Financial Planning - Coursework Example

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This chapter is a foundation of remaining chapters. The chapter sets out five steps essential for planning and the rest of the chapters explain in detail the concepts required to accomplish those five steps. This chapter helped me understand the importance and purpose of financial planning…
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Financial Planning Coursework
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Download file to see previous pages I was able to base my financial plan on this. Also I learnt to incorporate various influential factors into my financial plan. On the overall, the chapter provides a framework for financial planning.
The first chapter provides the method to derive the goal and the path to achieve the goal. This chapter provides the means of achieving such goal. In other words, it provides us with information on some of the basic tools required such as maintenance of financial records, computation of net worth, preparation of cash flow statement, using financial ratios, and understanding time value of money.
The chapter lists out the benefits and various aspects of organizing the documents and records. The issues to be thought about are how long to save a document and how to save it. The purpose of safekeeping devices like safe deposit box or lock box should be understood before investing in one of them.
The two financial statements important for an individual are Balance Sheet and Cash Flow Statement. The Balance Sheet reveals the financial position of the individual and the Cash Flow Statement summarizes the cash inflows and outflows. Worksheets 1 and 7 provide the template for preparation of these two statements.
Financial ratios such as the debt ratio and the savings ratio give a precise idea of your achievement. It informs you if your debts are well within the limits of the assets you own and the savings ratio keep your savings on track.
Time Value of Money is essential to assess one's financial success. A common man thinks that he has earned well on his investment without considering when he is going to get the returns. Understanding the concept of time value of money becomes essential to know if the returns to be earned over a period of time are actually sufficient.
Chapter 3:
This chapter deals with identifying one's short term and long term financial goals, evaluating one's own abilities and interest in establishing a career plan, understanding and implementing a household budget, and monitoring and controlling expenses.
The chapter first provides the precise steps required to establish a set of goals. It is important to list the goals on paper rather than just think about it. The step regarding breaking bigger goals into smaller goals was a good tip. While thinking in the long run, everything looks very vague, whereas in the short run, we are able to think precisely. In the short run, we will be able to execute our long term plan.
Career planning, though not directly linked to financial planning, is the very source of the finance that we need to plan for. The chapter gives a detailed explanation on career planning. Through the chapter I was able to learn the real value of my career, which is the present value of it and not just what I am going to earn in the near future. There are also useful websites that give ...Download file to see next pagesRead More
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