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Argyll PF3

QuestionAnswer
Things you want to accomplish Goals
Arranging to spend, save, and invest money to live comfortably, have financial security and achieve goals. Personal Financial Planning
Approximate calculation of Estimate
Money you owe to others Debts
Beliefs and principles you consider important, correct and desireable Values
Things you have to have to survive Needs
First step of financial planning Determine your current financial situation
Five types of financial risks Inflation, Interest rate, income, personal, liquidity
Ability to easily convert financial assets to cash Liquidity
Last step of financial planning Review and revise your plan
Goals of less than a year Short term
Goals from two to five years to achieve Intermediate
Goals that take longer than five years to achieve Long Term
Something performed for you Service
A physical item you have or purchase good
Goods you use up quickly Consumable
Expensive goods which last years Durable
Purchases you cannot touch Intangible
Four guidelines when setting financial goals Realistic, specific, clear time frame, help you decide what type of action to take
Person who purchases or uses goods and services Consumer
Supply and demand are this type of force Market Force
These are economic conditions that affect personal finance decisions Prices, spending and interest rates
The increase of an amount of money due to earned interest or dividends Time value of money
Original amount of money (investing or borrowing) Principal
The amount your original deposit will be worth in the future based on earning a specific interest rate over a specific time Future Value
A series of equal regular deposits Annuity
The amount of money you would need to deposit now in order to have a desired amount in the future. Present value
Eight strategies to avoid common money mistakes. Obtain information, plan, spend wisely, save, borrow wisely, invest, manage risk and plan for retirement
This means you are going to consider your opportunity costs Weigh
Three economic factors in personal financial planning Market forces, financial institutions, global influences
Four sources of personal finance information Internet, financial institutions, media (newspaper, magazines), financial specialists (financial planners, lawyers, tax preparers)
Created by: rholloway