PFIN 7:STUDENT EDITION-TEXT
7th Edition
ISBN: 9780357033616
Author: Billingsley
Publisher: CENGAGE L
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Question
Chapter 1, Problem 1FPE
Summary Introduction
To discuss: Ways of utilising personal financial planning tools to improve the financial situation and the changes to be made in at least 3 areas.
Personal financial planning is a systematic process of identifying significant elements of individual’s financial conditions in order to fulfil the goals.
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How can using personal financial planning tools help you improve your financial position? Please explain and give examples.
Analyze and explain the benefits of using personal financial planning techniques to manage your finances.
What financial tools can help you make better financial decisions?
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- Review the material in Chapter 1 on Personal Financial Planning. Define the financial planning process List the elements of a good financial plan. Identify and discuss the three most important personal factors and the three most important economic factors that affect your financial planning decisions.arrow_forwardUsing this template, formulate and create a minimum of three SMART goals related to these aspects of personal financial planning. For each goal, also identify why this is an important financial goal for you at this time. Career planning and development Spending plan/cash flow analysis Tax planning Savings and investing Use of creditarrow_forwardWhich of the following statements constitutes a definition of a financial plan? Group of answer choices Results that an individual wants to attain 2. A roadmap for achieving financial goals 3. Redefining your financial goals 4. Setting a goal datearrow_forward
- EXPLAIN the importance and process of personal financial planning.arrow_forwardExamine the economic environments influence on personal financial planning.arrow_forward1. Why is it important to know your financial position?2. What benefits would you get from knowing your financial position?3. How your inner assets would help you in achieving your future goals?arrow_forward
- Compare and contrast the features of popular personal financial planning softwarearrow_forwardExplain the idea of mental accounting. Group of answer choices Mental accounting refers to the way we emotionally account for ups and downs of our lives. Mental accounting refers to the interest rate we use when we calculate the present value of future mental assets. Mental accounting is the way people keep track of their mental assets and liabilities. Mental accounting is the notion of putting dollars in different mental categories where they take different values.arrow_forward1. What is a financial plan? A. A document containing a person's current money situation and long-term monetary goals. B. A plan that reflects the individual's personal and family situations, risk tolerance, and future expectations. C. The plan starts with a calculation of the person's current net worth and cash flow and ends with a strategy. D. All of the abovearrow_forward
- What is the best method of financial planning? How do you save money and spend money wisely? Explain in 300 words.arrow_forwardWhat is the relevance of personal financial planning in a daily life of a student? And what is the steps in personal planning process?arrow_forwardDetermine the most valuable aspect of this course to you and explain how you plan to apply it to your personal financial practices.Share two ways that you feel you will be able to apply the concepts you learned in this course to your current or future work position.arrow_forward
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