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Personal Financial Planning Worksheet

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Personal Financial Planning Worksheet

Directions
Based on your readings and discussions in class this week, answer the following multiple choice questions.

1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called

personal financial planning

2. Which of the following is not one of the five major steps of the financial planning process?

Collect and organize your financial information.

3. Which phase in life is commonly associated with focus on marriage, family, purchasing a home, and career development?

Late 20s through your 40s

4. Which of the following is a benefit of having a college degree that can affect your financial planning?

All of the above

5. Which of the following elements of a comprehensive financial plan involves analyzing future needs, such as saving for retirement or college funding for dependents?

Securing basic needs

Directions
Respond to the following short-answer questions in 50-to 100-words:

6. People have different styles when it comes to handling their money. List the two things that affect your personal beliefs and opinions about financial planning. How well do you feel you manage your money? Can you spot areas for improvement in your money management style, and if so, where/how?

Values (fundamental beliefs about what is important in life) and attitudes (opinions and psychological differences between people that affect their decisions) influence your personal beliefs and opinions about handling money.

I do not manage my money well. I like to put money into savings, but I am short on discretionary spending money and when I see something I want I am just as quick to pull the money back out of savings. Thus, my savings account grows very slowly. To improve, I should set a budget at the beginning of the month

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