101 wk 1 dqs - • DQ2 o Setting goals is one of the five...

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101 Week 1 DQ’s DQ1 o Refer to Figure 1-1 of Personal Finance . List the five steps in the personal financial planning process. Share one or two questions you may ask yourself when you are in Step 1 The five steps regarding the process in personal finance planning are 1) analyzing current finances, 2) developing goals, 3) Identifying and evaluating strategies to achieve goals, 4) establishing and implementing plan and step 5) reevaluating and revising plan as necessary. When beginning this plan, you must first evaluate your current financial situation by collecting all financial documents needed, both income and debts, so you can organize it in a easily understandable, and accessible format. A question you may need to identify for this first step may be where does your money go? Also what sources of income you have? Figuring your accounts both incoming and outgoing are necessary to keep track of. It will aid because you will be able to accurately develop a goal or plan to improve your financial situation.
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Unformatted text preview: • DQ2 o Setting goals is one of the five steps of the financial planning process. Refer to Section 1.2 of Personal Finance which discusses the changing needs over the Life Cycle. Provide some examples of financial goals that may be important for a family. Select one goal that is important to you and briefly discuss how this goal will influence your future financial planning • DQ3 o Refer to Section 1.3 of Personal Finance. Which part of the comprehensive financial plan do rent and food fall under? What about life insurance, long-term care insurance, and estate planning; which section of the comprehensive plan do these fall under? • DQ4 o Page 8 of Personal Finance discusses how education plays a critical role in financial success. List at least two financial benefits of being college educated? How might a college education affect your long-term financial plan?...
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