Financial Services _Çô Client Services RFC121 Chapter Notes - Chapter 1: Life Insurance

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Document Summary

Personal financial planning the process of managing your money to achieve personal economic satisfaction. Values ideas and principles that a person considers correct, desirable, and important. Opportunity cost what a person gives up by making a choice. Time value of money increases in an amount of money as a result of interest earned. The financial planning process is a logical, six-step procedure: determining your current financial situation, developing financial goals, identifying alternative courses of action, evaluating alternatives, creating and implementing a financial action plan, re-evaluating and revising the plan. Financial needs consumable-product goals usually occur on a periodic basis and invalve items that are used up quickly, such as food, clothing, and entertainment. Durable-product goals usually involve infrequently purchased, expensive items, such as appliances, cars, and sporting equipment; these consist of tangible items. Intangible- purchase goals may relate to personal relationships, health, education, and leisure. Goal-setting for these life circumstances is also necessary for your well-being.

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