Developing Personal Financial Plan

It usually requires 2 to 5 years to reach. (Example: paying down a debt, buying a car)

• intermediate financial goal

• short-term financial goal

• long-term financial goal

Which of the following are examples of short-term financial goals ?

• Saving up for purchasing a home.

• Saving for college.

• Saving to go to a concert.

• Saving to pay off a car.

Goals that are set to be achieved in more than 5 years.

• short term financial goals

• intermediate financial goals

• long term financial goals

Foods are examples of what kind of goods.

• consumable goods

• durable goods

• intangible goods

Which influences your personal financial planning

• life situations

• personal values

• Global influences

• all of the choices are influences

Saving for a vacation next Summer or paying off small debts by the end of the year are examples of

• opportunity costs

• short-term goals

• long-term goals

• personal financial planning

Personal financial planning requires that you make choices and evaluate risks. If you decide to wait until next year to buy a car, one risk that you may face is

• inflation rate risk

• the car color choice is unavailable

• the engine is old

• personal risk

The main reason that people have money problems is

• that they didn't go to college

• that they have too many mouths to feed

• that they don't get minimum wage

• that they do not plan ahead how they will use their money

The beliefs and principles you consider important, correct and desirable are

• goals

• values

• economics

• liquidity

Guides monetary policy

• Federal Reserve (FED)

• Securities and Exchange Commission (SEC)

• Federal Deposit Insurance Corporation (FDIC)

• National Credit Union Administration