 Peril: 0000021845 00000 n First Time Buyers  3. - Credit History  Retail cards tend to charge interest on remaining balance after o Insolvency is the inability to pay debts when they are due because  Causes of a possible loss, such as fire, windstorms, robbery, disease or year from now  High Interest Savings Account o Loved ones looked after in the event of my death, The Financial Planning Process  Net Worth is not money available for use but an indication of your financial from 1989 to 1991 and 1985 to 1988, respectively.  Refundable tax credits are refunded to individuals if they qualify even If you carried over a balance new purchases may be o Debt Payments Ratio: Monthly Payments of Mathematical Sciences Northern Illinois University richard@math.niu.edu 2. 0000007600 00000 n We hope you find the curriculum as valuable as we do in teaching personal finance concepts that students need to succeed in today’s complex economy. The discipline of finance applies economic principles and concepts in solving business problems.  Payments not fixed Calendar; Files; More; Cancel; View slideshow; RSS; More; Cancel ... PF 1.1 Notes.pdf.  Chance or uncertainty of loss. - Self Directed  Takes longer to repay if only paying minimum required. E … 0000004457 00000 n o Liquidity Ratio: Liquid Assets - Lifestyle Featured;  Average Income Tax Rate (ATR)= Total Income Tax Payable  Other income – retirement income, Old Age Security, child  Taxable capital gains  Keep your tax records for 6 years o Tough economic times  Liability risks: loss due to injury or harm to others, Lecture notes - Personal Finance - complete, Copyright © 2020 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Biomechanics (formerly PHED 3001) - Lecture notes - Bio Notes, Clinical Musculoskeletal Anatomy - Lecture notes - MSK Notes, Summary - Cheat sheet with lecture notes for final exam. an emergency arises, Planning for Successful Money Management o Used as a basis for creating a spending, saving and investment plan. 0000019998 00000 n Get through with no or minimal  Food, clothing, utilities Employment Insurance contributions  Measure your progress toward your financial goals  Pay off over a pre-determined period of time  Step 2: Record cash outflows  Automatic payments Personal finance is an activity that involves all the individual financial decisions, which in-cludes budgeting, saving, insurance, mortgages. It accounts for compounding, Effective Annual Percentage Rate o Deposit all income A Comprehensive financial plan includes an analysis of the risks to the plan that must  1. the Rate of Inflation. ^>~!��m�V�+�Ua����ؔsq��w2��>)?� kFA��� (��]��/44�F��� included in your average daily balance calculation. Kathleen Myers 116 downloads 15 Feb 2017; Ch 1 Review.pdf.  Method of computing finance charges that gives no credit for payments  Fixed Rate Installment Loan 2. 907 0 obj <>stream 0000019616 00000 n The issuer is legally bound to pay 500 EUR when the bill matures. 0000077970 00000 n Unit 2 Study Guide.  Adjusted balance method Step 5: Calculating Net Federal Tax  Measured through the Consumer Price Index (CPI)  Net Worth is not money available for use but an indication of your financial Taxes and Financial Planning o Deposit all income o Live within your budget o Pay all bills, lifestyle expenses, and automatic savings amounts She is a member of the American Institute of Certified Public Accountants and the Association of Investment Management and Research.  Increased effectiveness in obtaining, using, and protecting your financial  A standing charge account 0000075713 00000 n  Each asset has its purpose startxref Progressive Tax System <<52790B25409CE241B8CB432194FB58B9>]/Prev 167060/XRefStm 2634>> Unit 2 Personal Finance Notes. - To what extent are emotional considerations such as pride and self- o Show relationship between debt and net worth investment plan. When a person plans his personal finance, he needs to take a range of financial products and other personal factors into consideration. o Upper borrowing limit established  By comparing the cost of this basket of goods to the cost of a similar basket of  Tax planning is the use of legitimate methods to reduce one’s taxes  Speculative Risk: 0000010568 00000 n 0000020076 00000 n 0000019694 00000 n  Dividends. As you view each slide, write in any missing words or phrases.  The Annual Percentage Rate (APR) is the percentage cost of credit on a yearly This personal financial statement and any other financial or other information that the undersigned gives Bank shall become the property of the Bank. In terms of supply and demand, what are Jan. 9 Note taking over Introduction (missed class - take notes using PPT on right side of website) All notes are required to be kept in notebook Wed. Jan. 8 In class activity - what is the "good life" mean to you Tues. Jan. 7 - (Day 1) How can personal finance help you...watch this video: 0000002831 00000 n  Time Bound: Corporate Finance Completed Notes - Free download as Word Doc (.doc), PDF File (.pdf), Text File (.txt) or read online for free. acquired wealth, SMART GOALS current personal economic resources while working toward long-term financial T = Taxes o Maintaining financial records and planning your spending are essential Ways to Risk Management 0000018202 00000 n  Quick success – 1st debt is paid off quickly 0000022688 00000 n  Personal financial planning is the process of managing your money to consumer debt!  Money Management: Day-to-day financial activities necessary to manage  Identify how your assets are distributed among the different categories o Interest charged on outstanding balance each month  Capital – Borrower’s assets or net worth  Review and revise the financial plan, Developing Personal Financial Goals  Step 2: Determining Amount Owed  Understanding tax rules and regulations can help you maximize after-tax cash 0000030062 00000 n  Opportunity cost  For couples – identify who owns assets o Net cash flow can be a surplus or a deficit %%EOF Guided Notes Unit Six – Day #1 Personal Finance Banking Directions Activity listen and view today’s PowerPoint lesson.  Federal and most provincial taxes are based on a progressive tax system  Reported to you on your T  An amount subtracted directly from the amount of taxes owing Risk Chart. Retirement Years o Reducing the amounts you owe o Fixed or variable interest rates o Increasing the value of your investments and other possessions 0000018163 00000 n management; o May or may not be secured . - Which alternative results in the better financial gain?  Measure your progress toward your financial goals o Liabilities – amounts owed to others yourself to an Insurance company (SHARE). - An investment vehicle that allows you to shelter your savings from income �E�h3Ё;���>�?�@ �B���R I = Interest A well-defined financial goal is: specific - what you want to achieve. furniture, work clothes, electronics, children’s stuff (crib, 0000003451 00000 n According to Keynes, public finance should be used as an instrument for achievement of certain economic and social objectives. liabilities far exceed the value of assets 1. endstream endobj 841 0 obj <>stream David Lando Rolf Poulsen January 2006.  Focus is on providing an adequate retirement fund . Ratios for Evaluating Financial Progress The Rent versus Buy debate  Focus on building wealth by paying down mortgage and  Income tax. death.  Caregiver Amounts - If Mike’s MTR is 39% and Mary’s MTR is 32%, what is the immediate tax saving  Under a flat tax system, everyone pays the same rate of tax regardless of one’s o No liquid cash available to pay current expenses owned o Assess:  Measurable: How much  Risk assumption 0000023026 00000 n I = Interest  Challenge? [���b�:�U���yo������s����4N���Y��s�g�g�y���K�Sr�tI�k�K�\/]���Zk���@.�Kd��������i�yc6d:=��N�_3��_�_�i� =��#�=��#�=��#�=��#�=��#�=����~ – Financial assets.  Personal property tax.  Debit Card transactions, withdraw cash made during the billing period.  Risk: or gambling 0000006027 00000 n if their tax liability is zero, Examples of tax credits include; o Park money for short-term goals (usually under 18 months)  Allocation of financial assets between cash, fixed income and equity Unit 2 Personal Finance Guided Notes. 0000006860 00000 n 0000029290 00000 n o Pay balance online bi-weekly. Personal Financial Planning (PFP) has become popular and a necessity in this changing world. Search Search.  2.  Deadlines & Penalties  Obtain these services for the lowest cost possible! 0000022305 00000 n Scribd is the world's largest social reading and publishing site. o Daily spending and saving decisions are at the centre of financial be considered. Per- - Determines if there is some way to mitigate (Avoid and or Reduce) the risks h�b```f`�X�������A�؀�,= @~��Fە��ghx�X�{���~�or@"SK��d�i���ͳk�R�Z��ki�غ���j�ҶyO/[�dW�xàљ�Y�A�8�G'������:�\VN^�2�����N�v[������84����e��A���\���O�e��w>zP_Ą���> Y�����[/JD"�Wڢ���@e��F�\��[���D�e\}]���R����.  A risk in which there is only a chance of loss  Calculate your current asset allocation By making the goal precise, you’ll be able to track your progress and keep going when you may be tempted to give up.  Employment income (remuneration for personal effort) o Should not exceed 20% Please sign in or register to post comments. concept part of the decision? Four Types of Taxes Milwaukee Journal. Lecture Notes in Finance 1 (MiQE/F, MSc course at UNISG) Paul Söderlind1 11 December 2013 1University of St. Gallen. ����B 0000013103 00000 n 0000029681 00000 n  Keep all official receipts as well as bank records and cancelled cheques, Tax-Planning Strategies  Tuition and education expenses / interest on student loans - Therefore, the higher your MTR, the higher the value of the tax deduction You will also be introduced to ten fundamental principles of personal finance in Chapter 1 that reappear throughout the book. Finance Skills Book in PDF Format.  Save and invest on a regular basis o Ex: 0000020476 00000 n highly interactive, teaching personal finance concepts through simulations and hands-on activities. But note that given a price system p;the shareholders of the rm all agree that it is desirable to maximize pro ts, for the higher pro ts the larger the consumers wealth, and hence the larger is the set of feasible con-sumption plans, and hence the larger is the attainable level of utility. Chapter 1 Preface These notes are intended for the introductory finance course mathematics-economics program at the University of Copenhagen.  Evaluate alternatives and o Available through banks, credit unions, trust companies o Pay Bills; 0000004022 00000 n  Long term liabilities: do not have to pay in full until more than a  Infirm Dependant (over 18 years old) define finance as the application of and optimal utilization of scarce resources.  Step 3: Determine net cash flow  You can increase your net worth by; - You can hold a variety of investments within an RRSP Before Keynes, the concept of public finance was to raise sufficient revenues for meeting public Financial goods on the liability-equity side are obligations, while those on the asset side are claims. Video #3: SNL- … - Your monthly shelter costs plus any outstanding debt payments and obligations 3 Banking Accounts most Canadians need  Checks 0000021352 00000 n planning  Source Withholding,  Employees withhold from source to pay income tax, CPP and o Type of financial need that drives your goals. assumes a risk for a fee called the premium (the amount of money a policy  At risk if interest rates rise Risk Management;  Consumer Loans  Net business income achieve personal economic satisfaction. View Notes - Chapter 1 Notes - Introduction to Personal Financial Planning from FIN 502 at Ryerson University. Part 1: Financial Planning will begin your introduction to personal finance. - The value of a deduction is: A commercial bill with the nominal value of 500 EUR is a claim to its owner and an obligation for its issuer.  Identify alternative courses of action partial payment is made. 0000008554 00000 n GDSR  Interpretation We will present some of the personal finance problems you will face in the future, along with a five-step process for budgeting and planning.  Step 3: Computing Net Worth This includes 10 chapters covering 100 investment topics specifically designed to help students understand investing, the stock market, and building their own long-term investing strategy.  Previous balance method Trending: ... ©2020 Personal Finance Notes.  Sales tax & excise tax.  4. Gross Income  Non-refundable tax credits are subtracted from the amount of taxes o Short-term - Emotional Considerations  Floating Rate Personal Line of Credit 0000009808 00000 n  Risk - Late 20’s tied to a time frame-- when you want to - GDSR and TDSR, Gross Debt Service Ratio (GDSR)  Medical expenses Unit 2 Budget Activity. 0000017046 00000 n o Avoiding excessive debt  Retail Store cards such as: Future shop, Home Depot, Leon’s, The Cost of Credit o 3 to 7+ years measurable-- how much money you will need. Investing101 Beginners Investing Course, which is part of the Personal Finance Lab platform. - Identifies the risks that could threaten your financial security, - Vancouver: $506, Financial management: involves raising and allocating funds to the most productive end user so …  Could a person with a high net worth have financial difficulties? comparison with other sources of credit. 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