1) Setting goals is one of the steps of the financial planning process. Provide some examples of...

70.2K

Verified Solution

Question

Finance

1)
Setting goals is one of the steps of the financial planningprocess. Provide some examples of financial goals that may beimportant for a family.
Select one goal that is important to you and brieflydiscusses how this goal will influence your future financialplanning.
2)
Describe some common money management mistakes that can causelong-term financialconcerns.
Discuss how a budget might be changed if a household faced adecline in income. What spending areas might be reduced first?
Review your own personal spending over the past few months.Identify sources of “money leaks”. (A “money leak” can be definedas an “unbudgeted” expenditure - to include going beyond the budgetset for the item) .
Did the extent and/or category of the money leak surprise you?What might you do to control future money leaks?

Answer & Explanation Solved by verified expert

4.3 Ratings (581 Votes)

Ans i a Yes goal setting is very important and is the first process of financial planning Because without a goal you will not be able to do anything Some financial goals that may be important for a family 1 saving for a better future of children it includes studies marriage etc 2 To buy a car home or other luxury items can be a part of a financial goal 3 Plan for a holiday family trip can also be a part of the familys financial goal 4 Early retirement and to spend time with family b The one goal which will influence my financial planning is to pursue higher studies See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

1)Setting goals is one of the steps of the financial planningprocess. Provide some examples of financial goals that may beimportant for a family.Select one goal that is important to you and brieflydiscusses how this goal will influence your future financialplanning.2)Describe some common money management mistakes that can causelong-term financialconcerns. Discuss how a budget might be changed if a household faced adecline in income. What spending areas might be reduced first? Review your own personal spending over the past few months.Identify sources of “money leaks”. (A “money leak” can be definedas an “unbudgeted” expenditure - to include going beyond the budgetset for the item) .Did the extent and/or category of the money leak surprise you?What might you do to control future money leaks?