Reference no: EM132793699
UNDERSTANDING THE FINANCIAL PLANNING PROCESS
LO1 Identify the benefiwol.Uting personaltnancial planning techniques to manage your finances.
LO2 Describe the personal financial planning process and define your goals.
LO3 Explain the life cycle of financial plans, the role they play in achieving your financial goals, how to deal with special planning concerns, and the use of professional financial planners.
LO4 Examine the economic environment's influence on personal financial planning.
LO5 Evaluate the impact of age, education, and geographic location on personal income.
LO6 Understand the importance of career choices and their relationship to personal financial planning.
Question 1. How can using persona/ financial planning tools help you improve your financial situation? Describe changes you can make in at least three areas.
Question 2. Use Worksheet 1.1. Fill out Worksheet 11, 'Summary of Personal Financial Goals,' with goals reflecting your current situation and your expected life situation In 5 and 10 years. Discuss the reasons for the changes in your goals and how you'll need to adapt your Gnarl, cial plans as a result
Question 3. Recommend three financial goals and related activities for someone in each of the follow¬ing circumstances:
a. Junior in college
b. 25-yeai-old computer programmer who plans to earn an MBA degree
c. Couple in their 30s with two children, ages 3 and 6
d. Divorced 45-year-old man with a 15-year-old child and a 75-year-old father who is It
Question 4. Summarize current and projected trends in the economy with regard to GDP growth, unemployment, and inflation. How should you use this information to make personal financial and career planning decisions?
Question 5. Assume that you graduated from college with a major in marketing and took a job with a large consumer products company. After 3 years, you are laid off when the company downsizes. Describe the stops you'd take to "repackage- yourself for another field.
Attachment:- Personal Finance Chapter.rar
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