Page 544 - Introduction to Business

15

Personal Financial

Planning

Introduction Learning Objectives
The Purpose of Personal Financial Planning
After studying this chapter, you should be able to
Key Concepts
1 Explain the purpose of personal finan-
Computing Net Worth
cial planning.
Setting Financial Goals
Evaluating Spending Patterns 2 Define concepts such as net worth.
Identifying Your Stage in Life 3 Describe the budgeting process.
Turning to Experts
4 Explain the key considerations in
Managing Income deciding to live on one income.
Budgeting
5 Describe how to make wise invest-
The Envelope Budget
ments, including an evaluation of risk
Checkbook Management
and return.
Financial Planning Software
6 List retirement and estate planning
Web Resources
considerations.
Insurance
7 Identify the goals of tax planning.
Living on One Income
Investing 8 State the ethical issues associated with
Managing Investments personal financial planning.
Fixed-Income Investments
Equity Investments
Your Home
Retirement and Estate Planning
Social Security
IRAs and 401(k) Plans
A Will
Tax Planning
Ethics of Financial Planning
Giving
Repaying Debts
Paying Taxes
Providing for Your Family
Planning for Future Needs
Keep Money in Perspective
Careers in Personal Financial Planning
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