident that you're making good financial decisions. Certified Financial Planner Jeffrey Golden of Circle Advisers in New York City points out that an older person can feel vulnerable if he or she doesn't know how viable her financial plans are, whereas a younger person might put off decision-making. "These simple rules of thumb can help make the light bulb go off" about making smart financial decisions, he says.

To help you build your confidence in your financial decision-making, we've collected some of the most important financial formulas here -- along with explanations about how to use them. Get out your calculator and let the crunching begin!

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