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Financial Planning Student Notes Feb 2015

Autor:   •  March 27, 2015  •  Creative Writing  •  638 Words (3 Pages)  •  527 Views

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Unit Goal: Identify successful money management techniques and create a budget and savings plan.

  • Financial planning: An ongoing process that can take you from where you are financially to where you want to be financially.

  • Spending Habits Activity

Spending/Saving Habit

Positive or Negative Habit

  • Spending log: A daily record of everything you spend money on and how much money you spend.
  • Goods: Touchable items
  • Services: Untouchable items
  • Goods & Services Activity

List 3 Goods you would like to Purchase

List 3 Services you would like to Purchase

  • Consumer: A person who purchases goods and services for the personal use.
  • Economy: The process or system by which goods and services are produced, sold, and bought in a country or region.

Economic conditions: The state of the economy at a given time.

  • Recession: A period of slow or no economic growth.
  • Inflation: Overall increase in the price of goods and services.
  • Need: Items a person must have in order to survive.
  • Want: Nonessential things a person would like to have.

Needs & Wants Activity

Needs

Wants

food

Expensive car

shelter

Extra clothes

money

New Shoes

  • Opportunity cost: Value of the option that were given up for another option.

Opportunity Cost Activity

If you choose Option #1 Your Opportunity Cost is..

If you choose Option #2 Your Opportunity Cost is..

Earned $175

Option #1: Save money for a trip with friends to NYC and a Broadway play.

Option #2: Buy a new cell phone

Give up the new cell phone.

Giving up the day with my friends to go to NYC to see the Broadway play.

Your ice cream business must reduce expenses

Option #1: decrease the manager’s overtime salary

Option #2: fire two part-time employees

The manager’s overtime salary is reduced.

Lose employees.

...

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