Objectives:
- Explain why personal financial planning is so important
- Describe the five basic steps of personal financial planning
- Set your financial goals
- Explain how career management and education can determine your income level
- List ten principles of personal finance
Reading For This Module:
Chapter 1 – Keown, Arthur, “Personal Finance: Turning Money into Wealth, Prentice Hall Publishing. 6th edition
The Financial Process (textbook PowerPoint) (.pptx 500KB 42SL)
Opening Vignettes:
Road to Retirement Commercial w/ Dennis Hopper (video) (00:29) (opens in new window)
Introduction:
This section establishes the importance of financial planning as a continuing process for achieving current and future financial, or lifestyle, objectives. A five-step process for personal financial planning is introduced.
Setting financial goals is established as the cornerstone of the financial plan. The three stages of the financial life cycle provide a framework for considering the evolution of a financial plan in response to changing goals.
The relationships among education, earnings potential, career choice, and career management are established.
Dr. Waller Lecture: Financial Planning (video) (36:33)
This video lecture discusses financial planning and corresponds with Chapter 1 in textbook.
Financial Planning PowerPoint Lecture (.pptx 800KB 29SL)
Additional Optional Resources for this module. (material will be on graded assignments):
Saving for the Unexpected
Let’s face it: we know we need to prepare for the occasional unpleasant surprise. But what’s an easy (and easily implemented) strategy to start saving? In this webinar, we’ll help you jumpstart your savings and make your emergency fund a reality.
Meet Pierre: First Time Saver
Meet Pierre. He’s a self-proclaimed renaissance artist with a knack for using less… to do more. Well, except when it comes to spending money. Take a stroll along his financial story as he learns to save for the first time.
SMART Money Goals
Saving money is important. But it’s not enough to just save—you want to save for the goals that fit your values. In “SMART Money Goals,” we’ll help you find the right goals to match what you believe in and show you how to make a plan to meet those goals.
Reflection:
- Personal financial planning allows you to manage your finances and achieve life cycle financial goals
- There are five basic steps to personal financial planning
- Set your financial goals in order to achieve them with a financial plan
- An emergency fund can help protect yourself in the event of an economic downturn
- The more educated your are, the more you will earn
- There are ten basic principles on which personal financial planning is built
Practice Quiz (does not count toward grade)
Quizzes
Take the quiz for this module on Canvas.
Additional Optional Resources that may be helpful to you with this module:Please print out, read and complete the worksheets below. These exercises are for your benefit and will not be collected or graded. |
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| Take Charge of Your Finances (pptx 1.13MB 9SL) | |
| Take Charge of your Finances Financial Worksheet (PDF 192KB 2PP) | |
| Money in Your Life Financial Planning Worksheet (PDF 300KB 3PP) |