MCS 2100 Chapter 1-15: MCS 2100 Personal Finance Textbook Chapter Summary Group

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MCS2100 - Personal Financial Management
Study Group/Chapter Summaries
93
Schedule
Weeks 1 & 2 (May 12- May 29)
- Chapters 1,2 (Danielle Trecroce - completed)
- appendix 1B - (Sage Handler - completed - awesome thank you!)
Week 3 (May 30-June 5)
- Chapter 3 (Erika Pateman - completed)
Week 4 (June 6-June 12)
- Chapter 4 (Emily Zhang- completed)
Week 5 (June 13-June 19)
- Chapter 5 (Daniel Crawford - complete)
- Chapter 6 (Michael Watson - complete)
Week 6 (June 20-June 26)
- Chapter 7 (Aubryana Nagora)
Weeks 7 & 8 (June 27-July 10)
- Chapter 8 (Andre Roel -completed)
- Chapter 9 (Alex Vrban and Emily Ogden- completed)
Weeks 9 & 10 (July 11-July 24)
- Chapter 10 (Taylor Nelson)
- Chapter 11(Taylor Nelson)
- Chapter 12 (Andrew Bidulka-completed)
- Chapter 13 (Corey borgh)
Week 11 (July 25th-July 31)
- Chapter 14 (Gaganvir Gill- completed)
Week 12 (August 1-August 7)
- Chapter 15 (Alice Penny)
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MCS2100 - Personal Financial Management
Study Group/Chapter Summaries
93
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MCS2100 - Personal Financial Management
Study Group/Chapter Summaries
93
Chapter 1 - Personal Financial Planning: An Introduction
Personal Financial Planning
- Process of managing your money to achieve personal economic satisfaction
- Organized and planned process (identify, set priorities to meet needs and goals)
- Results in financial and personal satisfaction, control, goal achievement
- Six steps
1. Determine current financial situation
2. Develop financial goals
3. Identify alternative courses of action
4. Evaluate alternatives
5. Create and implement a financial action plan
6. Re-evaluate and revise the plan
Step 1: Determine Current Financial Situation
- Preparing list of assets, balances (income, savings, expenses, debts)
Step 2: Develop Financial Goals
- Identify beliefs you hold with respect to money and how this leads actions
- Being aware of values, attitude towards money and the financial decision making process
will help differentiate needs from wants, provides clearer definitions of financial goals
- Values
- Ideas and principles that a person considers correct, desirable, important
- Financial goals represent what you want to achieve with your money
- SMART
- Realistic, stated in specific dollar terms and time frames, listed in order of priority
Step 3: Identify Alternative Courses of Action
- Continue the same course
- Expand current situation
- Change current situation
- Take new course of action
Step 4: Evaluate Alternatives
- Consider life situation, personal values, current economic conditions
- Opportunity cost
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