What Financial Planning Can Help People Plan For The Future

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)

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.

Check out this great podcast episode on how to plan financially for a college education. It has helpful tips and questions to guide parents in the ins and outs of Taming The High Cost Of College.

1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called

It is often argued that rising costs and college debt are the main causes which leads to devastating loans and a long term burden for families. “College costs have been rising roughly at a rate of 7% per year for decades. Since 1985, the overall consumer price index has risen 115% while the college education inflation rate has risen nearly 500% (Odland).” Certainly, many students have struggled to get into a college debt-free and the numbers of costs are increasing more. Nevertheless, students would not encounter such problems if they planned effectively before college and educated themselves to be able to adapt to difficult situations. “More importantly, by engaging students in the planning process, they will be able to develop lifelong skills for success. The self-confidence they gain by actively determining their own future is something they will carry with them through high school, college and into the job market (Noodle).” In fact, college isn't the only option out there. There are alternatives such as the military which requires only test scores and everything else is paid for. In addition to that, they pay big bucks even after

I am repeatedly informing my older child of how important it is to go to college and obtain his degree. When I complete my studies I will be able to show him the journey was not easy but obtainable. Another goal for my five-year plan is to be debt free. While in college I have many student loans that I need to pay off. I want to completely pay off my student loan debt in five years or less. I believe this task can be accomplished if I stay to my budget plan. The benefits of paying the loans off early would help me with interest rates, and it will also help me increase my credit score, which will help me when it is time to open my husband and me restaurant.

David Schleis and his colleagues at DS Financial Advisors, Inc help families to set up 529 Savings Plans in Pennsylvania. This group of well respected Tax Preparers and accountants comprehend the benefits and details surrounding this educational savings program. If you have a child, or a child in your life, he recommends that you find a tax professional in your area who can help you set up the 529 Saving Plan to prepare for their educational future.

In recent years, a college degree has become a necessity for obtaining a job that pays a fair livable wage that can help support a family. The cost of such education is at an all-time high, with tuition costs ranging up to the tens of thousands per year. These enormous costs associated with acquiring a college degree can put a person in hundreds of thousands of dollars in debt, but there is a way to try to prevent this heavy debt accumulation. Parents need to consider college as soon as possible. If a parent uses the eighteen plus years from birth to high school graduation, then it is possible to save enough money to entirely cover your child’s choice for education. There are a multitude of different ways that saving for education can be done. Methods for saving include, but are not limited to: 529 plans, UGMA and UTMA accounts, and opening an IRA. All

Thesis: Today I will inform the audience of the power of saving small amounts of money for the future and how compound interest works in their favor when they start saving as soon as possible.

College can be daunting, especially when it comes figuring out how to finance it. For myself, I will rely heavily on scholarships and financial aid. Saving and making money over the next years will be crucial for myself. Financing my education may cost a decent amount of money, but the rewards that I will obtain from a college education will be far greater.

A detailed plan created through knowledge will allow any student to control any scholarships, financial aid, student loans, or other fund to pay for college. Students should strive to maximize the utility and result of their college funds by remaining organized, aware, and conscious of their spending to avoid over consuming their

PLANNING IS ABOUT DEVISING STRATEGIES TO HELP YOU CREATE THE FUTURE YOU WANT FOR YOURSELF AND YOUR FAMILY. THIS GOES BEYOND SIMPLY MANAGING YOUR MONEY WISELY OR “BUY LOW, SELL HIGH.” WE WANT TO UNDERSTAND THE DAY-TO-DAY PRACTICALITIES OF YOUR LIFE, BUT WE ALSO WANT TO HEAR ABOUT YOUR DREAMS AND ASPIRATIONS SO THAT WE CAN TAILOR A PLAN TO HELP YOU ACHIEVE THEM.

When it comes to short and long term financial planning, there are important concepts along with other financial strategies that need to be covered. First, I will address major concepts that include planning and forecasting, income statement, cash management, and opportunity. According to Michael Samonas in Financial Forecasting, Analysis, and Modeling, planning and forecasting is a very important component in developing a strong financial plan by

Choosing which retirement plan will fit financial needs is not always the easiest decision to make. While investing in both traditional and Roth individual retirement accounts (IRAs) appears to draw considerable attention, differences in the rules for contributing to and withdrawing from these retirement plans places individuals and married couples in a predicament. They may choose to invest in either a traditional or Roth IRA while they may also choose to invest in self-direct, direct contribution (DB) or defined benefit (DB) plans sponsored by employers. In any case, individuals and married couples approaching retirement age should carefully consider their own financial needs before choosing to invest in any retirement

Have you ever invested money in stocks or maybe received savings bonds as a gift? Those are just two different types of investments that could potentially help with future money plans. It is very smart to start investing money or looking at other ways to invest at a young age to prepare for the future. There are many different types of investments that individuals can use to achieve future savings and investment goals. According to www.fool.com, If you were to invest one hundred dollars as a fifteen-year-old young adult and then receive a ten percent investment rate every year on that initial investment, at the age of sixty-five years old you would turn that one hundred dollars into $1,083. Investing your money rather than saving or spending it is smarter and can help you with your future plans.