financial planning. a tool used to achieve financial success based upon the development and...
TRANSCRIPT
![Page 1: Financial Planning. A tool used to achieve financial success based upon the development and implementation of financial goals. On going process for life](https://reader035.vdocuments.us/reader035/viewer/2022070403/56649f2c5503460f94c47d0e/html5/thumbnails/1.jpg)
Financial Planning
![Page 2: Financial Planning. A tool used to achieve financial success based upon the development and implementation of financial goals. On going process for life](https://reader035.vdocuments.us/reader035/viewer/2022070403/56649f2c5503460f94c47d0e/html5/thumbnails/2.jpg)
Financial PlanningA tool used to achieve financial success based upon the development and implementation of financial goals.
On going process for life
![Page 3: Financial Planning. A tool used to achieve financial success based upon the development and implementation of financial goals. On going process for life](https://reader035.vdocuments.us/reader035/viewer/2022070403/56649f2c5503460f94c47d0e/html5/thumbnails/3.jpg)
![Page 4: Financial Planning. A tool used to achieve financial success based upon the development and implementation of financial goals. On going process for life](https://reader035.vdocuments.us/reader035/viewer/2022070403/56649f2c5503460f94c47d0e/html5/thumbnails/4.jpg)
What things should people take into
consideration when creating a financial
plan?
![Page 5: Financial Planning. A tool used to achieve financial success based upon the development and implementation of financial goals. On going process for life](https://reader035.vdocuments.us/reader035/viewer/2022070403/56649f2c5503460f94c47d0e/html5/thumbnails/5.jpg)
Consider These: Values
Goals
Lifestyle
![Page 6: Financial Planning. A tool used to achieve financial success based upon the development and implementation of financial goals. On going process for life](https://reader035.vdocuments.us/reader035/viewer/2022070403/56649f2c5503460f94c47d0e/html5/thumbnails/6.jpg)
What are some advantages to a spending plan?
![Page 7: Financial Planning. A tool used to achieve financial success based upon the development and implementation of financial goals. On going process for life](https://reader035.vdocuments.us/reader035/viewer/2022070403/56649f2c5503460f94c47d0e/html5/thumbnails/7.jpg)
Pros Helping you meet financial goals Giving you a strong sense of where
your money is going Allowing for income and expenditure
tracking
![Page 8: Financial Planning. A tool used to achieve financial success based upon the development and implementation of financial goals. On going process for life](https://reader035.vdocuments.us/reader035/viewer/2022070403/56649f2c5503460f94c47d0e/html5/thumbnails/8.jpg)
Tips on creating a planA well written financial goal needs
to be measurable. If expenses exceed the spending
plan then decrease your expensesEmergencies happen – be
prepared with 3-6 months of income in savings
![Page 9: Financial Planning. A tool used to achieve financial success based upon the development and implementation of financial goals. On going process for life](https://reader035.vdocuments.us/reader035/viewer/2022070403/56649f2c5503460f94c47d0e/html5/thumbnails/9.jpg)
According to the Consumer Expenditure
Survey, what expenditure is the largest portion of
one’s income on average? What is the second and
third?
![Page 10: Financial Planning. A tool used to achieve financial success based upon the development and implementation of financial goals. On going process for life](https://reader035.vdocuments.us/reader035/viewer/2022070403/56649f2c5503460f94c47d0e/html5/thumbnails/10.jpg)
#1 Housing
#2 Transportation
#3 Food
![Page 11: Financial Planning. A tool used to achieve financial success based upon the development and implementation of financial goals. On going process for life](https://reader035.vdocuments.us/reader035/viewer/2022070403/56649f2c5503460f94c47d0e/html5/thumbnails/11.jpg)
Saving
Saving versus Investing Saving: income not spent on current consumption Investing: spending intended to gain by adding to
the assets, not available for immediate withdrawalSaving
A person should save 10 to 15% of gross income? Why should individuals save 3 to 6 months income
for emergencies
![Page 12: Financial Planning. A tool used to achieve financial success based upon the development and implementation of financial goals. On going process for life](https://reader035.vdocuments.us/reader035/viewer/2022070403/56649f2c5503460f94c47d0e/html5/thumbnails/12.jpg)
Vocabulary Compound Interest – interest earned on
both interest and principal Insurance – an arrangement between an
individual and an insurance company to protect the individual against risk.
Vehicle Medical Life Home