Textbook Notes (369,067)
Canada (162,366)
Finance (362)
FIN 502 (69)
Joan Lobo (33)
Chapter 1

Chapter 1.docx

2 Pages
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Department
Finance
Course Code
FIN 502
Professor
Joan Lobo

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Description
Chapter 1: Introduction A Simple Model of Financial Planning Financial planning process - d/ how much $ need in future to meet goals - goals: monetary w/ date to plan - money now: earn f/ invest - money by working: consumed and saved (goes to investment) - Going Beyond this Book Keeping up-to-date - interest rate, trends in consumer spending, expectation about future income affect PFP - 2% inflation - consumer spending declining (inclu consumer durables: car, furniture) - income falling, unemployment widespread - Newspaper: The Globe and Mail - Report on business, National Post - the Financial Post, Investment Executive - Magazines: Canadian Moneysaver (www.canadianmoneysaver.ca) - financial planning advice: investment dealers, banks, credit unions - Income tax personal finance related = CA, CGA, CMA Getting Expert Help - Choosing an Advisor o technical competence o honest, commitment to serve personal fin needs o not make claims about tax savings to be seized - Implementing the Plan o invest in stock mkt → intermediary license to execute trades on behalf o buy house → lawyer o have plan b4 getting insurance - Financial Planners o Salaried employees of institutions - bank/trust comp → free; general info to sell service of institution; advice limited in val o Commission planners - paid
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