Preview

What Is Shared Decision-Making?

Satisfactory Essays
Open Document
Open Document
509 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
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


You May Also Find These Documents Helpful

  • Good Essays

    Assesment1

    • 714 Words
    • 3 Pages

    Financial planning skills can help you acquire more in term of finance and can also help you secure what you have. When you have skill to plan, you are aware of how to manage your account hence adding on your profit. Securing what you have is important as it ensures that you do not go broke or loose everything which is important to me because you wanna be set and good to go with no problems…

    • 714 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    3. Describe two of your long-term financial goals, and explain why these goals are important to you. List at least three steps that might help you accomplish this goal. (4-6 sentences. 2.0 points)…

    • 371 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Goal and Jessie Robinson

    • 1051 Words
    • 5 Pages

    3. Describe two of your long-term financial goals, and explain why these goals are important to you. List at least three steps that might help you accomplish this goal. (4-6 sentences. 2.0 points) To have enough money by the time I’m forty to retire and live a comfortable life. It’s important to me because that’s how I would like to live. Three things I could do to reach that goal are get rich, stay rich and don’t go broke.…

    • 1051 Words
    • 5 Pages
    Good Essays
  • Good Essays

    3. Describe two of your long-term financial goals, and explain why these goals are important to you. List at least three steps that might help you accomplish this goal. (4-6 sentences. 2.0 points)…

    • 888 Words
    • 3 Pages
    Good Essays
  • Good Essays

    An intermediate goal is working with my financial advisor, John to better invest my income. The short-term goal that will benefit is working a second job. In case unavoidable events appear such as health needs then I will consider working on holidays to make up for past sickness. Keeping my family involved and also financial advisors to set some limitations for a monthly budget will assist with controlling incoming income. Obtaining $500 in savings each month will present a better financial status which will help in purchasing a house after graduation When I am 30 and better credit rates will come forward with the desire of going for another 4 years in getting a master’s degree in Education as well as learning a valuable lesson to save money for when It is most needed, For example when I reach the age of 60 and is in the need of a retirement home. I would like to make sure that I have at least $ 10,000 saved by the time I am 27 years old as well as putting aside $5,000 for difficulties such as health benefits getting dedicated due to job…

    • 729 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Tco Essay Question

    • 884 Words
    • 4 Pages

    Money has value because people believe that they will be able to exchange their money for goods and services at a future date or time. This concept is based upon a dollar in the hand is worth more than a dollar in the future. But when investing it is the amount an investment is worth after one or more periods is the future value of the money. So money means different things depending on the concept that it is being thought of at the time.…

    • 884 Words
    • 4 Pages
    Satisfactory Essays
  • Good Essays

    Ap Economics

    • 3812 Words
    • 16 Pages

    Opportunity Cost- The money or other benefits lost when pursuing a particular course of action instead of a mutually-exclusive alternative.…

    • 3812 Words
    • 16 Pages
    Good Essays
  • Good Essays

    Financial Planning

    • 695 Words
    • 3 Pages

    The process of creating a detailed plan to meet your financial needs and prepare for the future is called…

    • 695 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Henderson Financial Plan

    • 4574 Words
    • 13 Pages

    Remember planning is a life-long journey and that the planning process is constantly evolving. While simply having a plan in place will give you a better understanding of your financial situation, regularly reviewing and updating the plan will help you ensure even better results. As life happens so do changes and you will want to ensure you review and update your financial plan as you experience these life changes.…

    • 4574 Words
    • 13 Pages
    Good Essays
  • Satisfactory Essays

    Which of the follows elements of a comprehensive financial plan discuss analyzing future needs, such as saving for retirement or college funding for dependants? A…

    • 310 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Personal Finance

    • 455 Words
    • 2 Pages

    Two examples of important things that financial planning skills can help you do are planning for retirement and creating a budget. Planning for retirement can make for a better and easy future. Planning for retirement will also help you learn how to make investments and save money. Creating a budget will help you not spend more money than you have. Creating a budget will also help you stay out of debt.…

    • 455 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Listed here are the eight the main components of personal financial planning. Describe an action for one or more areas that you might need to take in the next few months or years.…

    • 1141 Words
    • 6 Pages
    Good Essays
  • Good Essays

    GOAL-SETTING GUIDELINES FROM CNN/MONEYWhat are your top three financial objectives? Most people, when asked that question, answer with general…

    • 1067 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    Time Management Outline

    • 680 Words
    • 3 Pages

    1. Time is very effective as a tool, if we know how to use it.…

    • 680 Words
    • 3 Pages
    Powerful Essays
  • Satisfactory Essays

    A Shared decision-making process involves having two or more people negotiate or compromise to make a financial decision. Have you ever been involved in a share decision-making process with your family? If so, explain the situation and what input you gave to the decision.…

    • 398 Words
    • 2 Pages
    Satisfactory Essays