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Canada (161,542)
Biology (308)
BIOL 1500 (53)
Chapter 1

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Department
Biology
Course
BIOL 1500
Professor
Marie Therese Rush
Semester
Fall

Description
Chapter 1Personal Financial Planning An IntroductionFinancial planreport that summarizes current financial situation analyzes financial needs and recommends future financial activities Financial Planning ProcessPersonal financial planningprocess of managing your money to achieve personal economic satisfactioncommon sources of financial planning information financial specialists printed materials school courses and seminars financial institutions computer softwareAdvantages of personal financial planningincreased effectiveness in obtaining using and protecting financial resources throughout your lifetimeincreased control of financial affairs avoid excessive debt bankruptcy dependence on others for economic securityStep 1 Determine Your Current Financial Situation determine where you stand financially net worth how much youre worth cash flow statement how much of income you spend each monthyear regarding income savings living expenses and debtStep 2 Develop Financial Goalsfinancial goals help plan your finances now and for the future need to know what you needwant in order to achieve itValues ideas and principles that a person considers correct desirable and important should be aware of attitude towards moneymake SMART goals specific measurable actionoriented realistic and timelyStep 3 Identify Alternative Courses of Actiondetermine possible courses of action continue in same course of action expand current situation change current situation take new course of actionStep 4 Evaluate Alternativesmany factors when evaluating alternatives life situation personal values current economic conditions and opportunity cost of decisionStep 5 Create and Implement a Financial Action Plandevelop action plan and choose way to achieve goalsStep 6 Reevaluate and Revise Your Plan review finances at least once a year and more frequently if changes occur life situation economy personal goals can change Developing Personal Financial GoalsCanadians have so many money problems is based on two factorspoor planning and weak money management habits in spending and use of creditextensive advertising selling efforts and product availabilityFactors that Influence Your Financial Goalstiming of goals short term goals immediate be achieved within next year or so ie saving for vacation paying off small debtintermediate goals have time frame of two to five yearslong term goals are financial plans more than five years off retirement money for childrens postsecondary education purchasing vacation homefrequency of goals is also important life situationage people in 50s spend money differently than those in their 20s income household size personal beliefs Adult life cycle stages in family situation and financial needs of an adultLife Cycle Approach idea that the average person goes through four basic stages in personal financial management Life SituationSpecialized Financial Activities
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