Personal Finances
Jasmin21
KDH_FPF5e_PFP_Ch_011.xlsPersonal Financial Data (1)
| Name: | Sample Student | Date: | June 8, 2015 | 1 | ||||||
| Personal Financial Data | ||||||||||
| Purpose: To create a directory of personal financial information. | ||||||||||
| Financial Planning Activities: Complete the information request to provide a quick reference for vital household data. | ||||||||||
| Suggested Websites: | www.money.cnn.com | www.kiplinger.com | www.20somethingfinance.com | |||||||
| Name | Sample Student | Your Personal Financial Plan | ||||||||
| Birth Date | ||||||||||
| Marital Status | ||||||||||
| Address | ||||||||||
| Phone | ||||||||||
| Social Security Number | ||||||||||
| Driver's License Number | ||||||||||
| Place of Employment | ||||||||||
| Address | ||||||||||
| Phone | ||||||||||
| Position | ||||||||||
| Length of Service | ||||||||||
| Checking Account Number | ||||||||||
| Financial Institution | ||||||||||
| Address | ||||||||||
| Phone | ||||||||||
| Dependent Data | ||||||||||
| Name | Birth Date | Relationship | Social Security Number | |||||||
| What's Next for Your Personal Financial Plan? | ||||||||||
| * Identify financial planning experts (insurance agent, banker, investment advisor, tax preparer, others) you might | ||||||||||
| contact for financial planning information or assistance. | ||||||||||
| * Discuss with other household members various financial planning priorities. |
Setting Personal Fin Goals (2)
| Name: | Sample Student | Date: | June 8, 2015 | 2 | |||||
| Setting Personal Financial Goals | |||||||||
| Purpose: To identify personal financial goals and create an action plan. | |||||||||
| Financial Planning Activities: Based on personal and household needs and values, identify specific goals that require action. | |||||||||
| Suggested Websites: | financialplan.about.com | www.planwise.com | www.360financialliteracy.org | ||||||
| Suggested App: | Urge | ||||||||
| Your Personal Financial Plan | |||||||||
| Short-Term Monetary Goals (less than two years) | |||||||||
| Description | Amount needed | Months to achieve | Action to be taken | Priority | |||||
| Example : pay off credit card debt | $850 | 12 | Use money from pay raise | High | |||||
| Intermediate Monetary Goals (two to five years) | |||||||||
| Description | Amount needed | Months to achieve | Action to be taken | Priority | |||||
| Long-Term Monetary Goals (beyond five years) | |||||||||
| Description | Amount needed | Months to achieve | Action to be taken | Priority | |||||
| Nonmonetary Goals | |||||||||
| Description | Time frame | Actions to be taken | |||||||
| Example: Set up file for personal financial records and documents | Next 2-3 months | Locate all personal and financial records and documents; set up files for various spending, saving, borrowing categories | |||||||
| What's Next for Your Personal Financial Plan? | |||||||||
| * Based on various financial goals, calculate the savings deposits necessary to achieve those goals. | |||||||||
| * Identify current economic trends that might influence various saving, spending, investing and borrowing decisions. |
TVM Calculations (3)
| Name: | Sample Student | Date: | June 8, 2015 | 3 | ||||||
| Achieving Financial Goals Using Time Value of Money | ||||||||||
| Purpose: To calculate future and present value amounts related to financial planning decisions. | ||||||||||
| Financial Planning Activities: Calculate future and present value amounts related to specific financial goals using time value of money tables, a financial calculator, spreadsheet software, or an online calculator. | ||||||||||
| Suggested Websites: | www.moneychimp.com/calculator | www.grunderware.com | ||||||||
| www.investopedia.com/calculator | ||||||||||
| Suggested App: | CF Financial Calculator | |||||||||
| Your Personal Financial Plan | ||||||||||
| Future Value of a Single Amount | ||||||||||
| Exhibit 1-A: Future Value (Compounded Sum) of $1 after a Given Number of Time Periods | ||||||||||
| Years | 1.00 | Interest Rate | 1.000% | |||||||
| current amount | future value factor | future value amount | ||||||||
| 1. To determine future value of a single amount | times | equals | ||||||||
| 2. To determine interest lost when cash purchases are made | ||||||||||
| (Use Exhibit 1-A for future value factor) | $0.00 | X | 1.010 | = | $0.000 | |||||
| Future Value of a Series of Deposits | ||||||||||
| Exhibit 1-B: Future Value (Compounded Sum) of $1 Paid at the End of Each Period for a Given Number of Time Periods (an Annuity) | ||||||||||
| Years | 1.00 | Interest Rate | 1.000% | |||||||
| 1. To determine future value of regular savings deposits | regular deposit amount | future value of annuity factor | future value amount | |||||||
| 2. To determine future value of regular retirement deposits | times | equals | ||||||||
| (Use Exhibit A-2 for future value of annuity factor) | $0.00 | X | 1.000 | = | $0.000 | |||||
| Present Value of a Single Amount | ||||||||||
| Exhibit 1-C: Present Value of $1 to Be Received at the End of a Given Number of Time Periods | ||||||||||
| Years | 1.00 | Interest Rate | 1.000% | |||||||
| 1. To determine an amount to be deposited now that will grow to a desired amount | future amount desired | present value factor | present value amount | |||||||
| times | equals | |||||||||
| (Use Exhibit A-3 for present value factor) | $0.00 | X | 0.990 | = | $0.000 | |||||
| Present Value of a Series of Deposits | ||||||||||
| Exhibit 1-D: Present Value of $1 Received at End of Each Period for a Given Number of Time Periods (an Annuity) | ||||||||||
| Years | 1.00 | Interest Rate | 1.000% | |||||||
| 1. To determine an amount that can be withdrawn on a regular basis | regular amount to be withdrawn | present value of annuity factor | present value amount | |||||||
| times | equals | |||||||||
| (Use Exhibit A-4 for present value of annuity factor) | $0.00 | X | 0.990 | = | $0.000 | |||||
| What's Next for Your Personal Financial Plan? | ||||||||||
| * Describe some situations in which you could use time value of money calculations for achieving various personal financial goals. | ||||||||||
| * What specific actions are you taking to achieve various financial goals? |
Career Area Research Sheet (4)
| Name: | Sample Student | Date: | June 8, 2015 | 4 | |||||
| Planning Your Career | |||||||||
| Purpose: To become familiar with work activities and career requirements for a field of employment. | |||||||||
| Financial Planning Activities: Using the Career Occupational Outlook Handbook and other information sources (library materials, interviews, websites) to obtain information related to one or more career areas of interest to you. | |||||||||
| Suggested Websites: | www.monster.com | www.rileyguide.com | careerplanning.about.com | ||||||
| Suggested App: | Job Search Organizer | ||||||||
| Your Personal Financial Plan | |||||||||
| Career Area/Job Title | |||||||||
| Nature of the work | |||||||||
| General activities and duties | |||||||||
| Working conditions | |||||||||
| Physical surroundings, hours, mental and physical demands | |||||||||
| Training and other qualifications | |||||||||
| Earnings | |||||||||
| Starting and advanced | |||||||||
| Additional information | |||||||||
| Other questions that require further research | |||||||||
| Sources of additional information | |||||||||
| Publications, trade associations, professional organizations, government agencies | |||||||||
| What's Next for Your Personal Financial Plan? | |||||||||
| * Talk with various people who have worked in the career fields of interest to you. | |||||||||
| * Outline a plan for long-term professional development and career advancement. |
