What Is Shared Decision-Making?
1. What is inflation risk?
Inflation risk is the decision when to wait to buy an item and risking if the product went down in price or up in price.
2. What are opportunity costs? Give an example of an opportunity cost.
Opportunity costs are things you give up when you make a choice. An example of a opportunity cost is to give up your newspaper subscription so you can now have a magazine subscription.
3. What is the time value of money?
The time value of money is the increase on a value of money because of the interest earned on it.
4. What is future value?
The future value is the amount of money earned after a certain time of interest rate.
5. What is shared decision-making?
Shared decision making is the compromise of two people in …show more content…
What are the steps in personal financial planning? Describe each step.
The steps in personal financial planning are first to analyse your most recent financial situation, or determine what bill need to be paid and how much money you have. The second step is to identify your goals, or think about what your future financial struggle will look like and what jobs you will have to work with it. The third step is to plan how you are going to reach your goals, and you can do this by reducing spending or saving more money. The finals step is to personal review and finish your financial goals, or revisiting and revising your goals and strategies.
2. Identify a financial goal that you or someone else might have. What are the risks or costs associated with this goal?
A financial goal I have in my future is to get through college and get a decent paying job. The risks with this goal is the expensive factor of going through college and the act of passing college itself.
3. What are the advantages and disadvantages to shared decision-making?
An advantage of shared decision making is more input and the less likely hood to make bad decision when planning your finances. A down side to shared finances is you will have to share goals and strategies with another
Inflation risk is the decision when to wait to buy an item and risking if the product went down in price or up in price.
2. What are opportunity costs? Give an example of an opportunity cost.
Opportunity costs are things you give up when you make a choice. An example of a opportunity cost is to give up your newspaper subscription so you can now have a magazine subscription.
3. What is the time value of money?
The time value of money is the increase on a value of money because of the interest earned on it.
4. What is future value?
The future value is the amount of money earned after a certain time of interest rate.
5. What is shared decision-making?
Shared decision making is the compromise of two people in …show more content…
What are the steps in personal financial planning? Describe each step.
The steps in personal financial planning are first to analyse your most recent financial situation, or determine what bill need to be paid and how much money you have. The second step is to identify your goals, or think about what your future financial struggle will look like and what jobs you will have to work with it. The third step is to plan how you are going to reach your goals, and you can do this by reducing spending or saving more money. The finals step is to personal review and finish your financial goals, or revisiting and revising your goals and strategies.
2. Identify a financial goal that you or someone else might have. What are the risks or costs associated with this goal?
A financial goal I have in my future is to get through college and get a decent paying job. The risks with this goal is the expensive factor of going through college and the act of passing college itself.
3. What are the advantages and disadvantages to shared decision-making?
An advantage of shared decision making is more input and the less likely hood to make bad decision when planning your finances. A down side to shared finances is you will have to share goals and strategies with another