Personal Finance is a class I’ve wanted to take for a while now. My major is Finance not because I want a career in finance but more to learn about finance for my own personal situation. This class taught me so much! During this class I was able to evaluate my financial situation and set financial goals for myself. The four topics that helped me the most were emergency savings, buying a car, purchasing a home, retirement, and estate planning. After completing this class I have a better understanding of these topics and how to achieve my financial goals.
Personal financial planning is important because it helps you prepare financially for the future. My first short-term financial goal is to have an 8-month emergency savings account. This class helped me understand the important steps needed to achieve my financial goals. “Successful financial planning requires specific goals combined with spending, saving, investing, and borrowing strategies based on your personal situation and various social and economic factors, especially inflation and interest rates” (Kapoor, Dlabay & Hughes, 2012). First I evaluated my spending habits. This allowed me to see where I was spending my money and how I could cut back my spending. I set up a budget for myself. Then I established specific and reasonable financial short term and long-term goals. After establishing my goals I researched different ways to best achieve these goals.
Consumer Purchasing. Buying a car is one of the few largest purchases most people will make in life. This is my next financial goal. Following the steps mention in chapter 8 can help consumers make an educated purchase. These steps include pre-shopping, consider the alte...
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... death benefit”(Tannahill, 2012). The last pillared is retirement choices. This process helps evaluate the desired lifestyle want in retirement like when to begin retirement & will you continue to work in retirement. Planning retirement is very important to ensure you are financial secure when you become too old to work.
Personal Finance has taught me very valuable information that I can apply to my own financial situation. I understand the importance of an emergency fund. When purchasing a home and car I will feel more comfortable and knowledgeable of the process. Also I understand how having an estate plan can help my family during tragic events. Finally I have learned many different retirement options like IRAs, annuities, mutual funds, and life insurance. After completing this class I can apply this knowledge to my life to achieve my financial goals.
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