BIOL 1500 Chapter Notes - Chapter 1: Toyota Electronic Modulated Suspension, Money Supply, Life Insurance
2 Sep 2014
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Document Summary
Chapter 1 personal financial planning: an introduction. Financial plan-report that summarizes current financial situation, analyzes financial needs, and recommends future financial activities. Common sources of financial planning information: financial specialists, printed materials, school courses. Process of managing your money to achieve personal economic satisfaction and seminars, financial institutions, computer software. Increased effectiveness in obtaining, using, and protecting financial resources throughout your lifetime. Increased control of financial affairs (avoid excessive debt, bankruptcy, dependence on others for economic security) Determine where you stand financially, net worth (how much you"re worth), cash flow statement (how much of income you spend each month/year) regarding income, savings, living expenses and debt. Financial goals help plan your finances now and for the future (need to know what you need/want in order to achieve it) Values- ideas and principles that a person considers correct, desirable, and important. Make smart goals (specific, measurable, action-oriented, realistic and timely)
