FINAL ASSIGNMENT-PERSONAL FINANCIAL MANAGEMENT

Planning for Retirement

AB 104- Personal Financial Management

Kaplan University

Parvin Hasanova Oskouie

Instructor: Gita Srinivasan

November 12, 2013

1. Have you been successful in setting up your plan?

Enchanting regulator of the savings and assembly strategy to accomplish our objectives are the principal steps near grasping the monetary preparation procedure. A healthy monetary preparation guarantees a maintainable and tenable monetary life. However captivating the first ladders to plan our savings himself is a decent fright, the subsequent tips would safeguard that we gain supreme welfares from the entire monetary preparation procedure (Elmerraji, 2009).

1. Stopover escapes first: Accurate your previous financial blunders 2. Recognize that each financial judgment has an influence on other features of your monetary life 3. Know that goal setting is a tradeoff: Prioritize realistically 4. Go for a credible expert 5. Don't sit on your monetary strategy, device directly: Budgets of postponement are enormous.

2. Has there been a change in your financial outlook for the future?

The first thing you have to do is make a mindset shift. You have to accept the fact that living in debt is actually an abnormal thing to do. It’s like a house of cards that can fall at any time. It’s like building your entire financial future on sand. There has to be something rock-solid under your finances in order to make sure that you have enough for the future. People have to realize that it’s up to the individual to take care of themselves. The only way that you can make certain that you have plenty of money to take care of yourself in the future is to save it. To change your own mindset about saving money, sit down and make a list of what you want your future to look like. Then, figure out how much money it will take for you to be able to achieve your vision of the future. By doing the necessary calculations now, you’ll be able to figure out how much you need to be saving on a monthly or even yearly basis in order to make that happen. You have to decide whether or not you want a future that is fraught with danger and uncertainty, or do you want a future that is peaceful and stable.

3. Have you found areas of your spending or saving which does not work for you or is not beneficial to your financial success?

There are few ways to control and track your money according to your budget. There are many areas which are not beneficial for your spending or savings.

1) In waiting an everyday guardian of the earnings and archives.

2) Circumvent disbursing for luxurious planning packages.

3) Pathway every expenditure.

4) Program an interval for greatest care. 

5) Observe your expenses, plot your forthcoming and make alterations

4. Tell me about this experience and how it has helped you to think more about your current and future money habits.

1. Not Placing Sufficient in Your Alternative Investments.

If you are about to leaving your occupation or be fired up tomorrow, consuming sufficient money in your investments to withstand you would be significant. In rational about your present investments account, how extended would that currency last you in the occasion that you were finished.

2. Not Following The Money You Occupy.

In deliberating evil money habits, monetary organizer Wendy Weaver notes that not meaningful where your currency's profitable will impede you from assembly your expenditure and exchangeable boxes. For this purpose, it is serious that you salary consideration to your cash flow while actuality aware of the procurements you make. If you are not comfortable to following the cash you spend, there are numerous ways to assistance you flinch (Yahoo Finance, 2013). 3. Consuming a Ton of Credit Cards

Consuming a lot of credit cards is a wicked money custom for numerous reasons, counting the detail that it types it problematic for you to save pathway of anywhere all your currency is going. Oftentimes expenditure a few bucks here and insufficient dollars there involves misperception and prevention at the conclusion of the month when you understand you be indebted more than you supposed (Forbes, 2013).

5. Explain any other information which has helped you understand the process better than you had known.

There are few things which need to understand in a better way to develop your personal finance plan in a better way. Following things will develop better understanding with more depth.

1- How credit works. Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender later. It often materializes in the form of credit cards, or loans for a car, home, or education.

2- How to check your credit report. Maintain good credit health by verifying the accuracy of your credit report regularly. Request an annual free copy of your report and ensure all the information listed is accurate.

3- How to attack debt. View getting out of debt as a long-term goal, but set smaller milestone goals that you can celebrate achieving, such as paying off each individual creditor.  

4- How to  retire  comfortably.  Calculate how much money you’ll need to live comfortably and learn which financial resources can help you get there. Options range from basic savings accounts and certificates of deposit, to 401(k) and pension plans, mutual funds, stocks, bonds, and more. Boost your knowledge about these products and seek help from a certified financial planner when necessary.

References

Elmerraji, J. 2009. Retirement Planning: Introduction. USA: Cengage Learning.

Forbes. 2013. Personal Finance Information and Personal Finance News. [online] Available at: http://www.forbes.com/finance/ [Accessed: 12 Nov 2013].

Telegraph.co.uk. 2013. Personal finance news, how to make money, how to save money - Telegraph. [online] Available at: http://www.telegraph.co.uk/finance/personalfinance/ [Accessed: 12 Nov 2013].

Yahoo Finance. 2013. Personal Finance - Yahoo Finance. [online] Available at: http://finance.yahoo.com/personal-finance/ [Accessed: 12 Nov 2013].