MCS 2100 Final: MCS 2100 FINAL EXAM SUMMARY

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100
• Professor: Rosemary Vanderhoeven

Document Summary

The purpose of financial planning is to make your money work for you. Plan your finances to balance your income, expenses and savings over your lifetime. Typical financial goals: new car, new or larger home, advanced career training, extended travel, and self-sufficiency during working and retirement years. Personal financial planning: the process of managing your money to achieve personal economic satisfaction. Increased effectiveness in obtaining, using and protecting your financial resources throughout your lifetime. Increased control of financial affairs by avoiding excessive debt, bankruptcy, and dependence on others for economic security. Improved personal relationships resulting from well-planned and effectively communicated financial decisions. A sense of freedom from financial worries obtained by looking to the future, anticipating expenses and achieving your personal economic goals. 6 step process: determine current financial situation, develop financial goals, identify alternative courses of action, evaluate alternatives (consider: life situation, personal values, economic factors.