Directions
Respond to the following short-answer questions in 50-to 100-words:
6. People have different styles when it comes to handling their money. List the two things that affect your personal beliefs and opinions about financial planning. How well do you feel you manage your money? Can you spot areas for improvement in your money management style, and if so, where/how? Two things that affect your personal beliefs and opinions about financial planning are values and attitude. I feel like I do an okay job when it comes to managing my money, but my fiancé is a whole different story. I think the when it comes to improving our spending it just comes down to do we need that or do we not. He seems to just go out and spend money we don’t really have to spend and I would rather save it for a time when we need it.
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 …show more content…
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 the impact of interest rates being a factor on my finances would be to start paying on my student loans as soon as possible that way I don’t have as much when it comes time to graduate.
9. Which step in the five-step financial planning process requires you to organize your financial information, create personal financial statements, and evaluate your current financial position? Have you ever completed this step? If so, is it still applicable to your current financial situation? If not, do you plan to do this soon? Why or why