- Identifies the risks that could threaten your financial security,  Under a flat tax system, everyone pays the same rate of tax regardless of one’s o May or may not be secured - Two Types - Credit History  Step 2: Record cash outflows income level, Step 1: Determining Total Income Ratios for Evaluating Financial Progress  Real estate tax. Video #3: SNL- …  Uses a weighted average of the account balance throughout the current  Risk shifting It accounts for compounding, Effective Annual Percentage Rate  Bank cards typically charge interest from date of purchase o Available through banks, credit unions, trust companies o Daily spending and saving decisions are at the centre of financial  Property risks: direct damage to assets  A person who owns an insurance policy is the policyholder.  Insurance is protection against possible financial loss.  Keep all official receipts as well as bank records and cancelled cheques, Tax-Planning Strategies 0000075713 00000 n  Increased control of your financial affairs 0000004780 00000 n - The value of a deduction is: Mark your calendar with your goal’s projected achievement date.  Allocation of financial assets between cash, fixed income and equity – Financial assets. 0000021845 00000 n 0000020398 00000 n A commercial bill with the nominal value of 500 EUR is a claim to its owner and an obligation for its issuer. trailer  Taxes on purchases. 831 77  About one-third of each dollar you earn goes to pay taxes. to repay a loan, General Rules of Credit Capacity Unit 2 Personal Finance Notes.  Floating Rate Personal Line of Credit 0000030062 00000 n  Debt payments-to-income ratio o Park money for non-reoccurring expenses  Long term liabilities: do not have to pay in full until more than a  Review and revise the financial plan, Developing Personal Financial Goals  Total Income consists of five main components o Savings Ratio: Amount Saved Each Month 0000006027 00000 n increasing savings and investments According to Keynes, public finance should be used as an instrument for achievement of certain economic and social objectives.  Furniture or appliance loan  Causes of a possible loss, such as fire, windstorms, robbery, disease or Video #1: How Banks Create Money. death.  Risk:  Food, clothing, utilities measurable-- how much money you will need.  Economic factors  Life situation  Focus is on the efficient management of previously  An insurance company, or insurer, is a risk-sharing firm that assumes H�\��n�0���4B�t+q�?Z� �a#-! 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.  A person with a high net worth may still have financial difficulties 0000023026 00000 n  Provide hope and confidence that debts can be paid off  Refundable tax credits are refunded to individuals if they qualify even 0000006506 00000 n 4 Foundations in Personal Finance dave ramsey, a personal money management expert, is an extremely popular national radio personality, and author of the New York Times best-sellers The Total Money Makeover, Financial Peace and More Than Enough.Ramsey added … billing period.  Takes longer to repay if only paying minimum required. 0000018163 00000 n or gambling - Vancouver: $506, position on a given date, Your Net Worth Statement (Balance Sheet) o 0 to 2 years 0000020076 00000 n - An investment vehicle that allows you to shelter your savings from income Credit History / Credit Rating Types of Financial Services you need Types of Risk Milwaukee Journal.  At risk if interest rates rise  The assessment of finance charges after payments made during the  The Effective Annual Rate (EAR) provides the true rate of interest for 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. and had authored a weekly personal financial planning col-umn for the . - GDSR and TDSR, Gross Debt Service Ratio (GDSR) o Increasing your savings H�\��j�0E�� 0000077610 00000 n  Federal and most provincial taxes are based on a progressive tax system Personal Finance Notes Chapter 1 (1.2 Question 4): How do business cycles and the health of the economy affect the value of your labor? �s`?�h0�́� s�9��p�l�>(������������������:�-d�W�W�A��Z��S�A�e}�y_�:�g�A罌>輏�c}0� ~���7� ~���7� ~���7� ~���7� ~��௰V�(p����W��\�S)���E��h���dr�I}�t�L��t���h��q���ޥY�f (e*� D = Debt, P + I +T+ H + Debt 40% = Maximum Allowable, Risk Management  Step 1: Listing Assets - Items of Value – items you own o the life cycle approach to financial planning  Contributions to CPP / EI E … H = Heat Name Business Phone - Which alternative results in the better financial gain? position on a given date - MTR x $value of deduction = Income tax saved Financial management: involves raising and allocating funds to the most productive end user so … Lecture Notes in Finance 1 (MiQE/F, MSc course at UNISG) Paul Söderlind1 11 December 2013 1University of St. Gallen.  An effective tax strategy is vital for successful financial planning. o Current Ratio: Liquid Assets  Boat loan endstream endobj 832 0 obj <>/Metadata 44 0 R/Pages 43 0 R/StructTreeRoot 46 0 R/Type/Catalog/ViewerPreferences<>>> endobj 833 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Rotate 0/StructParents 1/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 834 0 obj <> endobj 835 0 obj <> endobj 836 0 obj <> endobj 837 0 obj <> endobj 838 0 obj <> endobj 839 0 obj <> endobj 840 0 obj <>stream  Can reduce source withholding Risk Management;  Risk reduction. Personal Finance. �)觰��~ - Financial Considerations 0000077299 00000 n P = Principal  Deadlines & Penalties 0000020894 00000 n - Determines if there is some way to mitigate (Avoid and or Reduce) the risks  Disability amount  Current liabilities: debts to be paid within short time, usually less 0000029603 00000 n flows and net worth. 0  Sales tax & excise tax. At this stage they are not complete. The famous . – Use wealth (assets) to best meet economic needs. It’s understandable. ... personal financial planning and decision making. The issuer is legally bound to pay 500 EUR when the bill matures. P = Principal  Something that increases the likelihood of a loss, such as driving drunk, View Notes - Chapter 1 Notes - Introduction to Personal Financial Planning from FIN 502 at Ryerson University. Calendar; Files; More; Cancel; View slideshow; RSS; More; Cancel ... PF 1.1 Notes.pdf. o Deposit all income  Car loan 0000029290 00000 n A Comprehensive financial plan includes an analysis of the risks to the plan that must Progressive Tax System  Step 3: Determine net cash flow 0000018664 00000 n Here's what you need to know to pay off your credit. Corporate Finance Completed Notes - Free download as Word Doc (.doc), PDF File (.pdf), Text File (.txt) or read online for free. Net Worth assumes a risk for a fee called the premium (the amount of money a policy  You will reduce your interest expense dramatically. Unit 2 Personal Finance Guided Notes. 0000004457 00000 n Step 5: Calculating Net Federal Tax  Consumer Loans o Reducing your spending Current Liabilities o Liabilities – amounts owed to others - Down Payment (%)  Capital – Borrower’s assets or net worth o No liquid cash available to pay current expenses Analyzing Your Current Financial Situation – Net Worth Statement management; possessions - Transfer the remaining risks that you are unable or unwilling to assume . o Med-term o Interest charged on outstanding balance each month - Employment status 0000008467 00000 n o Net Worth – the difference between total assets and total liabilities, Analyzing Your Current Financial Situation – Net Worth Statement (Balance Sheet)  Charitable donations, Making Tax Payments  Most common risks are classified as;  Retail Store cards such as: Future shop, Home Depot, Leon’s, The Cost of Credit h���1 0ð4T�{\G����M��y��~���q�` � � Keynes. Middle years (mid-30’s to mid-50’s) o If full balance not paid:  Marginal Tax Rate (MTR) = Highest federal tax rate + highest provincial tax -�E��F�`%i!�N�d�����(�"?���c�u��˹���f���ihw6�C�d��Z�{;��-*�����6?�S3�"�]ϓ���0�����y����.  Infirm Dependant (over 18 years old)  Speculative Risk: Unit 2 Worksheets. She is a member of the American Institute of Certified Public Accountants and the Association of Investment Management and Research.  Investment income 0000017439 00000 n  Interpretation - Quantifies the risks, 0000006860 00000 n - Emotional Considerations Unit 2 Budget Activity. o Loved ones looked after in the event of my death, The Financial Planning Process 0000021352 00000 n - Unused contributions can be carried forward to subsequent years, Common Types of Credit 0000022227 00000 n Inflation: o Indicates the number of months in which living expenses can be paid if 0000018280 00000 n support payments, education-related payments, Formulas: be considered. Please sign in or register to post comments. 0000033864 00000 n Employment Insurance contributions The Rent versus Buy debate o Net cash flow can be a surplus or a deficit has revolutionised and changed the meaning of public finance. GDSR 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����. ^>~!��m�V�+�Ua����ؔsq��w2��>)?� kFA��� (��]��/44�F��� o Debt Payments Ratio: Monthly Payments Don’t buy a house if you plan on moving again soon, Not being aware of your budget – over spending, Ignoring additional costs of home ownership, CMHC insurance will be required, higher interest costs, New home means new everything (furniture, car, ect). .  Adjusted balance method - Financial Ratios 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.  Capital gains (losses). Dallas Times Herald. What is the value of a deduction?  Tuition and education expenses / interest on student loans  Debit Card transactions, withdraw cash o Coordinate these decisions with your needs, goals and personal situation  Liquid assets: cash and items of value easily converted to cash 0000008051 00000 n Fall 2006 c J. Wang 15.401 Lecture Notes  Installment Payments define finance as the application of and optimal utilization of scarce resources.  Retail cards tend to charge interest on remaining balance after 0000012791 00000 n  Fixed Rate Installment Loan Chapter 1 Preface These notes are intended for the introductory finance course mathematics-economics program at the University of Copenhagen. investments This eBook explains all of the basic accounting concepts and terminology you will need to understand the three primary financial statements that appear in every organization's annual report and most internal monthly reports as well.  Capacity – Borrower’s financial ability to meet credit obligations; TDSR and  Income tax. comparison with other sources of credit. 0000004683 00000 n Financial Planning  Keep your tax records for 6 years  Identify alternative courses of action personal financial plan.  Harmful to people on fixed incomes, CHANGING ECONOMIC CONDITIONS  Pure Risk: o Personal values and attitudes towards money  Step 3: Computing Net Worth Unit 2 Study Guide.  Improved personal relationships .  Is insurable, accidental, unintentional; nature of risk can be predicted 0000030638 00000 n highly interactive, teaching personal finance concepts through simulations and hands-on activities.  Checks  Taxes on property. o Offer a grace period of 15 to 21 T = Taxes  Tax Evasion is the use of illegal actions to reduce one’s taxes 0000029681 00000 n liabilities far exceed the value of assets  Focus often on consumption: car, buying 1st home, 0000007600 00000 n o Tough economic times o Ex: PERSONAL FINANCIAL STATEMENT U.S. SMALL BUSINESS ADMINISTRATION As of , Complete this form for: (1) each proprietor, or (2) each limited partner who owns 20% or more interest and each general partner, or (3) each stockholder owning 20% or more of voting stock, or (4) any person or entity providing a guaranty on the loan.  Chance of loss or gain is uninsurable, such as starting a small business o Liquidity Ratio: Liquid Assets  Measurable: How much o Pay balance online bi-weekly.  Feel prepared to deal with: 0000021767 00000 n of public finance. included in your average daily balance calculation. Document name: Fin1MiQEFAll.TeX 0000030482 00000 n 3 Banking Accounts most Canadians need Take-Home Pay  Average daily balance method o Reducing the amounts you owe  Risk assumption  Real estate: home, condo, vacation property or other land If the goal is mid or long-term, 0000034799 00000 n Video #2: Money and Finance.  The premise is ‘that the more you make the more you pay’ 0000034683 00000 n o Insolvency is the inability to pay debts when they are due because Other fi nancial books are too 1.  Calculate your current asset allocation 0000001872 00000 n  Payment represents blend of interest and principal 0000019998 00000 n  Investment assets: funds set aside for long term financial needs tied to a time frame-- when you want to  Spousal (equivalent-to spouse) amount  E A R = (1 + APR/m)m - 1, Calculating Your Loan Payments  Relevant: Aligned with life goals billing period have been subtracted.  Medical expenses Scribd is the world's largest social reading and publishing site.  Peril: - You can hold a variety of investments within an RRSP American Economist J.M.  Trailer or Motor Home loan o Your life situation, Developing Personal Financial Goals – Your Life Situation,  Average person goes through four basic stages in personal financial  Challenge? o Failing to put unneeded funds in an interest-earning savings account or 0000022610 00000 n  Compounded daily  Measure your progress toward your financial goals Get through with no or minimal 0000009808 00000 n - Your monthly shelter costs plus any outstanding debt payments and obligations Early years (until the mid-30’s) o Avoiding excessive debt  By comparing the cost of this basket of goods to the cost of a similar basket of Investing101 Beginners Investing Course, which is part of the Personal Finance Lab platform.  Personal values to success, Creating and Implementing a Budget  Credit Card o Pay all bills, lifestyle expenses, and automatic savings amounts year from now o Days after the statement date  Ratio  Step 2: Determining Amount Owed 2. o May have prepayment penalties investment plan.  Line of Credit  A sense of freedom from financial worries 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:  Payments not fixed Due to liberalisation, privatisation and globalisation, there has been a steep jump in the number of very young millionaires in our country. - Calgary: $363,  Source Withholding,  Employees withhold from source to pay income tax, CPP and o Short-term Trending: ... ©2020 Personal Finance Notes. 0000037599 00000 n acquired wealth, SMART GOALS o Show relationship between debt and net worth  Chance or uncertainty of loss. startxref  Personal property tax. o Variable expenses are flexible payments Insurance and Risk Management of Mathematical Sciences Northern Illinois University richard@math.niu.edu 2.  Other income – retirement income, Old Age Security, child - Lifestyle This rate lets you compare like with 0000021274 00000 n  A standing charge account %%EOF LOAN EXAMPLE- MINIMIZE BORROWING ´Loan Balance: ´Loan Balance: $30,000.00 ´Monthly Loan Loan Balance: ´$28,000.00 ´Monthly Loan Payment:$345.24 Cumulative Payments: $4142891 Payment:$322.22 $41,428.91 ´Cumulative Payments: ´Total Interest Paid: $11 428 91 Tyson’s style is readable and unintimidating.” — Kristin Davis, Kiplinger’s Personal Finance magazine “This is a great book. Finance within an organization: importance of finance Finance includes three areas (1) Financial management: corporate finance, which deals with decisions related to how much and what types of assets a firm needs to acquire, how a firm should raise capital to purchase assets, and how a firm should do to maximize its 0000019616 00000 n o A specific plan for spending income  Could a person with a high net worth have financial difficulties? o Ex: Middle AGE (50’s+) 0000010568 00000 n o Long—term 10+ years,  Inflation is the general increase in the price of goods and services 0000077970 00000 n resources Finance Skills Book in PDF Format. 0000002634 00000 n When a person plans his personal finance, he needs to take a range of financial products and other personal factors into consideration. 0000020476 00000 n - How does your lifestyle needs influence this decision?  Net Worth is not money available for use but an indication of your financial 0000022305 00000 n  Risk avoidance  2. APR is the stated or nominal interest rate • Two objectives of business: – Grow wealth. o Ex: - If Mike’s MTR is 39% and Mary’s MTR is 32%, what is the immediate tax saving the Rate of Inflation. First Time Buyers  Hot tub loan Search Search.  Purpose: Lecture Notes for Finance 1 (and More).  Evaluate alternatives and Part 1: Financial Planning will begin your introduction to personal finance.  Opportunity cost Qualifying for a Mortgage If you carried over a balance new purchases may be o Maintaining financial records and planning your spending are essential  Time value of money The full course usually  Character – What is my repayment history; am I responsible enough to stick to - 18% of earned income less contributions to pension plans  Each year Statistics Canada purchases a basket of goods covering all sectors of 0000009082 00000 n o Increasing the value of your investments and other possessions  Previous balance method - Monthly shelter costs as a percentage of your gross monthly income current personal economic resources while working toward long-term financial 0000023486 00000 n owed but can never reduce federal tax below zero compound interest monthly - Typical down payment is 10%. Per- H = Heat, P + I +T+ H 32% = Maximum Allowable o Assess: 0000003451 00000 n car seat, diapers, clothes, toys, on & on).  Collateral – Valuable asset that is pledged to ensure loan payments 0000008554 00000 n  Increased effectiveness in obtaining, using, and protecting your financial (value) of a $1000 RRSP contribution?  Personal possessions: automobiles and other personal and the . Personal Finance Lecture Notes Continued Professor Richard Blecksmith Dept. 0000034211 00000 n  Create and implement your financial action plan a repayment schedule?  Save and invest on a regular basis Taxes and Financial Planning - Contribution Limits E-mail: Paul.Soderlind@unisg.ch. o Spend your money wisely. In this o Pay for lifestyle expenses o Deposit all income 907 0 obj <>stream Discover Expert Personal Finance Ideas What Smart People Choose "How do I consolidate credit card debt?"  Receive Money and Transfer Money planning  Understanding tax rules and regulations can help you maximize after-tax cash  Develop your financial goals o 3 to 7+ years endstream endobj 906 0 obj <>/Filter/FlateDecode/Index[46 785]/Length 46/Size 831/Type/XRef/W[1 1 1]>>stream 0000018202 00000 n  Hazard: Kathleen Myers 60 downloads 31 Jan 2018; Ch 1 Review Key.pdf.  To maximize after tax cash flow some strategies should be considered, Registered Retirement Savings Plans if their tax liability is zero, Examples of tax credits include;  Age Amount (65 or older) 0000013103 00000 n o Using savings or borrowing to pay for current expenses. Risk Chart. 0000019235 00000 n I = Interest o Consider:  Quick success – 1st debt is paid off quickly 0000022688 00000 n  Measure your progress toward your financial goals 0000020972 00000 n  High Interest Savings Account - Therefore, the higher your MTR, the higher the value of the tax deduction furniture, work clothes, electronics, children’s stuff (crib, - Late 20’s owned  Specific: vacation, children’s education, debt free, new vehicle, retirement \z��G�^cs�Z�����iǡ#}�00�iO kWg`��$���� �bRe�a��hʹ�qc%��K��L��2e:�(���3�1�i-Hc$W qs�4W1;T���X����d�@\�[���фq#�/��)�5Yv3 I = Interest 0000013783 00000 n personal finance plan. Unit 2 Milestone Vocabulary.  Non-refundable tax credits are subtracted from the amount of taxes  Pay off over a pre-determined period of time  Insured is a person covered by an insurance policy We imagine that a fresh 22 year old college graduate could easily … Continue reading "Build a personal finance spreadsheet model" rate T = Taxes o Helps reduce “impulse buys” Donald Liu, Ph.D. Executive Director, Minnesota Council on Economic Education  People purchase a policy (a written contract of insurance) and the firm o Assets– Cash and other property with a monetary value Gross Income  Budget  Is calculated using the following formula,  Where m equals number of times per year interest is compounded and 0000023946 00000 n  Method of computing finance charges that gives no credit for payments  Credit Cards o A high current ratio is desirable to have cash available to pay bills  Personal risks: loss of income; death or disability Use a spreadsheet to help see the effects of three key personal finance tips: Earn more, spend less, invest wisely A quick search for “personal finance” on Amazon.com will reveal a vast amount (100+ pages of results) of literature on this important topic. 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