midterm study guid

• 1)Analyze Your Current Financial Position 2)Develop Short-Term and Long-Term Financial Goals
• 3)Identify and Evaluate Alternative Strategies for Achieving Your Goals 4)Implement a Plan for Achieving Your Goals 5)Regularly Re-evaluate and Revise Your Plan

• Changing Needs Over the Life Cycle, Values
• and Attitudes, Life Situation, General Economic Conditions

o    Making Reasonable Assumptions

o    Applying Marginal Reasoning

o    Considering Opportunity Costs

      Using Sensitivity Analysis

• 1) Collecting and Organizing Your
• Financial Information

o    Why You Need to Save Bills and Documents

o    How Long You Should Save Documents

• o    Where You Should Keep
• Documents

2) Using Personal Financial Statements

• o    Preparing a Personal
• Balance Sheet

• o    Valuing Your Assets
• and Debts

Calculating Your Net Worth

o    Checking Accounts

o    Savings Accounts

o    Savings Alternatives

• o    Other Cash Management
• Products and Services

Evaluating Your Options