Essay on Personal Finance
Personal Financial Planning Worksheet
Based on your readings and discussions in class this week, answer the following multiple choice questions.
1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called
a. developing goals b. personal financial planning c. collecting financial information d. personal finance
2. Which of the following is not one of the five major steps of the financial planning process?
a. Analyze your current finances. b. Establish and implement your plan. c. Collect and organize your financial information. d. Reevaluate and revise your plan as needed.
3. Which phase …show more content…
7. Which element of the comprehensive financial plan focuses on your housing needs, setting aside money for emergencies, and establishing a career path? Consider your own finances. Do currectly own a vehicle and/or home? If yes, how well do you manage monthly home and auto expenses? How well do you save for unforeseen expenses? The comprehensive financial element would be the securing basic needs, right now we own 2 vehicles and we are in the process of buying our house. We aren’t doing the greatest with managaing monthly expenses, but right now my fiancé is the only one with an income so we are basically living paycheck to paycheck. I think we could do a lot better with the saving for unexpected expenses.
8. The economy is unpredictable and can affect your personal financial planning. List one factor in economic conditions that may affect your financial future. How could you reduce the impact of that factor on your finances? I think one factor in economic conditions that I am mostly concerned about would be interest rates. A way that I could reduce