FNCE 2P50 Lecture Notes - Lecture 1: Estate Planning, Current Asset, Gross Domestic Product
13 Oct 2018
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Document Summary
Personal financial planning is the process of managing your money to achieve personal economic satisfaction. Increased effectiveness in obtaining, using, and protecting you financial resources throughout your lifetime. 6 key steps in starting your financial plan. Step 5: create an implement a financial action plan. Analyze your financial values and attitudes towards money (youtube video) What is your financial decision making process. Time frame in which you want to achieve your goals. Type of financial need that drives your goals. Short term, intermediate, and long term goals. Life situation takes into consideration of personal factors: Age, income, marital status, household size, personal beliefs, and employment situation. As society changes, different types of financial needs evolve: Average person goes through four basic stages in personal financial. Other events that influence your life sit include: Create an effective financial record keeping system. Develop a regular savings and investment program. Purchase appropriate types and amounts of insurance coverage.
