Friday, March 8, 2013
Financial Planning Exercises
1 - How can using personal financial planning tools help you improve your financial situation?
2 - Recommend three financial goals and related activities for someone in each of the following circumstances:
a. Senior in college
b. 32-year-old computer programmer who plans to earn an MBA degree
c. Couple in their 30s with two children, ages 5 and 9
d. Divorces 42-year-old man with a 15-year-old child and a 80-year-old father who is ill
3 - Evaluate the impact of age, education, and geographic location on personal income
4 - Nancy and bILL Thompson are preparing their 2013 cash budget. Help the Thompsons reconcile the following differences, giving reasons to support your answers.
a - their only sources of income is Bill's salary, which amounts to $5,000 a month before taxes, Nancy wants to show the $5,000 as their monthly income, whereas Bill argues that his take-home pay of $3,917 is the correct value to show.
b - Nancy wants to make a provision for fun money, an idea that Bill cannot understand. He asks, "Why do we need fun money when everything is provided for in the budget?"
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