FP 101 Personal Financial Planning Worksheet

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FP 101 Personal Financial Planning Worksheet

Personal Financial Planning Worksheet

Directions

Based on your readings and discussions in class this week, answer the following multiple choice questions.

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

  2. Which of the following is not one of the five major steps of the financial planning process?

  3. Which phase in life is commonly associated with focus on marriage, family, purchasing a home, and career development?

  4. Which of the following is a benefit of having a college degree that can affect your financial planning?

  5. Which of the following elements of a comprehensive financial plan involves analyzing future needs, such as saving for retirement or college funding for dependents?

Directions

Respond to the following short-answer questions in 50-to 100-words:

  1. People have different styles when it comes to handling their money. List the two things that affect your personal beliefs and opinions about financial planning. How well do you feel you manage your money? Can you spot areas for improvement in your money management style, and if so, where/how?

  2. Which element of the comprehensive financial plan focuses on your housing needs, setting aside money for emergencies, and establishing a career path? Consider your own finances. Do currently own a vehicle and/or home? If yes, how well do you manage monthly home and auto expenses? How well do you save for unforeseen expenses?

  3. The economy is unpredictable and can affect your personal financial planning. List one factor in economic conditions that may affect your financial future. How could you reduce the impact of that factor on your finances?

  4. Which step in the five-step financial planning process requires you to organize your financial information, create personal financial statements, and evaluate your current financial position? Have you ever completed this step? If so, is it still applicable to your current financial situation? If not, do you plan to do this soon? Why or why not?

  5. Step Five in the five-step financial planning process discusses the importance of regularly reevaluating and revising your plan because personal circumstances often change. List two life changes that may require you to update your financial plan. Have you recently experienced a change that requires you to reevaluate your financial plan? If so, what was it and how have you accommodated it? (Please share only what you are comfortable sharing)

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