MTHEL131 Lecture Notes - Student Loan, Financial Planner, Financial Asset
11 May 2013
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Document Summary
* if a person wants to retire at 60 years old, and has ,000/year of income. Data put into formula: death? (when, money needed at retirement. * financial planners help him to calculate how much money he needs to set aside every month. What it would take to close it to nothing (in this case the answer is /month) Before start to recommend the produces, planners need to clearly indentify the gap exists, and then know what the produce is recommended. Right now, if he can"t save /month, he either retires later or has less than ,000 income annually. In this case, it would be investment produce recommended. Another important step in financial planning process to clearly identify our goals is to start to keep score of your financial situation. Keeping track of own personal net worth= list of thing owned-debt owed. Have numbers and figures make it simpler. Financial planning process is dynamic, always changing, goes around into circle.
