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FIN 310

by: Tiffani Notetaker

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About this Document

These notes are of the second day of class and cover principles for the personal financial planning process
Personal Financial Management
J. Parsons
Class Notes
finance, budget, personalfinance, Principles, balancing, assets
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This 3 page Class Notes was uploaded by Tiffani Notetaker on Tuesday September 6, 2016. The Class Notes belongs to FIN 310 at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months taught by J. Parsons in Fall 2016. Since its upload, it has received 6 views. For similar materials see Personal Financial Management in Finance at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months.


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Date Created: 09/06/16
NOTES FROM 8/29/16 FIN 310-04 *Blue Chip Stocks: Thought to be over a long run, stable, large profitable, misconception however i.e. Kodak, GM, Exxon Mobil* Principles 1-10 for Personal Financial Planning Process  1. The Best Protection is Knowledge o Protection against danger of a bad investment advisor o Understand the importance of planning for your future o Make intelligent investments  Know good changes in economy  Interest rates o Apply to your situation  2. Nothing Happens Without a Plan o The things that do are not necessarily good o Do not avoid planning for the future  3. The Time Value of Money o Compound interest  Interest paid on interest o Time is your ally  4. Taxes Affect Personal Finance Decision o Saving money throughout life  Espec. Business running o Tax credits  5. Stuff Happens, or the Importance of Liquidity o “rainy day fund” o Cash reserve  Most don’t have enough to satisfy liquidity o Should be a goal when getting income  6. Waste Not, Want Not--Smart Spending Matters o Budgeting o Spending wisely o Needs vs. wants  Needs:  Gas  Food  Shelter  Health  Insurance  Wants:  Vacations  Designer clothes o Don’t go into debt for wants  Spending money you don’t have NOTES FROM 8/29/16 o For needs, sometimes getting into debt has to happen  Fairly good debt  Student loans o No impulse purchasing o Do your homework  Market pricing search for best price  7. Protect Yourself Against Major Catastrophes o Don’t do this on your own  Unlike principle number five  Get outside help: insurance o Robberies, personal health, death in family, chronic illness o Know when we really do need the insurance  8. Risk and Return Go Hand in Hand o Investing o Risk and return  Risk is unavoidable  Risk: chance of losing money, maybe all  Guaranteed risk of losing money just by inflation  No investing just save it in a bank o Take on the risk you’ll need it o The higher the risk, the higher the return o The lower the risk, the lower the return o Beware of investments that sound too good to be true  They are  9. Mind Games, Your Financial Personality, and Your Money o Emotions take over money  Fear  Greed  Same in investing o Investing  If stocks go down  Don’t get emotionally tied to the money o If so you may panic  Causing a sell out  Buy out  It’s not always you o It’s the market o Ride it out  10. Just Do It! o Taking charge o Taking Initiative at a job  Have automatic payroll deduction  Women’s Issues o Have money set aside for +7 yrs. of retirement NOTES FROM 8/29/16  Women on average live 7 years longer than men o Women are charged more for certain products or services (the pink tax)  Compounds the problem  Must save even higher, even more i Chapter 2 Measuring Your Financial Health and Making a Plan  Making a Plan=budget  Balance sheet (accounting) o Snapshot moment in time (i.e. at the end of the year)  Assets o Financial value of what you own  Liabilities o What you owe to others  Assets - Liabilities =Net worth o Can be negative or positive  Look at assets o Categories o Come up with monetary value  Monetary assets o $ cash or easily converted into cash o Checking and savings o Account balances o Art of deposits o CDs  Investment Assets o Stock to bonds, life insurance, mutual bond, 1-5 yr. CD  Retirement Plans o Pensions towards the vesting o Traditional IRA Tax  for investing upfront up to $5500 (as of right now,) then pay ^ during retirement o Raw Tax Break at End  Tax benefits when in but when out, no  Find out the balance  Housing and Real Estate o Fair market value  Appraisers  A person be willing to pay you  Take without being pressured iPersonal Finance Turning Money into Wealth 7 Edition, Arthur J. Keown.


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