BUS 3302 Lecture Notes - Lecture 1: Personal Property, Tax Avoidance, Employee Benefits
Document Summary
Chapter 1 understanding the financial planning process. Section 1-1 : the rewards of sound financial planning. Personal financial planning teaches how to acquire, use, and control financial resources more efficiently. Section 1-2 : the personal financial planning process. Personal financial planning is a systematic process that considers the important elements of an individual"s financial affairs and is aimed at fulfilling their financial goals. Financial goals : the results that an individual wants to attain (i. e. buying a home, building a college fund, achieve financial independence) Money : the medium of exchange used as a measure of value in financial transactions. It is the unit of exchange, provided by the dollar, that allows an individual to set a specific personal financial goal and measure progress toward achieving them. Is an important motivator of personal behavior because it has a strong effect on self-image: each person"s unique personality and emotional makeup determine the importance and role of money in their life.
