AHRM 2304 Lecture Notes - Lecture 1: Estate Planning, Retirement Planning, Tax Avoidance

• School: Virginia Tech
• Department: Apparel, Housing, and Resource Management
• Course: AHRM 2304
• Professor: Solis

Document Summary

Personal finance: cash/credit management- apply for a credit card, have a savings account, risk management, tax planning, investments, retirement planning, estate planning. Finance: financial literacy, knowledge of facts, concepts, principles, and technological tools that are fundamental to being smart about money, financial responsibility, accountability for your financial well- being, financial success, achievement of financial aspirations. Financial success: financial security, creating wealth, financial freedom, financial happiness, debt free. Financial planning process: is an ongoing process- it changed as your financial situation and position in life change, at least 3-6 of emergency savings/living expenses. Five basic steps to personal financial planning: evaluate your financial health, define financial goals, develop a plan of action, implement a plan, review progress re-evaluate and revise. Economy: system of managing the productive and employment resources of a country, state, or community, u. s. federal government, atte(cid:373)pt to regulate the cou(cid:374)try"s overall eco(cid:374)o(cid:373)y, cutting taxes. The business cycle: a process by which the economy grows and contracts over time.