Essay on Personal Finance

729 Words May 9th, 2013 3 Pages
University of Phoenix Material

Personal Financial Planning Worksheet

Directions

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
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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 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

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