MCS 2100 Lecture Notes - Financial Plan, Savings Account, Opportunity Cost

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100

Document Summary

Personal financial managing: the process of managing your money to achieve personal economic satisfaction. Increased effectiveness in obtaining, using, and protecting your financial resources throughout your lifetime. A sense of freedom from financial worries. Being aware of your values, attitude towards money, and financial decision- making process will help you differentiate your needs from your wants. Financial goals represent what you hope to achieve with your money. Realistic, specific dollar terms, have a time frame, listed by priority. Look at income, savings, life expenses, and debts. Continue on the same course, expand the current situation, change the current situation, or take a new course of action. Investing in stocks versus putting money in a growing savings account. Relevant information is required at each stage of the process. Create and implement a financial action plan. Choosing ways to achieve your goal like reducing spending or more income. Regularly assess your financial decisions (at least once a year)