Textbook Notes (363,103)
Canada (158,195)
Finance (361)
FIN 502 (69)
Chapter 3

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Ryerson University
FIN 502
Steve Joyce

thChapter 3 Setting Goals and the Financial Planning ProcessJan 17 2012 Desires and GoalsFinancial Goal must posses two attributes 1 The goals outcome can be measured precisely in dollars 2 There is a deadline for its completionThe Financial Planning Process for families working through its own financesSystem of setting goals devising action plans and monitoring progressDynamic process that requires continuous changing and monitoring Four main steps 1 Goal Setting specific financial goal with time completion Ex To have 1 million after 15 years 2 Action Plan Ex To invest his current wealth of 20000 and 5000 every year for 15 years in an investment that has an expected rate of return of 24 per annum 3 Take Action Ex He must find an investment that has an expected rate of 244 Feedback Monitoring Progress Ex the goal of having 1 million is
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