Chapter 4 Financial Decisions and Planning

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Presentation transcript:

Chapter 4 Financial Decisions and Planning

What Is Financial Planning? Financial planning is a process of looking at your current financial situation and thinking about your future. A financial plan has personal and financial goals along with steps and a timeline. Review and update your financial plan periodically. 4-3 Personal Financial Planning Slide 2

What Is Financial Planning? Step 1: Gather financial information Step 2: Analyze information Step 3: Set goals Personal and financial Step 4: Develop a timeline and benchmarks Step 5: Implement and evaluate the plan 4-3 Personal Financial Planning Slide 3

Financial Plan (One Goal) Net worth on April 1, 20--: $525.56 Personal Goal Financial Goal Benchmarks Timeline Live in my own house in the country. Buy a house in the country. Save money for a down payment ($12,000) 5 years Set aside $200 per month Once per month Open a separate account for money saved April 8 (next week) Talk to a mortgage broker to get prepared Make an appointment for April 15 Get a job that provides enough income to make monthly payments 2 years 4-3 Personal Financial Planning Slide 4

Where Can You Get Good Financial Advice? Financial planners Financial experts Newspapers and magazines Seminars and workshops Financial websites 4-3 Personal Financial Planning Slide 5

How Can You Protect Financial Resources? Deal only with financial advisers you know and trust. Keep good records. Verify account balances regularly. Guard passwords. Be aware of phishing. Guard against identity theft. 4-3 Personal Financial Planning Slide 6