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PFIN 3rd Edition by Lawrence Gitman,Michael Joehnk,Randall Billingsley
Edition 3ISBN: 978-1285082578PFIN 3rd Edition by Lawrence Gitman,Michael Joehnk,Randall Billingsley
Edition 3ISBN: 978-1285082578 Exercise 1
Recommend three financial goals and related activities for someone in each of the following circumstances:
a. A Junior in college
b. A 30-year-old computer programmer who plans to earn an MBA degree
c. A couple in their 30s with two children, ages 5 and 9
d. A divorced 42-year-old man with a 16-year-old child and a 72-year-old father who is ill
a. A Junior in college
b. A 30-year-old computer programmer who plans to earn an MBA degree
c. A couple in their 30s with two children, ages 5 and 9
d. A divorced 42-year-old man with a 16-year-old child and a 72-year-old father who is ill
Explanation
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Financial goals are the goals (or) results that an individual wants to attain. For example: buying of a home, construction of a building and achieving a financial independence. Personal financial planning will consider all the individual financial goals.
The financial goals and related activities of:
(a)
• Pay off the loans from all students within 3 years.
• Save $1,000 for two years to purchase a bike.
• Save money for rent 1 year to purchase laptop.
(b)
• Pay off all the loans before the MBA degree.
• Look for a feasible education loan for daily MBA
• Shift to a cheaper place to stay so as to save money.
(c)
• Begin to save for college for the children.
• Plan out insurance schemes
• Plan to save for a house.
(d)
• Plan for the college of the child
• Save to keep a maid to look after the father.
• Investing in avenues to get better returns.
The financial goals and related activities of:
(a)
• Pay off the loans from all students within 3 years.
• Save $1,000 for two years to purchase a bike.
• Save money for rent 1 year to purchase laptop.
(b)
• Pay off all the loans before the MBA degree.
• Look for a feasible education loan for daily MBA
• Shift to a cheaper place to stay so as to save money.
(c)
• Begin to save for college for the children.
• Plan out insurance schemes
• Plan to save for a house.
(d)
• Plan for the college of the child
• Save to keep a maid to look after the father.
• Investing in avenues to get better returns.
PFIN 3rd Edition by Lawrence Gitman,Michael Joehnk,Randall Billingsley
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