FIN-1100 Chapter Notes - Chapter 1: Plans, Financial Statement, Financial Plan
2 Jun 2017
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Document Summary
Pfin chapter 1- understanding the financial planning process. L01- identify the benefits of using personal financial planning techniques to manage. Personal financial planning helps you marshal and control your financial resources. It should allow you to improve your standard of living, get more enjoyment from your money by spending it wisely, and accumulate wealth. By setting short- and long-term financial goals, you"ll enhance your quality of life both now and in the future. L02- describe the personal financial planning process and define your goals. It is critically important to realistically spell out your short-term, intermediate, and long-term financial goals. Your goals, which reflect your values and circumstances, may change due to personal circumstances. The financial planning process translates personal financial goals into specific financial plans and strategies, implements them, and then uses budgets and financial statements to monitor, evaluate, and revise plans and strategies as needed.
