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1.11.2.G1
Financial Planning
Many people follow a similar financial pattern during their life BUT Everyone has an individualized financial plan.
Financial planning is a tool used to achieve financial success based upon the development and implementation of financial goals.
Family Economics & Financial Education May 2010 Introduction to Finance Unit Life Cycle of Financial Planning Slide # 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.11.2.G1
Family Economics & Financial Education May 2010 Introduction to Finance Unit Life Cycle of Financial Planning Slide # 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.11.2.G1
Financial Goals
Financial goals are specific objectives to be accomplished through financial planning Financial goals should be SMART goals:
Specific Measurable Attainable Realistic Time Bound
Family Economics & Financial Education May 2010 Introduction to Finance Unit Life Cycle of Financial Planning Slide # 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.11.2.G1
Family Economics & Financial Education May 2010 Introduction to Finance Unit Life Cycle of Financial Planning Slide # 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.11.2.G1
Lifestyle Conditions
Family Economics & Financial Education May 2010 Introduction to Finance Unit Life Cycle of Financial Planning Slide # 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.11.2.G1
1.11.2.G1
Wealth Distribution
20
30
40 50 60 Years of Age
70
80
Family Economics & Financial Education May 2010 Introduction to Finance Unit Life Cycle of Financial Planning Slide # 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.11.2.G1
Family Economics & Financial Education May 2010 Introduction to Finance Unit Life Cycle of Financial Planning Slide # 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.11.2.G1
Estate giving it to your Plannin g Long Building chosen ones Term Wealth: Wealth goal setting, Accumulation retirement planning, investments giving it to yourself Building Financial Security: goal setting, savings plan, home ownership, childrens education Risk and Tax Management: Basic goal setting, insurance, protection against Wealth economic loss, income tax reduction Credit and Debt Management: Protectio goal setting, credit use, avoiding credit abuse, n debt reduction quit giving it Cash Management: goal setting, emergency, cash reserve, record to others keeping, spending plans, net worth, and incomeexpense statements
Family Economics & Financial Education May 2010 Introduction to Finance Unit Life Cycle of Financial Planning Slide # 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Wealth Distribution
1.11.2.G1
Family Economics & Financial Education May 2010 Introduction to Finance Unit Life Cycle of Financial Planning Slide # 11 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.11.2.G1
Family Economics & Financial Education May 2010 Introduction to Finance Unit Life Cycle of Financial Planning Slide # 12 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.11.2.G1
1.11.2.G1
Family Economics & Financial Education May 2010 Introduction to Finance Unit Life Cycle of Financial Planning Slide # 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.11.2.G1
1.11.2.G1
Family Economics & Financial Education May 2010 Introduction to Finance Unit Life Cycle of Financial Planning Slide # 16 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.11.2.G1
1.11.2.G1
Family Economics & Financial Education May 2010 Introduction to Finance Unit Life Cycle of Financial Planning Slide # 18 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.11.2.G1
True or False?
Family Economics & Financial Education May 2010 Introduction to Finance Unit Life Cycle of Financial Planning Slide # 19 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona