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FIN 101, Week 1

by: Rachel Rusnak

FIN 101, Week 1 FIN 101

Rachel Rusnak
GPA 3.2
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About this Document

What is Financial Planning
Personal Finance for Fiscal Wellness
Professor Boylan
Class Notes




Popular in Personal Finance for Fiscal Wellness

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This 3 page Class Notes was uploaded by Rachel Rusnak on Tuesday May 10, 2016. The Class Notes belongs to FIN 101 at Ball State University taught by Professor Boylan in Summer 2015. Since its upload, it has received 16 views. For similar materials see Personal Finance for Fiscal Wellness in Finance at Ball State University.


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Date Created: 05/10/16
Personal Finance 101 Professor Boylan 1 Chapter 1: What is Financial Planning? ***on the test*** What is financial planning? What are the advantages ? What are the disadvantage? 1. What is Financial Planning? a. It is not about getting rich. b. It is about enriching your life. i. 90% of Americans have had no financial training. 2. Extraordinary Ordinary? a. There is an understanding that many things in life are ordinary. i. Day-to-day routines. b. Our goal is to be extraordinary. 3. L.i.F.E. by Design. a. Lessons in Financial Education. i. You spend 4-8 years preparing for a career. ii. You spend 4-12 years on an athletic team. iii. You sped 2-6 years preparing for a state band competition. iv. Yu will spend 6-12 months preparing for a wedding. b. How much time will you spend to secure your family finance? Generation X: plant. Generation Y: grow. Baby Boomers: Keep. c. L.i.F.E is risky. i. Life is risky- people want to eliminate uncertainty. 1. This class is a tool for eliminating uncertainty. 4. What Does Budgeting Do For You? a. Free up time- do things you enjoy. b. Less stress- better health. c. Achieve goals- have satisfaction. d. Greater control- peace of mind. 5. Financial planning. a. The process for organizing and planning your income, expenses, and savings to accomplish significant long term goals. i. College for children. ii. Retirement. iii. Buy a house. 6. Men VS. Women. a. Why do we fight? i. Money. ii. Children. iii. XXX. b. What do we want? 7. L.i.F.E. Happens. a. Plan must be flexible. i. Medical needs. Personal Finance 101 Professor Boylan 2 ii. Children. iii. Divorce/ marriage. iv. College options. v. Career options. 8. Does Money Matter? a. Does money buy happiness? i. No. b. Can money minimize pain? i. Yes. 9. What Makes You Happy? a. Friends and family. b. Trust. c. Respect. d. Winning. e. Having nice things. i. Most of the items we mention don’t involve money- actually money ranks very low in the satisfaction of a job (7-10). 10.Why Do We Do Financial Planning? a. Understand having goals, achievements, and more. b. Want to be in control. c. Expect more out of life. d. Want to provide for: i. Self. ii. Spouse. iii. Children. iv. Etc. e. Want stability. 11.My Role in Financial Planning. a. Maximize standard of living. b. Minimize risk. 12.First Step. a. Make an honest assessment of where you are now. i. Balance sheet. ii. Income statement. iii. Emotional needs. 1. Commitment. 2. Concerns you want to reduce. 13.Defining Your Financial Goals. a. The role of money. b. They psychology pf money. c. Money and relationships. d. Types of financial goals. e. Financial independence. 14.3 goals. a. Retirement. b. College. c. Financial independence. 15.Retirement. a. When can you retire? Personal Finance 101 Professor Boylan 3 b. What do you need to retire? c. Plan: i. Defined benefit plan. ii. Defined contribution plan. 16.College. a. What are your expectations for children (self)? b. May those expectations change? 17.Financial Independence. a. Becoming debt free or at least from free from high interest credit card or other consumer debt. 18.Personal Finance Plan. a. Where are you now? b. Where do you want to be? c. What resources do you have? d. What is your time frame? 19.Financial planner. a. What do planners do? i. Assessment. ii. Help set goals. iii. Offer advice. 1. Insurance. 2. Stock. 3. College. iv. Keep you on track. 20.Types of planners. a. Free based. b. Commission based. 21.What is “Cost of Loving”? a. Most important from today. i. You can do it. ii. Financial planning is a process to achievement. iii. Financial planning is aimed at improving lifestyle. 1. Charity. 2. Parenting. 3. Career. 4. Material. iv. Planning takes effort.


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