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Introducing Personal Finance

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  1. Introducing Personal Finance Walt Woerheide

  2. Chapter 1

  3. Learning Objectives (part 1 of 2) • Define the six steps of the personal financial planning process • Describe the five strategies to managing one's finances • Identify the various types of financial planners and how they are compensated • Define what is meant by human capital

  4. Learning Objectives (part 2 of 2) • Describe how to select a job or a career • Find a job using the Internet • Decide among two or more job offers based on both salary and location

  5. The Six Steps of the Personal Financial Planning Process(part 1 of 2) • Define your current situation • Define where you want to go • Identify the barriers to getting where you want to go

  6. The Six Steps of the Personal Financial Planning Process(part 2 of 2) • Develop a written plan • Implement the plan • Regularly review and revise the plan

  7. Examples of the Miscues of Life (part 1 of 2) • Premature Death • Divorce • Health Problems • Unemployment

  8. Examples of the Miscues of Life (part 2 of 2) • Casualty and Theft Losses • Being Sued • Significant Investment Losses

  9. Five Strategies of Financial Planning • Annual Saver • Lifetime Saver • Annual Balanced • Lifetime Balanced • Lifetime Spending

  10. Who is a Financial Planner? (part 1 of 2) • Certified Financial Planner ™ (CFP) • Chartered Financial Consultant (ChFC) • Certified Public Account with a specialization in financial planning (CPA)

  11. Who is a Financial Planner? (part 2 of 2) • Lawyer • Insurance Agent (Chartered Life Underwriter (CLU)) • Stockbroker

  12. How are financial planners paid? • Fee based • Commission based • Combination fee & commission

  13. What questions should one ask a financial planner?(part 1 of 2) • What experience do you have? • What are your qualifications? • What services do you offer? • What is your approach to financial planning? • Will you be the only person working with me?

  14. What questions should one ask a financial planner?(part 2 of 2) • How will I pay for your services? • How much do you typically charge? • Could anyone besides me benefit from your recommendations? • Have you ever been publicly disciplined for any unlawful or unethical actions in your professional career? • Can I have it in writing?

  15. What is human capital? • The ability of the individual to generate income from work-related activities. • For many people, and particularly college students and recent graduates, it is their largest single asset. • It is expensive to acquire (in most cases), and has unusually high rates of return.

  16. Using the Internet for Career Information and Job Opportunities(part 1 of 2) • Key trends in employment • Checking out salaries • Locating career fairs

  17. Using the Internet for Career Information and Job Opportunities(part 2 of 2) • Advertising one’s self • Cost-of-Living Comparisons • Internships and Coops

  18. How to find things on the Internet • Guess at the address (.org, .edu, .com, .gov) • If full address is defective, may have rearranged site (Lop off links one by one) • Search engines (www.altavista.com, www.yahoo.com) • Tricks to use with search engines (quotations, plus signs & minus signs)