FACS 320 Study Guide - Midterm Guide: Debt Service Coverage Ratio, Financial Plan, Estate Planning
20 Feb 2017
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Exam 1 will cover: chapters 1, 2, 3, 4, 5 activities on budgeting, paycheck and taxes and speakers. Understanding the vocabulary and the concepts will increase your success on the exam. Cannot get what you want if you don"t know what you want. Goals should be specific, measurable and timed. Short term (less than one year); pay off credit card debt by the end of the year. Long term goals (over ten years); retire by 65 with million in the bank. Need a financial plan because its easier to spend than save. Want a financial plan since it helps you achieve financial goals. Use financial planning, not to make more money but to achieve goals. Control your finances or they will control you. The personal financial planning process and the financial lifecycle: financial planning process. Define your financial goals develop a plan of action. Review your progress, reevaluate, and revise your plan.
