Name: Date: Personal Data Purpose: To provide quick reference for vital household data. Instructions: Provide the personal and financial data requested below. 1 Suggested Web sites: www.money.com www.kiplinger.com Name Birth Date Marital Status Address Personal Financial Planner Phone e-mail Social Security no. Driver's license no. Place of employment Address Phone Position Length of service Checking acct. no. Financial institution Address Phone Dependent Data Name Birth Date Relationship Social Security no. What's Next for your Personal Financial Plan? * Identify financial planning experts(insurance agent, banker, investment adviser, tax preparer, others) you might contact for financial planning information or assistance. * Discuss with other household members various financial planning priorities. Name: Date: Financial Institutions and Advisers Purpose: To create a directory of personal financial institutions and financial planning professionals. Instructions: Supply the information required in the spaces provided. 2 Suggested Web sites: www.quicken.com www.bankrate.com Attorney Tax Preparer Name Name Address Firm Address Phone Fax Phone e-mail Fax Personal Financial Planner e-mail Primary Financial Institution Insurance (Life/Health) Name Name Address Company Address Phone Fax Phone Checking acct. no. Fax Saving acct. no. e-mail Loan no. Policy no. Insurance (Home/Auto) Investment Broker Name Name Company Address Address Phone Phone Fax Fax e-mail Policy no. Acct. no. e-mail Credit Card 1 Real Estate Agent Name Name Address Company Address Phone Fax Phone Acct. no. Fax Exp. Date e-mail Limit Credit Card 2 Investment Company Issuer Name Address Address Phone Phone Fax Fax Acct. no. Acct. no. Exp. Date e-mail Limit Web site What's Next for your Personal Financial Plan? * Talk to various personal and professional contacts to determine factors to consider when selecting various financial planning advisers. * Identify additional financial planning contacts that you might consider using in the future. Name: Date: Setting Personal Financial Goals Purpose: To identify personal financial goals and create an action plan. Instructions: Based on personal and household needs and values, identify specific goals that require action. 3 Suggested Web sites: www.financialplan.about.com www.moneycentral.msn.com Short-Term Monetary Goals (less than two years) Months to Description Amount needed achieve Action to be taken Priority Example : pay off credit card debt $850 12 Use money from pay raise High Personal Financial Planner Intermediate and Long-term Monetary Goals Months to Description Amount needed achieve Action to be taken Priority Nonmonetary Goals Description Time frame Action to be taken Example: set up file for personal financial records Next 2-3 months . Locate personal and financial records and documents. and documents . Set up file for various spending, saving, borrowing categories. What's Next for your Personal Financial Plan? * Based on various financial goals, calculate the savings deposits necessary to achieve those goals. * Analyze current economic trends that might influence various saving, spending, investing and borrowing decisions. Name: Date: Monitoring Current Economic Conditions Purpose: To monitor selected economic indicators that might influence your saving, investing, spending, and borrowing decisions. Instructions: Using the Wall Street Journal , Internet searches, or other sources of economic informaiton, obtain current data 4 for various economic factors. Suggested Web sites: www.bls.gov www.federalreserve.gov Economic factor Recent trends Possible Influences on Financial Planning decisions Example : Mortgage rates Decline in mortgage rates .Consider buying a home. .Consider refinancing an existing mortgage. Personal Financial Planner Interest rates Consumer prices Other: Other: Other: Other: Other: Other: Other: Other: What's Next for your Personal Financial Plan? * Determine the economic factors that could affect your personal financial decisions in the next few years. * Identify actions to take as a result of various current economic trends. Name: Date: Time Value of Money Calculations Purpose: To calculate future and present value amounts related to financial planning decisions. Instructions: Use a calculator or future/present value tables to compute the time value of money. 5 Suggested Web sites: www.dinkytown.net www.kiplinger.com/tools Future Value of a Single Amount * to determine future value of a single amount Personal Financial Planner current future future value * to determine interest lost when cash purchase is made amount times value factor equals amount (Use Exhibit 1-A in Chapter 1 Appendix) $0.00 X 0.0000 = $0.00 Future Value of a Series of Deposits future * to determine future value of regular savings deposits regular value of deposit annuity future value * to determine future value of regular retirement deposits amount times factor equals amount (Use Exhibit 1-B in Chapter 1 Appendix) $0.00 X 0.0000 = $0.00 Present Value of a Single Amount future * to determine an amount to be deposited now that will grow amount present present value to desired amount desired times value factor equals amount (Use Exhibit 1-C in Chapter 1 Appendix) $0.00 X 0.0000 = $0.00 Present Value of a Series of Deposits regular present amount to value of * to determine an amount that can be withdrawn on regular be annuity present value basis withdrawn times factor equals amount (Use Exhibit 1-A in Chapter 1 Appendix) $0.00 X 0.0000 = $0.00 What's Next for your Personal Financial Plan? * Identify various financial goals that require time value of money calculations. * Research current interest rates to determine a rate that you might use when calculating time value of money for various personal financial goals.
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