03 Financial Planning - 1 Chapter 1 Chapter 1 1 Financial...

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Unformatted text preview: 1 Chapter 1 Chapter 1 1 Financial Planning: Financial Planning: The Ties That Bind The Ties That Bind Like I saidMoney and Marriage 2 What does a penny mean to you? What will you have if you double a penny a day for 30 days? 3 days? ONLY $10,737,418.23 (try this yourself: .01 * 100% for 30 periods 4 If a tiny worthless penny can grow to be that much, imagine what 10% to 20% of your salary could grow to be? 5 How bout those acrylic nails? $80 month * 12 = $960/year For 30 years = $28,800 6 That $960 invested each year at 11% for 30 years = $91,064!!! Ladies, you are wearing your new dream car! 2 What about your coffee? Your recreational liquid consumption? Do you smoke? 7 Java $4.50 @ 3 per day = $13.5 Per week = $94.5 Per year = $4,914 8 Invested per year for 10 years at 11% = $82,171 Alcohol Average 45 drinks per month (college males) @ average $4.5 per drink = $202.50 9 Per year $2,430 Invested for 40 years at 11% = $1,413,837 Death Sticks $21.65 Carton (Camels) 1.5 cartons per week = $32.47 Per year = $1,688.70 10 Per year $1,688.70 Invested for 20 years @ 11% = $108,419 Think about it. Your habits TODAY determine your life style for tomorrow. 11 Why Should You Develop a Personal Financial Plan?...
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This note was uploaded on 06/06/2011 for the course HACE 3200 taught by Professor B during the Spring '09 term at University of Georgia Athens.

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03 Financial Planning - 1 Chapter 1 Chapter 1 1 Financial...

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