Lý thuyết tài chính - Understanding the financial planning process

Goal dates: Target dates in the future when certain financial objectives are expected to be completed Long-term goals Indicates wants and desires for a period covering about 6 years out to the next 30 or 40 years Short-term financial goals Set each year and cover a 12-month period Intermediate goals Bridge the gap between short- and long-term goals

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PFIN4Understanding the Financial Planning Process1Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. GITMAN/ JOEHNK/ BILLINGSLEY2Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1 Identify the benefits of using personal financial planning techniques to manage your finances 2 Describe the personal financial process and define your goals 3 Explain the life cycle of financial plans, the role they play in achieving your financial goals, how to deal with special planning concerns, and the use of professional financial plannersLEARNING OUTCOMESPFIN4 | CH13Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 4 Examine the economic environment’s influence on personal financial planning 5 Evaluate the impact of age, education, and geographic location on personal income6 Understand the importance of career choices and their relationship to personal financial planning LEARNING OUTCOMES (continued)PFIN4 | CH1Rewards of Sound Financial Planning4Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Improving your standard of livingSpending money wiselyAccumulating wealthPFIN4 | CH1Exhibit 1.15Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Organizational Planning ModelPFIN4 | CH1Personal Financial Planning6Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Systematic process that considers important elements of an individual’s financial affairs to fulfill financial goalsPFIN4 | CH1Exhibit 1.37Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The Six-Step Financial Planning ProcessPFIN4 | CH1Financial Goals8Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Results that an individual wants to attainUtility and cost are to be considered when evaluating alternative qualities of life, spending patterns, and forms of wealth accumulationMoney and utility are linked to psychological concepts of values, emotion, and personalityFinancial planning is an important part of the conflict resolution processPFIN4 | CH1Target Dates on Financial Goals9Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. PFIN4 | CH1Goal dates: Target dates in the future when certain financial objectives are expected to be completedLong-term goalsIndicates wants and desires for a period covering about 6 years out to the next 30 or 40 yearsShort-term financial goalsSet each year and cover a 12-month periodIntermediate goalsBridge the gap between short- and long-term goalsExhibit 1.410Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The Personal Financial Planning Life CyclePFIN4 | CH1Types of Financial Planning11Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Asset acquisitionLiability and insuranceSavings and investmentEmployee benefitTaxRetirement and estatePFIN4 | CH1Exhibit 1.512Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. How a $1,000 Investment Grows Over TimePFIN4 | CH1Financial Planning Concerns13Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Managing two incomesManaging employee benefitsManaging finances in tough economic timesPFIN4 | CH1Financial Planning Players14Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. GovernmentSource of revenue for business and wages for consumersBusinessImportant part of the circular flow of income that sustains a free enterprise systemConsumersConsumer choices determine the kinds of goods and services that businesses providePFIN4 | CH1Exhibit 1.615Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The Financial Planning EnvironmentPFIN4 | CH1Phases of Economic Cycles16Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. ExpansionReal GDP increases until it hits a peakPeakExpansion ends and a contraction beginsContractionReal GDP fallsTrough Contraction ends and an expansion beginsPFIN4 | CH1Exhibit 1.717Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The Business CyclePFIN4 | CH1Source: Adapted from William Boyes and Michael Melvin, Economics, 8th ed. (Cengage, 2011), p. 135.Economy18Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. InflationGeneral price level is increasingConsumer price index (CPI)Measure of inflation based on changes in the cost of consumer goods and servicesPurchasing powerAmount of goods and services that each dollar buys at a given timePFIN4 | CH1Factors that Determine the Personal Income19Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Place of residenceDifference in salaries earnedDifference in living costs CareerSocial, demographic, economic, and technological trends influence decisions regarding the fields that offer best opportunities for future PFIN4 | CH1Steps for Career Planning20Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Identify interests, skills, needs, and valuesSet specific long- and short-term career goalsDevelop and use an action plan to achieve those goalsReview and revise career plans as the situation changesPFIN4 | CH121Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Standard of living Average propensity to consumeWealthTangible assetsPersonal financial planningUtilityGoal datesKEY TERMSPeakContractionTroughInflationConsumer price indexPurchasing powerExpansionFlexible-benefit (cafeteria) plansPFIN4 | CH122Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. SUMMARYSound financial planning is necessary for achieving financial objectivesPlanning what to do with one’s money and spending and investing it wisely involves personal financial planningFinancial goals help in achieving financial goals Financial planning constitutes a dynamic environment including business and consumersPFIN4 | CH1

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