Personal Financial Plan

Semester 1 is the basics of business and personal finance. These chapters are about planning your personal finances, banking and credit, the fundamentals of investing, and planning your tax strategy. These chapters show and prepare you for the world that is coming. Chapter 1 is about personal finance planning, opportunity costs, and financial strategies. This chapter describes the steps in the financial planning.

The economy can be impacted by the U.S.government through two major types of economic policy. The first type is called fiscal policy, which is economic policy instigated by the President or by Congress. The fundamental tools at the disposal of these branches of government are taxation law and government spending. By changing tax laws, the government can effectively affect my personal finance by modifying the amount of disposable

Goals are something that each individual should have, however, they can be short term or long term. My short term goal over the next year; I would like to

I learned, from personal experience, how important it is to budget money properly. I gained this knowledge out of necessity to improve my personal financial situation. First, I began reading several books, articles, and websites on the subject. Next, I began to implement what I learned in my research in small but manageable steps. For example, I used a great software application called mint.com to track my income and expenses. I discovered that tracking my money is an important first step in budgeting my money. I found books like Bottom Line’s Very Shrewd Money Book and Rich Dad Poor Dad very influential in helping me improve my budgeting skills. These books showed me how to budget money properly and also how to use the money to increase my personal wealth.

I believe that goals can give me strong motivations and guide me in a right way to pursue them. My short-term goal is to

My personal finances are solid and on track with my attitudes towards money and savings. This budget exercise is common practice for me as I keep track of every dollar I spend. I am a saver and I keep track of my savings using a spreadsheet and updating my information almost every day. Budgeting is a necessary step in order to figure out where exactly money is going and how much of it is being allocated to different items.

Goals are a part of everyday life. From gaining the strength to get out of bed in the morning to winning that blue medal around your neck, everybody has made a goal once in their life. Sometimes it can be as easy as saying you’re not going to eat that last cupcake on the platter in front of you or as hard as saying “Hello” to that special someone in your life that you find adorable, either way you have made a goal. It’s also important to remember there is short term goals and long term goals. Short term goals are easier to achieve and can be very helpful in leading up to your long term goals. We can even classify our goals into personal goals, academic goals, and professional goals, as well as others.

Setting goals for yourself is an important aspect to help achieve success in life. Setting goals not only helps guide you to be successful, but also helps a person believe in themselves

A budget refers to a financial plan that represents the allocation of the income to various expenditure channels such as expenses, savings, and debt repayment. A personal budget is important because avoiding financial surprises and keeping financial stress down helps avoid a crisis and allows you to focus on your overall goals. You cannot avoid all risks in life but if you plan your finances to live within your means, you can avoid being kicked out of your home, losing your car and other terrible things that a solid budget would help you avoid. Knowing what you can afford is a central life skill. Unfortunately, many do not budget even though they know they should (Wagoner, 2012).

Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points)

The following consist of a constructed financial plan for Tyler Sisson. He is a single 22 year old and is completing his fourth year in the business program at University of New Brunswick. He has an apartment on Montgomery street, were he walks to school everyday, and plans to purchase a vehicle after university. He has been working a part-time job at Canadian Tire during the school year. Tyler’s main focus at university is marketing and is looking forward to commencing a career in that field.

Personal budgeting is an important factor in regards to successful long term financial stability. Budgeting has many great aspects as well as showing areas of weakness. It can show the truth about your personal financial spending habits, areas that are not looked at enough, and if there are needs for a larger emergency fund. The reality of personal budgeting is that many people potentially do not keep a personal budget for one reason or another. People also don’t consider the negative effect that it could have on one personally and or how it effects the economy.

I have learned that it is very important to set long and short term goals for myself. I have also learned the difference between the two. A long term goal is around a year long and a short term is well less than a year. For example; my present long term goal is my associates degree. My short term goal is to complete my assignments along with my daily

Goal setting has always been an important factor in my life, because of that I have accomplished things that I am very proud of. Without goals it would make it very hard to succeed in life because there is nothing to work hard for. Goal setting is a constant reminder of the things that are important to you. It gives me the motivation to work hard every day so that I can achieve my goals. Goals are what keeps each of us different. Throughout my life, I hope to continue to set goals.

in Accounting and Finance. I do not have a part time job and do not plan to work until I graduate. I currently have taken out student loans to support myself through the rest of my college education. My parents pay for insurance payments for my car, cover my phone bill, and provide me with medical insurance. I pay for all the rest of my expenses, including rent, food, gas, and all other daily expenses. I currently have no investments and no substantial assets with a value of over $1000. I graduate in May and have signed a contract with KPMG to start work as an auditor in August after I complete the CPA. I