UA CSM 204 - An Overview of Personal Finance Basics (4 pages)

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An Overview of Personal Finance Basics



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An Overview of Personal Finance Basics

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An Overview of Personal Finance Basics


Lecture number:
1
Pages:
4
Type:
Lecture Note
School:
University of Alabama
Course:
Csm 204 - Intro Personl Finan Plan
Edition:
1

Unformatted text preview:

CSM 204 Chapter 1 Lecture Outline of Current Lecture I Personal Financial Planning II Level of Living vs Standard of Living III Financial Success IV Steps of the Financial Planning Process V Developing Personal Financial Goals VI Influences on Personal Financial Planning VII Coping During Difficult Financial Times VIII Opportunity Costs IX Components of Personal Financial Planning X Implementing Your Personal Financial Plan XI Quiz 1 1 Answers Current Lecture Chapter 1 Personal Finance Basics and The Time Value of Money Personal Financial Planning The process of managing you money to achieve personal economic satisfaction Advantages Effective managing of resources Control of financial affairs Improved personal relationships Freedom from financial worry Level of Living vs Standard of Living Level of Living The way we can afford to live today and make ends meet Standard of Living How we want to live financially We often have to work to bring the two together Financial Success The achievement of financial aspirations that are desired planned or attempted Financial success is defined by the individual who seeks it Steps of the Financial Planning Process Determine current financial situation Determine income debt and living expenses Prepare a balance sheet and cash flow statement These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Match financial goals to current income and potential earning power Develop your financial goals Identify your feelings about money Determine the source of your money feelings Determine the effects of economy on your goals and priorities Make sure your goals are your own and are specific to your situation Identify Alternative courses of action Possible courses of action can be Continue course of action Expand current situation Change current situation Take new course of action Creativity is vital to effective choices Do nothing can be a



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