Two Worst Financial Decisions

Every person want to handle his or her finance, but they need to choose an organized process which is call personal financial planning. I am 54 years old, living the single life. I live in a household with one other adult, and I am a full-time student and a part-time employee. Based on my current situation (Older, Single, No Dependent Children), therefore, my financial activities should include making arrangement for long-term health care coverage, develop an estate plan, buy a right insurance plan, and develop an investment program for retirement. My financial plan goals are Short-term goals, Intermediate goals, and long-term goals.

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

1) Find the distribution and report the mean and the standard deviation of the uncertain revenue in $

Jack and Susan are newlyweds they have been married 8 months, they are both in their late twenties and have come to me seeking financial coaching. Susan is what we would call a spender (Murphy, 2009); she uses money as a source to make her happy, therefore to her buying, spending equal happiness. Jack however a worrier (Murphy, 2009) worrying about if they will be financial is secure in their retirement. I had each of them complete the FINANCIAL DNA assessment online as well as to answer separate questionnaires regarding how they view money, where they see themselves in the future, how they communicate about money, and lastly to make a cash flow sheet for the month. In addition, I sent them information explaining my ethical code and that I am a Christian coach, therefore my coaching will come from a biblical perspective, I also made it clear I will by no means give them specific investment or financial advice, that is not my job.

In order to achieve anything in life, the person needs to set goals and clear planning that allow him to reach it.in this case , Alice sat goals for herself that she aims to achieve ,which are : pay off student loan ,buy a house and save for children’s education, accumulate assets, retire ,travel around the world in a sailboat. In order to do the right steps and choices she Assessed her current situation that showed different and important aspects of her financial life including assets, debts, incomes, and expenses. her assets and debts shows her annual incomes and expenses shows how possible her goals are and whether she is making progress toward them.

The Great Recession is possibly the worst economic times since the Great Depression after World War Two. Freddie Mac and Fannie Mae were two financial institutions that played a major role in the uprising of housing prices. Bundling home loans with different ratings together helped to get a good deal. There was money to be made with investors. When greed took over and good ratings were given to people for loans that they could never pay them back, there then was a shift in direction. The housing market started to fall. Houses were too expensive, and people could not afford it. Foreclosures were happening all over the country, which lowered the worth of the houses in neighborhoods that were paid up to date where families still lived. The Federal Government had to step in because the housing bubble busted, and then financial institutions and banks went bankrupt.

The goal of this research was to identify a way to best deliver a national level personal finance curriculum with delivery by local finance educators. The goal is to create and deliver a more comprehensive, efficient, effective, and flexible education platform. The eventual aim is to improve the understanding of credit, savings, management and collection of personal financial planning knowledge.

The demographic characteristics of debt burdened pre-retirees were identified as White, single women, and pre-retirees with college degrees. Debt-burdened pre-retirees are vulnerable to depleting all available resources at an early phase of their retirement. This study also highlighted that within the family structure, single pre-retirees with children accumulated the least amount of financial and retirement account assets. Within the category of race, African-Americans and Hispanics were the most vulnerable races when assessing the impact of debt on the standard of living and the accumulation of financial assets. Specific efforts to educate these vulnerable groups on the pros and cons of credit are

Working through school is tough and all my high school teachers, orientation leaders and SAT study guides failed to mention that. I honestly have got all my financial skills from my mom and Dave Ramsey, my mom she is great, but all her fingers have turned to rust from pinching pennies. I think holding on to them so tight is her version of a stress ball. Ever since, I was about ten my mom made my sister and I begin to save money, and now her teachings have paid off. I am 19 have a retirement fund—its quite sad but better than nothing—and an emergency fund. I am not saying this to brag but to say how her teachings have helped.

a woman with two kids, both in private schools, rent, a cell phone bill, vehicle finances, and other

After the quiz, we discussed her personal budget and how she spends the majority of her income. She informed me that she buys an energy drink every single day and purchases the majority of her meals on campus in between her classes and club meetings. I think that she would also benefit from meal preparation and planning because she would be able to bring her meals to school with her. After discussing the ways she could improve her spending, we decided to review the Budgeting and Financial Planning section of CashCourse in order to discover more tips on how to better budget our income each month. I found the section “Adjusting a Budget” to be very helpful to me, as I recently resigned from a job and have yet to start a new one. CashCourse gave step-by-step instructions and tips on how to rebuild a budget with a decreased income, which I will definitely be applying to my budget until I start a new job. My sister discovered the tips in the “Creating a Budget” category. As someone who has never created a budget before, she found the simple language and detailed tips to be very helpful for getting started. She pointed out that we had just “tracked her spending”, and that doing so was very eye opening for her. After reading the rest of the webpage, we decided that we were going to make a conscious effort to budget our incomes from now on in order to better save our

Just before I entered High school my parents separated and my life was turned upside down. My father had been the bigger financial provider in the family, but that is not to say that we would struggle if he was not around, or at least that was what I thought. My sister and I moved into a thirteen thousand square foot house, which was a downsize from our twenty-four thousand square foot family home. We continued our lives, making small cut backs here and there to save money yet there always seems to be just enough for us to get by. Sometimes it would come close to the end of the month and my mum would say something like ‘no more spending for the rest of the month’ or ‘our monthly budget is out’. Despite this, my sister and I were still able to take dance lessons and now we both competitively ride horses. The horse life is an expensive one, but we have found ways to cut costs, which is why we are able to do what we do. Nevertheless, we have done okay for ourselves in the last four years in the financial department.

He is a supportive husband, and enjoys being able to be there for her, as well as going fishing, working around his house, and spending time with family, including his wife. Contrary to I.W., we conducted his interview over the phone, since he lives in North Carolina, and he happens to be a new friend’s grandfather. His attitude towards retirement is a very positive one, and he seems to be enjoying his current retired life. This paper explores the answers the interviewees provide when questioned about their retirement, some similarities and differences between the two, and the common issue of finances, along with two nursing journals about finances that relate to both I.W. and D.D.

Many people take expensive vacations and put them on credit, not worrying about the long term implications. They live for the moment recklessly instead of planning for a sound financial future. This impulsive, egocentric need for self-pampering and indulging creates long term financial problems that people don’t anticipate. I appreciate that life can be short and we need to find some sort of happiness, but expensive self-indulgent vacations, luxury vehicles, and gambling at casinos when one cannot afford such things is reckless and irresponsible. If one lives alone, perhaps they can take these risks, but most people that own homes have families with children, and it’s not fair to the kids to be ousted from their homes due to their parents’ irresponsible habits.

You currently have a combined net worth of $291,519.00, (total assets $416,008.00 less total liabilities $124,569.00) and a debt to asset ratio of 30%. This is quite impressive for a young couple with their own home. You have a current annual income of $102, 000 and total annual expenses of $89,520 leaving $12,480.00 annually in unallocated cash flow. Your projected income and expenses have been indexed to 2.25(assumed) as such your unallocated cash flow is indexed to be the same. Your current attitude towards debt and savings, foregoing additional savings to aggressively pay down debt, is impressive and consistent. You both hold credit cards that are paid in full with no recurring balance. You currently do not have a savings plan in place for an emergency fund, however Nicole has a checking account with $10,000.00 with no specific purpose and Chris has a checking account $ 9,626 used primarily for bill payment. Let’s review your goals and how they relate to your current and future financial situation.