Financial Services _Çô Client Services RFC121 Study Guide - Midterm Guide: Canada Pension Plan, Shanghai Commercial And Savings Bank, The Purchase Price

• School: Seneca College
• Department: Financial Services _Çô Client Services
• Course: Financial Services _Çô Client Services RFC121
• Professor: Peter Wan

Document Summary

Financial planning process: determine current financial situation, determine income, savings, expenses, debt i. e. Savings (,000), debt loan (,000): develop financial goals, using values, determine opportunity cost, either school, or full-time mcd. (cid:862)need from want (cid:863, determine what you want to achieve -> go to university - > work on bay str. Or should i consider policing: create and implement a financial action plan, choose how to achieve goals. Time value of money: the increase in an amount of money as a result of interest earned. Simple interest: (p) amt in saving x (r) annual interest x (t) time = (i) interest. Fv (year 1) = 100 + (100 x 0. 06 x m) = 103. Fv (year 2) = 106 + (106 x 0. 06 x m) = 112. 36. Insurance/risk management: personal finance, retirement planning, tax planning, estate planning. Personal balance sheet (net worth statement): financial statement reporting what an. Individual owns: asset = liability + net worth.