Week 1 Assignment 1 FP101

Week 1 Assignment 1 FP101 - attitudes. 7. Securing basic...

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1. Personal financial planning is the process of creating a detailed plan to meet your financial needs and prepare for the future. 2. To collect and organize your financial information is not one of the five major steps of the financial planning process. 3. The phase in life that is commonly associated with focus on marriage, family, purchasing a home, and career development is when you are in your late 20’s through your 40’s. 4. Some benefits of having a college degree that can affect your financial planning are as follows: the potential to make a higher salary, jobs with retirement plans and benefits, and the ability to receive promotions and wage increases. 5. Building wealth is an element of a comprehensive financial plan that discusses analyzing future needs, such as saving for retirement or college funding for dependents. 6. People have different ways of handling their money when making a financial plan. The two things that affect our personal beliefs and opinions are values and
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Unformatted text preview: attitudes. 7. Securing basic needs is the element of the comprehensive financial plan that focuses on your housing needs, setting aside money for emergencies, and establishing a career path. 8. The economy is unpredictable and can affect your personal financial planning. One factor in economic conditions that may affect your financial future is political unrest and global issues. 9. Step one is to analyze your current financial position. This step in the five-step financial planning process requires you to organize your financial information, create personal financial statements, and evaluate your current financial position. 10. It is important to regularly reevaluate and revise your financial plan because personal circumstances often change. Two life changes that may require you to update your financial plan are marriage and children....
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