Question and answer
1. How can using personal financial planning tools help you improve your financial situation? Describe changes you can make in at least three areas.
We all make hundreds of decisions each day. Most of these decisions are quite simple and have few consequences. Some are complex and have long-term effects on our personal and financial situations. [ The financial planning process is a logical, six-step procedure: (1) determining your current financial situation (2) developing financial goals (3) identifying alternative courses of action (4)
evaluating alternatives (5) creating and implementing a financial action plan, and (6) reevaluating and revising the plan. Step 1: Determine Your Current Financial Situation In this first step of the financial planning process, you will determine your current financial situation with regard to income, savings, living expenses, and debts. Preparing a list of current asset and debt balances and amounts spent for various items gives you a foundation for financial planning activities. Step 2: Develop Financial Goals You should periodically analyze your financial values and goals. This involves identifying how you feel about money and why you feel that way. The purpose of this analysis is to differentiate your needs from your wants. Specific financial goals are vital to financial planning. Others can suggest financial goals for you; however, you must decide which goals to pursue. Your financial goals can range from spending all of your current income to developing an extensive savings and investment program for your future financial security. Read more at ]
Expert answered|Maribeth|Points 110|
Question
Asked 350 days ago|8/9/2013 7:09:36 AM
0 Answers/Comments
Ask a question
Not a good answer? Get an answer now. (Free)
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
Discuss the reasons for the changes in your goals and how you’ll need to adapt your financial plans as a result.
Weegy: Once your business is established and running well, you may be inclined to let things continue to run as they are. However, it's actually time to plan again. [ After the crucial early stages, you should regularly review your progress, identify how you can make the most of the market position you've established and decide where to take your business next. You will need to revisit and update your business plan with your new strategy in ... (More)
Question
All Categories|No Subcategories|Expert Answered
Asked 349 days ago|8/9/2013 7:55:01 AM
0 Answers/Comments
16,935,444 questions answered
Popular Conversations
Why do you think some teachers are better loved by students than ...
Weegy: I can totally relate to you because i have teachers who are my favorite and i treat her as my mom. [ Every time ...
7/24/2014 1:37:29 AM| 3 Answers
Find the equation of a line with the given points. (Put your answers ...
Weegy: The equation of a line with the points: (8, 1) (7, 9) is y = -8x + 65 User: Find the equation of a line with ...
7/24/2014 12:01:14 AM| 2 Answers
What had its roots in a computer networking system that the U.S. ...
Weegy: d. the Internet User: Clinton's first major initiative on_______________________ was unsucessful and failed ...
7/24/2014 7:16:31 AM| 2 Answers
Weegy Stuff
S
R
L
1
1
P
C
1
P
1
1
L
P
C
P
C
1
P
C
L
P
C
1
P
C
Points 2024 [Total 21024]| Ratings 1| Comments 2014| Invitations 0|Offline
S
L
P
C
P
C
1
L
P
C
L
P
C
P
C
P
C
Points 1917 [Total 17046]| Ratings 0| Comments 1917| Invitations 0|Offline
S
L
P
C
L
P
C
P
C
L
P
C
P
C
Points 1615 [Total 14170]| Ratings 1| Comments 1605| Invitations 0|Offline
S
L
1
Points 1433 [Total 3616]| Ratings 2| Comments 1413| Invitations 0|Offline
S
L
1
1
1
1
L
1
Points 1117 [Total 7294]| Ratings 2| Comments 1097| Invitations 0|Offline
S
1
L
Points 981 [Total 3117]| Ratings 6| Comments 921| Invitations 0|Offline
S
1
L
1
L
P
P
L
Points 888 [Total 10496]| Ratings 0| Comments 888| Invitations 0|Offline
S
1
L
Points 782 [Total 4458]| Ratings 2| Comments 762| Invitations 0|Online
S
P
C
L
P
L
1
Points 714 [Total 5768]| Ratings 4| Comments 674| Invitations 0|Offline
S
Points 263 [Total 411]| Ratings 2| Comments 243| Invitations 0|Offline
Home | Contact | Archive | Blog | About | Terms | Privacy | Social | ©2014 Purple Inc.