CH 1 - Basics and the Time Value of Money (intro to finance david bell)

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Last updated 5:57 PM on 9/2/26
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4 Terms

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What is Personal Financial Planning?

The process of managing your money to achieve personal economic satisfaction

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Advantages of Personal Financial Planning

  • more effective at obtaining, using, and protecting financial resources

  • more control of financial activities to avoid excessive debt, bankruptcy, and dependence on others

  • improved personal relationships with well-plabbed & effectively communicated financial decisions

  • enhanced freedom from financial worries by looking to the future, anticipating expenses, and achieving personal economic goals


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Financial Planning Process - Step 1

Determine your current financial situation

  • evaluate income, savings, living expenses, and debts

  • maintain records of daily spending, prepare a list of asset and debt balances

  • match goals with current and future monetary resources


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Financial Planning Process - Step 2

Develop Financial Goals

  • identify feelings about money and the reasons for those feelings

  • determine the source of your feelings about money (facts or influence of others)