FINA 260 Lecture Notes - Lecture 1: Personal Finance, Retirement Age, Estate Planning
Document Summary
Explain why personal financial planning is so important. Describe the five basic steps of p. f. planning. Explain how career management & education can determine your income level. Explain the personal finance lessons learned in the recent economic downturn. Avoiding financial planning just creates more financial problems. It"s easier to spend than to save. P. f. planning is an ongoing process - it changes as your financial situation & position in life change. A plan helps you achieve financial and lifestyle goals. Explain why personal financial planning is so important: manage the unplanned, accumulate wealth for special expenses o o o. Invest intelligently: minimize your payments to uncle sam. Describe the five basic steps of p. f. planning: evaluate your financial health, define your financial goals, develop a plan of action. 4: review your progress, reevaluate, and revise your plan. Use careful record keeping to track finances and spending. Attach a financial cost to each one.
