Financial Planning. A tool used to achieve financial success based upon the development and implementation of financial goals. On going process for life.

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Presentation transcript:

Financial Planning

A tool used to achieve financial success based upon the development and implementation of financial goals. On going process for life

What things should people take into consideration when creating a financial plan?

Consider These:  Values- Needs & Wants  Goals- Long & Short  Lifestyle

What are some advantages to a spending plan?

Pros  Helping you meet financial goals  Giving you a strong sense of where your money is going  Allowing for income and expenditure tracking

Tips on creating a plan  A well written financial goal needs to be measurable.  If expenses exceed the spending plan then decrease your expenses  Emergencies happen – be prepared with 3-6 months of income in savings

According to the Consumer Expenditure Survey, what expenditure is the largest portion of one’s income on average? What is the second and third?

#1 Housing #2 Transportation #3 Food

Expenses  Fixed- does not change from month to month  Flexible- Varies from month to month If expenses were to exceed income on a spending plan, what would be a financially smart solution?

Pay Yourself First  Putting money into savings before paying bills and spending money

Saving  Saving versus Investing  Saving: income not spent on current consumption  Investing: spending intended to gain by adding to the assets, not available for immediate withdrawal  Saving  A person should save 10 to 15% of gross income ? Why should individuals save 3 to 6 months income for emergencies

Vocabulary  Compound Interest – interest earned on both interest and principal  Insurance – an arrangement between an individual and an insurance company to protect the individual against risk.  Vehicle  Medical  Life  Home