FINAL

1. Financial Planning
What are the three most valuable concepts you learned about the financial planning process? What actions will you take in your personal life based on what you have learned?
Financial planning is a systematic process that considers the important Elements of an individual’s financial affairs in order to fulfill financial goals (Pg.5). The financial planning process involves six steps translating Personal financial goals into specific plans and strategies, and implements them and then uses budgets and financial statements to monitor and evaluate and revise plans and strategies as needed. The three most valuable concepts that I learned about the financial planning process include defining goals, creating a plan, implementing plan through action, and evaluation. They that time that it is impossible to an actively manage your Financial Resources without financial goals. Defining goals is Crucial after defining these goals you must formulate and develop plans and strategies in order to reach these goals. These plans goals strategies all need to remain realistic and attainable. It’s important to consider priorities and can raise them into long-term and short-term goals. Ann’s and strategies which to me is the most difficult because it requires control and monitoring. Spending money wisely and would be an example of implementing financial plans and strategies in order to reach financial goals.

2. Credit
In what ways do you use credit in your daily life? Why is it important to maintain a good credit rating? What plans have you established to maintain or build your credit?
In order to obtain a large loan creditors will consider your credit history and credit score when deciding whether or not to take on such risk and dish out money on your behalf. The plans and I have established to maintain and build my credit include the following ; one , maintained checking account two, establish a savings program three, obtaining and managing an open form of credit four, use credit wisely and . 3. Investments
What factors are important to consider when creating an investment portfolio? What specific investments would you use for short-term accumulation, intermediate, and long-term goals? Justify your answer. 4. Retirement Planning
What types of retirement plans are available to help you reach your retirement goals? What are the common mistakes made in retirement planning? What type of plan would you most prefer for your retirement and why? 5. Estate Planning
What is estate planning, and why is it important to the overall financial planning process? Explain the difference between a trust and a will and how each are used in the estate planning process.