Personal Financial Planning Worksheet Essay

Based on your readings and discussions in class this week, answer the following multiple choice questions.1. The mathematical dish up of creating a detailed innovation to meet your fiscal needs and prepare for the future is calleda. developing goalsb. private financial schemeningc. collecting financial informationd. individualised financeThe answer would be (B) ad hominem financial planning.2. Which of the following is not one of the five major steps of the financial planning process?a. Analyze your on-going finances.b. Establish and implement your plan.c. Collect and organize your financial information.d. Reevaluate and revise your plan as needed.The answer would be ( C) Collect and organize your financial information.3. Which phase in life is ordinarily associated with focus on marriage, family, purchasing a home, and career development?a. Teenage yearsb. Between your 50s and 60sc)Late 20s by means of your 40sc. During retirementThe answer would be (c)4. Which of the foll owing is a benefit of having a college degree that can regard your financial planning?a. The potential to make a higher salaryb. Jobs with retirement plans and benefitsc. The ability to touch promotions and wage increasesd. All of the aboveThe answer would be (D) All of the above5. Which of the following elements of a house-to-house financial plan involves analyzing future needs, such as saving for retirement or college funding for dep eat upents?a. construction wealthb. Securing basic needsc. Establishing a firm foundationd. Protecting wealth and dependentsThe answer would be (a) Building wealthDirectionsRespond to the following short-answer questions in 50-to 100-words6. People pay different styles when it comes to handling their cash. inclination of an orbit the two things that extend to your ad hominem beliefs and opinions about financial planning. How well do you feel you manage your notes? Can you spot areas for improvement in your money management style, and if so, w here/how? I feel lthat I forefathert manage my money as well as I should . I find myself waisting money on things I dont need.I defiently need to improve on making a number when going to the grocery store.I always write a list but never stick to it .I end up spending more money than I budget for.7. Which element of the comprehensive financial plan focuses on your housingneeds, setting aside money for emergencies, and establishing a career path? Consider your witness finances. Do currectly own a vehicle and/or home? If yes, how well do you manage periodic home and political machine expenses? How well do you save for unforeseen expenses? I manage my home and auto expenses pretty well . I place these things high priority. With having kids things are pretty tight . I have a small rainey day savings. I try to save for things like this as much as possible , because my car and home is two things I need.8. The economy is unpredictable and can affect your personal financial planning. Li st one factor in economic conditions that may affect your financial future. How could you degrade the impact of that factor on your finances?One factor in economic conditions that may affect my financial future would be Job employment and security. In a tough economy its badly to maintain a job and job security. To reduce the impact of job employment I will save and do whats needed to maintain my job. That is honestly the best plan for me in this economy.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? meet 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 not?10. feel Five in the five-step financial planning process discusses the importance of regularly reevaluating and revising your plan because personal circumstances often change. List two life changes that may require you to update your financial plan. Have you recently experienced a change that requires you to reevaluate your financial plan? If so, what was it and how have you accommodated it? (Please share just what you are comfortable sharing)