Topic 4 – Allocating Your Money Wealth Management 2010.

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Presentation transcript:

Topic 4 – Allocating Your Money Wealth Management 2010

Determine Your Personal Net Worth ● Definitions: assets, liabilities, net worth ● Identify personal assets ● Identify personal liabilities ● Calculation of personal net worth ● Knowing personal net worth can be beneficial ● Prepare personal net worth statement

How to Go Broke Like a Rock Star ● Who do you think is the wealthiest rock star? ● What makes him/her the wealthiest? ● Is the rock star who made the most money this year necessarily the person who is the wealthiest? Why or why not? ● How could a rock star who sells out concerts and is at the top of the charts go bankrupt?

The NFL and VISA © ● Financial Football – Revenues – Assets – Liabilities – Expenses ● Activity

Calculate Your Own Net Worth

Develop a Personal Budget ● Definitions: personal budget, income, expenses ● Common personal income and expenses ● Distinguish between fixed and variable expenses ● Importance of a personal budget ● Steps for developing a personal budget ● Tracking and analysis

Activity