in20 - Finance 1200 Spring 2011 Discuss what you will gain...

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Finance 1200 Spring 2011
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Discuss what you will gain from the study of personal finance. Introduction to the subject of personal finance Develop personal financial goals. Define opportunity costs and determine how opportunity costs are associated with personal financial planning. Identify the key components of a financial plan, and Outline the steps involved in developing your personal financial plan.
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Step 1 Think back to your formative experiences with money and consider what these memories have taught you about who you were then and how they affect who you are today. Step 2 Replace your financial fears with new, positive, empowering messages (i.e. "I have more money than I will ever need"; "I am in control of all my affairs"; "I have the power to put my money in good hands"). Step 3 Be honest with yourself about your current financial status and decide how you want to start spending your money. Step 4 Be responsible to those you love by taking care of these "must-do's"wills, trusts, life insurance, durable power of attorney for health care, long-term-care insurance, and estate planning. Step 5 Respect yourself and your money by investing wisely in retirement plans, stocks, money market accounts, and mutual funds and by eliminating credit card debt. Your actions will give that respect meaning. Step 6 You must trust yourself more than you trust others. Pay attention to your inner voice it will tell you if how and in what you are investing is right for you. Step 7 Give a portion of your money to others. By releasing an anxious grasp on your money, you will open yourself to receive all that is meant to be yours. Step 8 Understand and accept the cycles of money. The setbacks you may have today or next year will not keep you from financial freedom. If you hold on to your goals and dreams, you will get there. Step 9 Learn to recognize true wealth. Money itself will not make you financially free. That comes as a result of only that powerful state of mind which tells us that we are worth far more than our money. “. . . True financial freedom doesn’t depend on how much money you have. Financial freedom is when you have power over your fears and anxieties instead of the other way around.” -- Suze Orman, The 9 Steps to Financial Freedom, p.2
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Financial literacy -- the vocabulary necessary to manage one’s personal finances Personal finance -- the study of personal and family resources considered important in achieving financial success. Personal financial planning – the process of planning your spending, financing, and investing to optimize your financial situation. Financial success -- the achievement of financial aspirations that are desired, planned, or attempted. It is defined by the individual or family that seeks it. Discuss what you will gain from
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This note was uploaded on 02/11/2011 for the course FIN 3403 taught by Professor Tapley during the Spring '06 term at University of Florida.

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in20 - Finance 1200 Spring 2011 Discuss what you will gain...

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