Create an account
Balance Sheet (Statement of Net Worth)
A summary of one's financial conditions (assets and liabilities and net worth)
The process of considering and analyzing information related to personal and financial goals to determine an action plan
Decision Making Steps
Consist of 1. Identifying the goal, 2. Gathering information, 3. Analyzing outcomes, 4. Examining alternatives, 5. Making a decision, and 6. Evaluating results
The willingness to give up something you want now in return for something better later
Financial Planning Process
The process of defining goals, developing a plan to achieve them, and putting the plan into action
Financial Planning Steps
Consist of 1. Setting goals, 2. Analyzing information, 3. Creating a plan, 4. Implementing the plan and 5. Monitoring and modifying the plan
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