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What is financial planning?
Weegy: In general usage, a financial plan is a series of steps or goals used by an individual or business, the progressive and cumulative attainment of which are designed to accomplish a financial goal or set of circumstances, e.g. [ elimination of debt, retirement preparedness, etc. This often includes a budget which organizes an individual's finances and sometimes includes a series of steps or specific goals for spending and saving future income. This plan allocates future income to various types of expenses, such as rent or utilities, and also reserves some income for short-term and long-term savings. A financial plan is sometimes referred to as an investment plan, but in personal finance a financial plan can focus on other specific areas such as risk management, estates, college, or retirement. ] (More)
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Asked 1/14/2013 8:41:18 AM
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What do you consider as your most important goal in your financial plan?
Weegy: The most important goal to me is staying out of debt. Creating a plan that actually works to keep me debt free. (More)
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Asked 1/14/2013 8:52:09 AM
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What role do you think changing economic conditions (inflation, interest rates, consumer spending) play in financial planning?
Weegy: Daily economic activities are another important influence on financial planning. In our society, the forces of supply and demand play an important role in setting prices. Economics is the study of how wealth is created and distributed. [ The economic environment includes various institutions, principally business, labor, and government, that must work together to satisfy our needs and wants. While various government agencies regulate financial activities, the Federal Reserve System, our nation’s central bank, has significant responsibility in our economy. The Fed, as it is called, is concerned with maintaining an adequate money supply. It achieves this by influencing borrowing, interest rates, and the buying or selling of government securities. The Fed attempts to make adequate funds available for consumer spending and business expansion while keeping interest rates and consumer prices at an appropriate level. GLOBAL INFLUENCES The global marketplace influences financial activities. Our economy is affected by both the financial activities of foreign investors and competition from foreign companies. American businesses compete against foreign companies for the spending dollars of American consumers. When the level of exports of U.S.-made goods is lower than the level of imported goods, more U.S. dollars leave the country than the dollar value of foreign currency coming into the United States. This reduces the funds available for domestic spending and investment. Also, if foreign companies decide not to invest their dollars in the United States, the domestic money supply is reduced. This reduced money supply may cause higher interest rates. ] (More)
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Asked 1/14/2013 9:09:29 AM
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