Personal Financial Goals And Objectives Essay

1. Describe two examples of important things that financial planning skills can help you do, and explain why

Daily economic activities have an important influence on personal financial planning. In our society, the forces of supply and demand play an important role in setting prices. Economics is the study of how wealth is created and distributed. By doing my research, I found that each economic situation would affect me at a personal level.

1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points)

One example of financial planning that could help me would be saving for a new car. Another example would be saving for college. Saving for a new car is important because I will need a car for work and college. Saving for college is important because I want to attend a good college so I can study to become a scientist.

This course provides an overview of the elements necessary for effective personal financial planning and the opportunity to apply the techniques and strategies essential to this understanding. Primary areas of study include creating and managing a personal budget, understanding and paying taxes, working with financial institutions, wise use of credit cards and consumer loans, financing automobiles and homes, and the use of insurance for protecting one’s family and property.

To be successful it is important to look ahead to the future. The future is very important to thing about for many reasons. To be well off in the future its good to know about money, and what a person does with it. People should put it in retirement plans and such things because a person has to think to their self if they want to live comfortably like they do now.

1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points)

It makes a plan for you to save money in order to buy a house, a car, go to college or afford to move into an apartment. I would like to start saving money so I could be able to move out on my own and also to buy a car because right now I have to have my parents take me anywhere I want to go.

In the article, Advisors Involved in Financial Planning, authors Mendlowitz and Kess talks about how financial advisors are people oriented and want what is best for their clients. The authors prove that the difficulty of the financial advising processes is typically overlooked by others by stating, “The different kinds of financial advisors and their role in the overall financial planning process is difficult” (Pg.66). Many might think that financial advisors have an easy job, but there is more to it than telling people to save small amounts of money here and there. Advisors must go through several specific steps to figure out the exact amounts their clients must save. The author of this article talks about situations that a financial advisor might go through as well as how the advisor should

Use fictitious data to protect your privacy, although I will not share your projects. To protect your security please do not state whether the financial data you use is real or fictitious. The goal of the planning project will be to set a person up with a plan that will provide the greatest chance for long-term financial success. The plan you develop will be summarized in a 4-5 page type written double-spaced report highlighting your strategy and the financial vehicles you propose to use to help reach the financial goals set forth.

Figuring out where you will be financially years from now is hard to imagine. There are always what you plan, and then there’s things that just happen that you would usually rather not have of. You can always make goals and things and hope that things go alright and end up close to what you expected.

A budget refers to a financial plan that represents the allocation of the income to various expenditure channels such as expenses, savings, and debt repayment. A personal budget is important because avoiding financial surprises and keeping financial stress down helps avoid a crisis and allows you to focus on your overall goals. You cannot avoid all risks in life but if you plan your finances to live within your means, you can avoid being kicked out of your home, losing your car and other terrible things that a solid budget would help you avoid. Knowing what you can afford is a central life skill. Unfortunately, many do not budget even though they know they should (Wagoner, 2012).

Financial Planning Financial planning is an appraisal of those financial aspects that may or are likely too occur in future but need immediate decision making. It involves setting financial objectives in terms of profits, sales or acquistion of assets along with financial foorecasting for the organisation. This includes estimation in the areas of: Ø

Planning is not only about knowing what to do, when to do and who will do it, but it is also about defining the path towards attaining the

Planning is a process of establishing a mission with clear goals as a means to achieve them. Good planning requires special skills and perspectives allowing decision-makers to understand the challenges they are facing and apply the most effective solution to a problem. In order to achieve success, one must plan accordingly. Planning can be short term or long term. Short term plans are done on daily basis and are easier to achieve than long term plans. Long term plans are also known as strategic plans and are used to achieve a long range vision or mission of a company. In both methods of planning, short term and long term, is necessary to achieve top notch results. Like in any other process, there are both benefits and pitfalls to a