Personal Finance

The process of managing to achieve personal academic satisfaction.

• Financial Gaining

• Financial Planning

• Financial Wealth

• Financial Security

A Financial Plan is a:

• List of financial desires

• Semi-annual report of monthly purchases

• Wish List for holiday shopping

• Formalized report that summarizes current financial information

Time frame for achieving goals

• Short, Medium & Long planned plans for success

• Short-term goals, Intermediate goals, & Long-Term Goals

• One Year, three years & five years succession

• Six months, one year & permanently goals for life

For the Goal-Setting Guidelines What is the "SMART" approach?

• Surprising, measurable, available, ready, talented

• Specific, measurable, action-oriented, realistic & time-based

• Small, meaningful, artistic, realistic & time-based

• Smart, maintainable, action-related, resilient, tempered

Time Value of Money: To compute the Time Value, one must understand the

:

• Time X dollars amount X interest rate=

• Principal amount X Annual interest rate X time period=

• Amount X Time Period

• Principal amount X interest X desired amount

Future Value of Money

• Amount that will be available at a later date

• The increased value of money from interest earned

• All of the above

• Amounts to which current savings will increase

Future Value Equals:

• Future amount plus weekly deposits

• Original amount plus interest earned

• Future amount plus interest earned

• Original amount minus interest earned

What you give up when making decisions is called:

• Opportunity Cost

• Time Management

• Money Cost

• Time Value of Money

The current value of a future amount based on on a certain interest rate and time period

• Time Value of Money

• Future Value of Money

• Current Value of Money

• Present Value of Money

Amount accrued that will be available at a later date (later)

• Future Value of Money

• Current Value of Money

• Time Value of Money

• Present Value of Money