Financial Planning pt. 1.

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Presentation transcript:

Financial Planning pt. 1

Journal 3 OBJECTIVE: Students will be able to… Explain the basic steps of financial planning Analyze their own financial circumstance AGENDA: Importance of Planning Determining Your financial situation If you had to make one right now, what sort of things would you include in a personal financial plan? Where would you start? Make a list and then describe each element.

Importance of Planning

Importance of Planning

Steps of Financial Planning 1. Determine your current situation 2. Establish Goals 3. Look at your options/alternatives 4. Devise a “Plan of Action” 5. Reevaluate

Determining Your Current Situation

How to take these notes… Draw a line down the center of the next section of your notes We’re going to come up with some questions to think about as you try to determine your current situation. Write down the questions on one side of the line; answer them on the other Get some sweet, sweet practical application

Savings What are my savings? How much is in the bank? Do I have any stocks or bonds? Do I have anything of value that I could sell if needed? How much is it worth? How do I figure this stuff out?

Income How much do I make? How much do I earn at work? Am I accounting for taxes/other withholdings? Do I have any other sources of income that I can depend on? Do birthdays count?

Expenditures What do I typically spend money on? Individually take 3 minutes to create a list with every possible thing you spend money on. Include things your parents buy for you. Compare lists with someone sitting next to you. Add anything you may have forgotten and circle it

Debts Do I owe anyone money? Personal debts (person to person) Institutional debts (car payment, mortgage, credit cards, etc.) Religious obligations

Tracking Your Finances First, determine your savings and your expected income. These numbers give you a starting point to jump off from. Then, keep track of every single time you spend money. Keep a little notebook with you, or there are tons of apps for a smartphone. Keep track of what you spent it on, and how much. No matter how small!! http://www.forbes.com/sites/samanthasharf/2016/03/02/12-free-apps-to-track-your-spending-and-how-to-pick-the-best-one-for-you/#170fd3202b69

How long should you do this for?

Homework For one month, I want you to track your expenses- everything that you spend money on. I also, want you to keep track of what other people spend money on for you. You will get four assignments in Skyward for this project. One for each week. Due dates are 1/27, 2/3, 2/10, 2/17

I Got a Tip… Let’s play an introduction game, to get to know each other a little better We’re going to pass the die around the room. When you get it, you have to say your name and a number between 1 and 131 Answer the question that I ask, then pass the die to someone else.

Review Activity- Pass the Ball