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February 1, 2016 Finance Class Notes

by: Jessica Vass

February 1, 2016 Finance Class Notes 2104

Marketplace > 2104 > February 1 2016 Finance Class Notes
Jessica Vass
Virginia Tech
GPA 3.1

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About this Document

Monday's class
Personal Financial Planning
Alex White
Class Notes
finance, business
25 ?




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This 1 page Class Notes was uploaded by Jessica Vass on Wednesday February 3, 2016. The Class Notes belongs to 2104 at a university taught by Alex White in Spring 2016. Since its upload, it has received 7 views.


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Date Created: 02/03/16
2/1/2016 Personal Finance Planning ~Assignment 1: parts 1-3 are due Friday at noon: goals, budget, balance sheet (graded on time put into it) part 4: every dollar you spend for next 2 weeks, due 2 weeks from today (revised budget due at end of 2 week period) Submit electronically Income Statement:  Tracks your money over a period of time  Cash accounting: record when the cash changes hands  Easier to do on a monthly basis: then do it on an annual basis  Helps: identify ways to reduce spending, project a budget for the future, determine how much you can save/invest per month Gross: before anything taken out Net: after expenses 25% of income will be taxes approximately ~Income Statement: don’t put amount in savings, but put the amount you are putting in there during this period Income statement: savings and investments  List the amount that you have added to your savings account in that period  List the amount that you invested that period: retirement, non retirement  Aim for saving and investing 10% of your gross income: Students: graduate with 1-2 months of savings Adulting: 3-6 months of savings Expenses  Don’t worry about classifying, just list them  List all household expenses Expenses: Beware!!  Don’t double count credit card payments (don’t count grocery and credit card)  Don’t forget non regular payments (Insurance premiums- list on a monthly business)  Don’t include investments as expenses (savings, investments, retirement) Budgeting


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