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(BA) Business and Personal Finance © 2007

(BA) Business and Personal Finance ©...

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Business and Personal Finance © 2007 Unit 1: Planning Personal Finances Chapter 1: Personal Financial Planning Chapter Summaries Personal financial planning means managing your money (spending, saving, and investing) so that you can achieve financial independence and security. The six steps of financial planning are: (1) Determine your current financial situation; (2) develop financial goals; (3) identify alternative courses of action; (4) evaluate alternatives; (5) create and use your financial plan of action; and (6) review and revise your plan. The most important factors that influence personal financial planning are your life situations, your personal values, and outside economic factors. For all your financial decisions, you must make choices and give up something. These opportunity costs, or trade-offs, can be personal or financial. The eight strategies for achieving your financial goals and avoiding money problems are: Obtain, plan, spend wisely, save, borrow wisely, invest, manage risk, and plan for retirement. Chapter 2: Finances and Career Planning Chapter Summaries Personal issues to consider when choosing a career include your aptitudes, interests, personality, and current personal situation. The more education and training you have, the greater your potential earning power will be. Also, the field of study you select will affect your salary. Employment opportunities are affected by social influences, such as demographic trends, geographic trends, and economic factors, as well as industry and technology trends. Gain experience through part-time work, volunteer work, internships, cooperative education, and class projects. To evaluate career opportunities, use sources such as the Internet, libraries, newspapers, school guidance offices, community organizations, and networking with people working in the field you choose. Financial issues to consider when looking for employment are your starting salary, opportunities for promotions and raises, benefits, and the cost of living. Legal issues to consider relate to the work environment of the company, its adherence to laws regarding discrimination, minimum wage, unemployment insurance, Social Security, and workers' compensation. Chapter 3: Money Management Strategy Chapter Summaries 1
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Business and Personal Finance © 2007 There are opportunity costs, or trade-offs, in all decisions. When you make a decision about how to manage your money, you remove the option to use the money in a different way. Organizing your financial documents makes it easier to plan and measure progress, handle routine money matters, know how much money is available, and make effective decisions. You can organize financial documents in home files, a safe-deposit box, and on a computer.
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