PERSONAL FINANCE HHS Business Dept.

SYLLABUS

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What is financial planning? Financial planning is the process of meeting your life goals through a “big picture” approach to managing your finances.

n A tool used to achieve financial success based upon the development and implementation of financial goals.  helps a person avoid financial difficulties. n Well-written financial goals and implementing them into a financial plan, a person will have the means to achieve the standard of living they desire. n Varies depending upon the values and goals of the individual AND their lifestyle conditions. n Financial planning is an ongoing, LIFE- LONG process. What is financial Planning…continued

Financial Planning’s Role Financial planning helps you to: Define short- and long-term goals — what’s most important to you.  Short-term – within a year  Long-term – longer than a year

What Are Your Goals? Do you want to own a house, take a vacation, buy a new car?

What Are Your Goals? Do you want to have children and send them to private schools and pay for their college costs?

What Are Your Goals? Do you want to retire early?

What Are Your Goals? Do you want to become wealthy and leave a large endowment to your teacher?

What Is Your Current Status? Have you already saved enough to put a down payment on your dream home?

What Is Your Current Status? Are you comfortable with the current allocations in your investment portfolio?

What Is Your Current Status? How much are you saving, and is it enough to pay for your children’s college tuition bills?

What Is Your Current Status? Are you in the process of changing jobs?

Financial Planning’s Role Financial planning helps you to: Define short- and long-term goals — what’s most important to you  Gathering client data, including goals Assess your current finances and commitments. Decide where you want to be in the future. Identify realistic strategies to achieve goals. Put your plan into action! Monitor progress.  review/adjust strategies as needed  keep on track to meet your goals

Can I Do My Own Financial Planning? Do I know what my goals are in life? Do I know how to prioritize or achieve them? Do I understand the level of risk in my investment portfolio? Am I comfortable choosing financial products?

Can I Do My Own Financial Planning? Do I have time to organize and track my finances myself? Do I have the discipline to plan a specific financial strategy and stick to it? Do I want to try financial planning alone?

Who Is a Financial Planner? Financial Analyst  For a company  For individual clients Accountant – tracks and analyzes financial data, checking for accuracy Stockbroker - studies publicly traded companies’ financial data, gives recommendations as to the health of the company Insurance agent – studies the risk of clients and places a value on insurance policies Certified Financial Planner, CFP.  Major in Finance,take the CFP Exam and Passed The State you took the exam in, certifies you to give Financial Advice Own a Financial Advisory Business

How Do I become a Financial Planner n A bachelor’s degree (4 year college degree) in Finance n The Certified Financial Planner (test) certification was created to meet the professional development needs of those seeking to become financial planners. Example: Pre-Law / Pre-Med / Education As the financial planning profession has grown, so too has the CFP® certification matured and strengthened to become the gold standard for those seeking to demonstrate their competency as financial planners. n MBA: Masters in Business Administration Mo’ Education, Mo’ Money

Planning for Retirement at every age! 1. Your 20s: Good Habits & Smart Planning = Wealth Your 20s: Good Habits & Smart Planning = Wealth n Live within your salary n Know what your college major pays n Invest a portion of your salary in either a 401k (group of stocks) or a Roth IRA (high interest savings account) 2. Your 30s: The Vital Years For Retirement Planning: 30s: The Vital Years For Retirement Planning Your 40s: Time To Shift Into High Gear Your 50s: Retirement Plans Under Siege Your 60s: A Post Bear-Market Retirement Strategy Podcast:

Burlington Coat Factory (NJ) 10 jobs Ajilon Professional Staffing (PA) 6 jobs AmerisourceBergen (PA) 6 jobs Chase (DE) 6 jobs CyberCoders (PA) 6 jobs GSI Commerce Solutions, Inc. (PA) 6 jobs Philadelphia Insurance Co (PA) 6 jobs Accounting Principals (PA) 5 jobs Deloitte (PA) 5 jobs Teva Pharmaceuticals USA (PA) 5 jobs Aon (PA) 4 jobs JPMorgan (DE) 4 jobs MRINetwork (PA) 4 jobs Randstad (PA) 4 jobs Sallie Mae (DE) 4 jobsBurlington Coat Factory (NJ) 10 jobsAjilon Professional Staffing (PA) 6 jobsAmerisourceBergen (PA) 6 jobsChase (DE) 6 jobsCyberCoders (PA) 6 jobsGSI Commerce Solutions, Inc. (PA) 6 jobsPhiladelphia Insurance Co (PA) 6 jobsAccounting Principals (PA) 5 jobsDeloitte (PA) 5 jobsTeva Pharmaceuticals USA (PA) 5 jobsAon (PA) 4 jobsJPMorgan (DE) 4 jobsMRINetwork (PA) 4 jobsRandstad (PA) 4 jobsSallie Mae (DE) 4 jobs TOP Philly ACCOUNTING & FINANCE EMPLOYERS : 1/22/10

Top National Financial Investment Firms: Provides the Services of financial statement analysis, asset selection, stock selection, plan implementation and ongoing monitoring of investments.financial statement analysis 1. Barclays Global Investors Barclays Global Investors 2. Charles Schwab Charles Schwab 3. Edward Jones Investments Edward Jones Investments 4. Fidelity Investments Fidelity Investments 5. JPMorgan Asset Management JPMorgan Asset Management 6. Legg Mason Legg Mason 7. Merrill Lynch Merrill Lynch 8. Prudential Financial Prudential Financial 9. Vanguard Group Vanguard Group

Job Titles in Finance and Accounting Marketing Analyst (PA) 11 jobs Staff Accountant (PA) 8 jobs Investment Specialist (PA) 7 jobs Software Quality Assurance Analyst (PA) 7 jobs Sr. Accountant (PA) 7 jobs Accounts Payable Clerk (PA) 6 jobs Bill Collector (PA) 6 jobs Business Systems Analyst (PA) 6 jobs Financial Analyst (PA) 6 jobs Logistics Analyst (PA) 6 jobs Payroll Manager (PA) 6 jobs Records Management Analyst (NJ) 6 jobs Benefits Analyst (PA) 5 jobs Branch Manager (PA) 5 jobs Sr. Accountant (DE) 5 jobs Tax Preparer (PA) 5 jobs Accounting Manager (PA) 4 jobs Accounts Receivable/Payable Clerk (PA) 4 jobs Actuary Associate (DE) 4 jobs Assistant Portfolio Manager (PA) 4 jobs Compensation Analyst (PA) 4 jobs Director - Finance (PA) 4 jobs

The Best Paying Jobs in Finance: Read n Actuaries: $81,640 Economists: $73,690 Financial Services Sales Agents: $67,130 Securities and Commodities Sales Agents: $67,130 Management Analysts: $66,380 Financial Analysts: $63,860 Personal Financial Advisors: $63,500 Financial Examiners: $63,090 Market Research Analysts: $57,300 Real Estate Brokers: $57,190ActuariesEconomistsFinancial Services Sales AgentsSecurities and Commodities Sales AgentsManagement AnalystsFinancial AnalystsPersonal Financial AdvisorsFinancial ExaminersMarket Research AnalystsReal Estate Brokers n Agents/Business Managers in the Entertainment/Sports Industries: $53,800 Accountants: $52,210 Auditors: $52,210 Cost Estimators: $52,020 Insurance Underwriters: $51,270 Credit Analysts: $50,370 Loan Officers: $49,440 Insurance Appraisers (Auto Damage): $48,090 Agents/Business Managers in the Entertainment/Sports IndustriesAccountantsAuditorsCost EstimatorsInsurance UnderwritersCredit AnalystsLoan OfficersInsurance Appraisers (Auto Damage)

Define and Find One job opportunity for the following Finance Jobs: Resources: or Find Salary for 19083: Actuaries Actuaries 2. Financial Analysts Financial Analysts 3. Financial Planner Financial 4. Accountant 5. Auditors Auditors 6. Credit Analysts Credit Analysts 7. Claims Adjuster 8. Stock Broker Actuary – Job: Where Describe Requirement Salary

How to Maintain your Certification as a CFP: Adherence to Practice Standards Renew certification every 2 years Continuing education (30 hours every 2 years) Disclosure of ethical/criminal findings

How to Interview a Financial Planner 1) What is your background and experience? 2) What are your professional qualifications? 3) What services do you offer, and may I choose only some of those services? 4) What is your approach to financial planning? 5) Do you work alone or with others as a team?

6) How do you get paid for your services? 7) How much do you typically charge? 8) Could anyone besides me benefit from your recommendations? 9) Have you ever been publicly disciplined for any unlawful or unethical actions in your professional career? 10) Can I have it in writing? How to Interview a Financial Planner

Your Rights as a Financial Planning Client You have the right to: a planner who has integrity. objective advice. a planner who is competent. be treated fairly. privacy. a planner who is professional. a planner who is diligent.

Checking Up on a Planner Certified Financial Planner Board of Standards (888) / North American Securities Administrators Association (202) / National Association of Insurance Commissioners (816) / National Association of Securities Dealers Regulation (800) / Securities and Exchange Commission (202) /

Any Questions? Presented by: YOUR NAME, CFP ® CFP ®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame logo) ® are certification marks owned by Certified Financial Planner Board of Standards Inc. © CFP Board. Financial Planning 101