Financial Planning Readings

Financial Planning Readings - Fall 2008 1 Financial...

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Fall 2008 Financial Planning Readings KNOW YOURSELF AND THE ECONOMY Before you embark on a financial plan, it is extremely important that you understand yourself--both financially and psychologically. You must also have some insight into the current and future economic situation. With this information in hand, you are then in a much better position to make wise financial decisions. Answer as many of the following questions as possible. The exercise should help you in our upcoming discussions on personal finance. If you are married, photocopy this page and have your spouse answer it about himself/herself. Then compare your answers. Know Yourself I think I am: Yes No Sometimes --A conservative person. ___ ___ ___ --Knowledgeable about investments. ___ ___ ___ --Controlled by my spending. ___ ___ ___ --Happy with my financial situation. ___ ___ ___ --Aware of what the future could bring. ___ ___ ___ --A risk taker. ___ ___ ___ --Very concerned about having money in case of an emergency. ___ ___ ___ --A good money manager. ___ ___ ___ --Able to recover from a financial loss. ___ ___ ___ --Interested in evaluating investments. ___ ___ ___ I currently have: Yes No --Enough money in savings. ___ ___ --Money left over at the end of the month. ___ ___ --A negative checkbook balance. ___ ___ --Short-term financial goals. ___ ___ --Long-term financial goals. ___ ___ --A diversified investment portfolio. ___ ___ Know the Economy ____ --What is the current prime lending rate? ____ --What is the current rate of return on 90-day U.S. Treasury Securities? ____ --What is the current rate of inflation as measured by the Consumer Price Index ____ --What is the current annual real Gross Domestic Product (GDP) rate? ____ --What is the current unemployment rate? 1
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Fall 2008 RATE YOUR FINANCIAL CHARACTERISTICS Judge yourself regarding the following characteristics that relate to financial management. By knowing oneself, an individual is better able to view their own characteristics and to determine what, if any, changes need to be implemented in their financial management style. Yes No At times NA I keep careful records I plan my purchases in advance I do not overdraw my checking account I am organized I have a budget/spending plan I have financial goals I save money regularly I am not afraid to make financial decisions I have savings/investments I pay off my credit cards monthly My friends think I manage my money wisely I am knowledgeable about personal finance I keep up to date on personal finances I have renters/homeowners insurance I have health insurance I have auto insurance I compare prices (costs) of financial products and services
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This note was uploaded on 09/22/2008 for the course HDF 322 taught by Professor Kitt during the Spring '08 term at University of Texas.

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Financial Planning Readings - Fall 2008 1 Financial...

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