PFIN 7:STUDENT EDITION-MINDTAP (1 TERM)
7th Edition
ISBN: 9780357033647
Author: Billingsley
Publisher: CENGAGE L
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Chapter 1, Problem 2FPE
Summary Introduction
To discuss: Reasons for changes in goals and the ways to adopt financial plans as a result.
Financial plans refer to the valuation of the current payment of an individual and the future financial position. It is done by the way of using the variables to
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Make a timeline and your plan of action on how you will invest or save money for your future in order to save yourself from financial hardships.
Which 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 date
Personal financial management topics.( Investment)
Paragraph should include topic, why you feel this was helpful and how this information will help you in the future
Chapter 1 Solutions
PFIN 7:STUDENT EDITION-MINDTAP (1 TERM)
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- Using 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_forwardLenny is setting her investment journey. What is the first step she should take to reach her financial goals? Make a list of her goals and prioritize them List down available financial products. automate insurance Evaluate her financial position and budget.arrow_forwardLearning about Financial Planning Designations. Please research Financial Planning designations in general and specifically each of these 3 Financial Planning designations - CFP® ChFC® AFC ® Based on what you find include in your email what is involved in earning each of the 3 listed designations above? What main areas do they cover? In addition to the test needed for the designation, how many hours of experience do you need to receive each credential?arrow_forward
- 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_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_forwardWrite down a financial goal that you will accomplish in the next 24 months. How much money do you need for the financial goal? What date will you need the financial goal by? How money will you need to save each month for the financial goal?arrow_forward
- 1. 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_forwardWhich of the following activities will worsen your chance of financial success? Check all that apply. Knowledge of the general condition and events occurring in the local, state, regional, national, and international economic environments. The development of an effective plan that is consistently applied until it is revised in accordance with changes in your goals and life circumstances. The development of personal financial goals and target dates that are consistent with your values, attitudes, and behaviors. Knowledge of what other average people believe and how they behave, because they affect the same financial markets and economic conditions that affect you..arrow_forwardPlease correct answer and don't use hand raitingarrow_forward
- IDENTIFICATIONarrow_forwardFor each of the following categories of information required for a comprehensive financial plan, describe in your own words the information that must be gathered: o Retirement Planning o Estate Planning o Risk Management o Employee Benefits o Family Planning o Educational Planningarrow_forwardExplain the term, "financial literacy", and its importance in your life and future.arrow_forward
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