Lecture Notes on Financial Planning

On May 31, I began working for Northwestern Mutual in downtown Nashville. Northwestern Mutual is a Fortune 500 life insurance and financial planning company. Since then, my title hasn’t just been intern or college intern and I wasn’t just doing busy work or making copies for people. Northwestern Mutual treats their college interns as full time representatives with all of the daily jobs and responsibilities that full time employees handle. Northwestern gave me the title Financial Representative and sent me on my way to make a difference in peoples’ lives by giving them the opportunity to gain financial security through live insurance and financial planning.

The one financial goal that I plan to accomplish within the next two years is to buy a house. The first resource on achieving this goal that I would change is to take my food to work everyday instead of eating out. Another resource that would help me stay focused is by getting a check register book to help me keep track of what I am spending on a daily basis. I expect to put four hundred fifty dollars in savings every two weeks to help me save for my dream home. Minimizing my wants and only buying my actual needs will make an enormous difference. Within the first year of savings my goal is to have a nice down payment of $10,800. During the approach of the second year, I would look for a home that is in the price range of $80,000-$100,000 and

The economy can be impacted by the U.S.government through two major types of economic policy. The first type is called fiscal policy, which is economic policy instigated by the President or by Congress. The fundamental tools at the disposal of these branches of government are taxation law and government spending. By changing tax laws, the government can effectively affect my personal finance by modifying the amount of disposable

It provides hints about the levers that managers must pull to achieve growth above the sustainable rate.

Evaluation will be based on End-of-Topic quizzes, a midterm exam, four assignments, and a final exam as listed under “Grading Scheme” below. There is a quiz at the end of each topic/chapter. The midterm quiz covers chapters 1 to 9 inclusive and the final quiz covers the entire course. All the quizzes are True/False and multiple choice types available in Blackboard. All the quizzes are open-book but because of the limited time available to take a quiz, you must have good knowledge of the content before taking the test. You are responsible for checking Blackboard for the opening and closing dates and times of the quizzes. No extensions will be allowed.

Just Graduate’s financial planner, Just Graduated has a job and makes $32, 000 after tax per year and he has a $25, 000 school loan. Student debt is to be paid off and monthly combined expenses of $2, 000 every month, with rent. Just Graduated has no credit card and is look for help to help him manage his financial expenses.

Your budget is where you tell your money what it will do next month. “...I assure you that virtually none of the thousands of winners I have seen did so without a written budget.” Don’t be causal. Get fired up! You can’t do it without focused intensity. All Is Safely Gathered in: Family Finances manual counsels us to simply “Use a Budget,”

Once you have set your goals then you should consider some of the following to help you reach your goals. Each of these items that you think about will help you develop your strategy for achieving your goals. As with most plans, proper execution of the plan is crucial to your success. Let 's discuss some of the

Are you and your spouse currently in business together? Or are you considering opening a business with your significant other? One of the best ways to avoid potential problems brought on by being in business together is to develop a plan to avoid financial conflicts. Couples who are proactive in their approach to sound business financial planning tend to have fewer fights over business matters and a better work/life balance. If you want to avoid fretting over business matters, consider integrating the following financial planning tips for spouses into your modus operandi.

Describe each step. The first step in financial planning is to analyze your current financial situation. This means that you need to determine your financial resources, such as how much money you have in a savings account and how much money you earn each month, and financial responsibilities, such as the money that you typically spend each month. the second step in the financial planning process is to identify your short-term and long-term financial goals. What do you want to be doing in 5, 10, or 25 years? For example, you may have a shorter-term goal of attending a community college or university in the next five years. The third step in personal financial planning is to identify ways to reach the goals you've identified. While each person's goals are often unique to their particular situations, the means for achieving the goals are similar—you either need to increase your savings or reduce your spending. the fourth step is to decide on a course of action and begin implementing your chosen paths to the goals. In some cases, you may need the help of others, such as insurance agents or investment brokers, to implement your financial action plan. The final step in personal financial planning is to periodically review and revise your financial plan. This includes reviewing and revising your financial goals and the

Thinking of the other things I can do with the money, and others wants I can fulfill; such as new weather shoes or the latest trends. Sing makes really good argument, within the book that is very successful in having me re-think my approach, to

Out of the three goals, (Personal, educational, and professional) I chose two of the goals that I am focusing on and that is my personal and educational goals. For my personal goals, I want to create a big picture of what I plan to do in life. Then I want to break them down in order to reach my goals, then once I have them together, then I would start working on them to achieve them. For example(Specific and Measurable goals), I plan on finding a job that has great benefits and the best rate of pay, and one that does not require working on weekends(Monday-Friday only), and not working overtime.

Try to make a budget, it will be your blueprint for your finances. The first step for anyone wanting to take control of their finances is to make a budget. A budget will allow you to understand where your money is going and enable you to adjust your spending by designating how much you can afford. Creating a budget is a good idea for everyone, but especially for individuals with limited income. Write down your budget, with specific categories of spending, and stick to it. Start slowly by using a percentage on how much you will save versus spend. A plan doesn’t work unless you work the plan.

To accomplish my second goal I plan on putting a cap on my level of living expenses that increases at a smaller multiple then my income each year. I want to give another half percent of my income each year. I will budget out my salary for discretionary and non-discretionary spending and stick to the budget by limiting use of credit cards and attempting to pay cash for most items I purchase. This will help me control my cash outflow.

Investing money rather than saving it or possibly spending it on items that are only wants rather than needs is a smarter choice. It is a very uncommon occurrence that over an extended period of time investment values actually decrease instead of increasing. It is fairly simple to invest money. According to www.fidelity.com, the best way to save money for retirement is to invest in the stock market. Over time the gains and increased earnings on stock investments outweigh the losses that may occur with these stock investments. The key to these investments is to not panic when the stock market falls and keep your money working for you. Actually, if an