FINA 200 Lecture Notes - Lecture 1: Risk Management, Everytime, Personal Finance

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Chapter 1 review questions: define personal financial planning. Every purchases has an opportunity cost, it is what youre giving up in order to purchase something. You could gain a better knowledge on how to evaluate your financial situation and you could better judge the advice given to you by a financial advisor. Budgeting and tax planning, financing your purchases, protecting your assets and income, Investing, planning your retirement: define budget planning. Budget is planning future income, expenses and saving goals. A first step in budget planning is looking at your financial situation and evaluating your income: net worth= what you own (assets)-what you owe (liabilities) Liquidity is defined as all of the cash flow that is available including savings and credit. 2 factors are money management and credit management. Money management is deciding on how much money to retain in liquid form and how much to use in short term investments.

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