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Canada (162,227)
Finance (362)
FIN 502 (69)
Joan Lobo (33)
Chapter 1

Personal Financial Planning Chapter 1 Notes.docx

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FIN 502
Joan Lobo

Personal Financial Planning (FIN 502) – Chapter 1 Notes Simple Model of Financial Planning • Financial planning process: series of financial decisions on how much money you are going to need at some future time in order to meet your goals, and how you will get that money o Goals must be monetary and have some date attached to it  To meet these goals you need to have two sources of money • Financial goal formula: Existing savings + Investment income for n years on the existing savings + (Earnings – Consumption each year) + Investment income on the annual savings • Financial advisors: are professionals like stockbrokers, insurance salespersons or investment agents who concentrate mainly on investments • Financial planners: look at the bigger picture and will offer general advice on many aspects of financial planning, such as: o investments o insurance o tax planning o retirement planning o estate planning • The Financial Planners Standards Council (FPSC) is an umbrella organization which sets standards for the national Certified Financial Planner (CFP) exam as well as the exam itself • The Institute of Advanced Financial Planne
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