Financial Planning

Topics: Investment, Economics, Project management Pages: 2 (614 words) Published: October 19, 2014
1.How can using personal financial planning tools help you improve your financial situation? Describe changes you can make in at least three areas. Personal financial planning helps you create a stable future and improve helps create a stable future and improve your financial status by creating a plan that lets you save and invest your money so that it can start working for you. A comprehensive financial plan can enhance the quality of your life and increase satisfaction by reducing uncertainly about your future needs and resources. The advantages of personal financial planning can 1. Increase effectiveness in obtaining, using, and protecting your financial resources throughout your lifetime. Secondly, increase control of your financial affairs by avoiding excessive debt, bankruptcy and dependence on others for economic security. Lastly, improve personal relationships resulting from well planes and effectively communicated financial decisions. A sense of freedom from financial worries obtained by looking to the future, anticipating expenses, and achieving your personal economic goals.

2.Explain the life cycle of financial plans and their role in achieving your financial goals. Financial and personal satisfaction is the result of an organized process that is commonly referred to as personal money management or personal financial planning. Personal financial planning is the process of managing your money to achieve personal satisfaction. Every person, family or household has a unique financial position, and any financial activity therefore must also be carefully planned to meet specific needs and goals. To achieve these and other goals, people need to identify and set priorities.

3.Discuss the reasons for the changes in your goals and how you’ll need to adapt your financial plans as a result. For many families, one of the biggest sources of disagreements and aggravation is the subject of family financial planning. Before I became a mom I planned on just...
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