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Future value tables simplify the process see Exhibit The future value of an amount will always be greater than the original amount. As Exhibit A shows, all the future value factors are larger than 1. Future value computations may be referred to as compounding, since interest is earned on previously earned interest.

Compounding allows the future value of a deposit to grow faster than it would if interest were paid only on the original deposit. The sooner you make deposits, the greater the future value will be.

An annuity is a series of equal deposits or payments. To determine the future value of equal yearly savings deposits, use Exhibit B. For this table to be used, the deposits must earn a constant interest rate. The Figure It Out box on this page presents examples of using future value to achieve financial goals. Most important: Start investing something now! Present value is the current value for a future amount based on a certain interest rate and a certain time period. Present value computations, also called discounting, allow you to determine how much to deposit now to obtain a desired total in the future.

Present value tables Exhibit C can be used to make the computations.

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The present value of the amount you want in the future will always be less than the future value. Note that all of the factors in Exhibit C are less than 1 and interest earned will increase the present value amount to the desired future amount. By using time value of money calculations, you can determine the amount you should save or invest to achieve a specific goal for the future.

Jonie Emerson has two children who will start college in 10 years. What amount can Jonie expect to have available for her children's college educations when they start college? If he earns an average of 8 percent on his investments, what amount must he invest each year to achieve this goal?

The formulas for calculating future and present values, as well as tables covering additional interest rates and time periods, are presented in the appendix to this chapter.

Computer programs and financial calculators may also be used for calculating time value of money. What is the relationship between current interest rates and financial opportunity costs? Using time value of money calculations, state one or more goals in terms of an annual savings amount and the future value of this savings objective. However, some are complex and have long-term effects on our personal and financial Implement a plan for making personal financial situations, as shown here: While everyone makes decisions, few people consider how to make better decisions.

As Exhibit shows, the financial planning process can be viewed as a six-step procedure that can be a adapted to any life situation. Preparing a list of current asset and debt balances and amounts spent for various items gives you a foundation for financial planning activities.

The personal financial statements discussed in Chapter 2 will provide the information needed in this phase of financial decision making. Carla Elliot plans to complete her college degree in the next two years. She works two part-time jobs in an effort to pay her educational expenses.

What additional information should Carla have available when planning her personal finances? STEP 2: The purpose of this analysis is to differentiate your needs from your wants. Specific financial goals are vital to financial planning. Others can suggest financial goals for you; however, you must decide which goals to pursue.

Your financial goals can range from spending all of your current income to developing an extensive savings and investment program for your future financial security. STEP 2 Example. The main financial goals of Carla Elliot for the next two years are to complete her college degree and to maintain or reduce the amounts owed.

What other goals might be appropriate for Carla? Describe some short-term or long-term goals that might be appropriate for your life situation. STEP 3: Although many factors will influence the available alternatives, possible courses of action usually fall into these categories:. For example, you may determine that the amount you have saved each month is still appropriate. You may decide to use a money market account instead of a regular savings account.

You may decide to use your monthly saving budget to pay off credit card debts. According to the National Endowment for Financial Education, 70 percent of major lottery winners end up with financial difficulties.

These winners often squander the funds awarded them, while others overspend and many end up declaring bankruptcy. Having more money does not automatically mean making better financial planning choices. Not all of these categories will apply to every decision; however, they do represent possible courses of action. For instance, most people believe they must own a car to get to work or school.

However, they should consider other alternatives such as public transportation, carpooling, renting a car, shared ownership of a car, or a company car. To achieve her goals, Carla Elliot has several options available.

She could reduce her spending, seek a higher-paying part-time job, or use her savings to pay off some of her debt. What additional alternatives might she consider? List various alternatives for achieving the financial goals you identified in the previous step. STEP 4: How will the ages of dependents affect your saving goals?

How do you like to spend leisure time? How will changes in interest rates affect your financial situation? For example, a decision to invest in stock may mean you cannot take a vacation. A decision to go to school full-time may mean you cannot work full-time.

These trade-offs cannot always be measured in dollars. However, the resources you give up money or time have a value that is lost. Selecting a college major and choosing a career field involve risk. What if you don't like working in this field or cannot obtain employment in it?

Focus on Personal Finances - Chapter 1

Other decisions involve a very low degree of risk, such as putting money in an insured savings account or downloading items that cost only a few dollars. Your chances of losing something of great value are low in these situations. In many financial decisions, identifying and evaluating risk are difficult. Common risks to consider include: The best way to consider risk is to gather information based on your experience and the experiences of others and to use financial planning information sources.

GlobalGiving is an online marketplace that connects potential donors to the causes in various countries. More than prescreened local, community-based projects may be viewed at www. In addition to this book, common sources available to help you with your financial decisions include 1 the Internet; 2 financial institutions, such as banks, credit unions, and investment companies; 3 media sources, such as newspapers, magazines, television, and radio; and 4 financial specialists, such as financial planners, insurance agents, investment advisers, credit counselors, lawyers, and tax preparers.

What risks and trade-offs should Carla consider? In your life, what types of risks might be encountered when planning and implementing various personal financial activities? Tactics for Surviving a Financial Crisis Financial uncertainty can affect every aspect of our society.

Everyone is concerned about the influence of weak economic prospects on personal financial actions. Most wise personal financial planning strategies advocated during strong economic times are equally valid during downturns. Fundamental personal economic decision making can serve individuals and households in all circumstances. For each of these recommended actions, consider an action you might take:. While you may be tempted to pay for various items with a credit card, make every attempt to resist that action.

Avoid additional debt in a time of economic uncertainty. Difficult times require difficult actions. Decide which budget items can be eliminated or reduced. This action will allow you to better control your short-term and long-term financial situation. Make sure your accounts in banks and credit unions are within the limits covered by federal deposit insurance.

While you may be tempted to reduce spending by reducing insurance costs, be sure you have adequate coverage for life, health, home, and motor vehicles. Savings can be gained by comparing various insurance companies.

People are desperate in poor economic times. Obtain complete information before taking action.

Talking about the economic difficulties and financial uncertainty can reduce personal and household anxiety. These discussions can have benefits for the present as well as preparing children for financial situations they will likely encounter in their lifetime. Involve them in decisions that might be necessary to reduce family spending.

Your ability to know and use wise personal finance strategies will serve you in every stage of your life and in every stage of the business cycle. For additional suggestions for personal financial actions in difficult times, consider these sources:. What to do now. STEP 5: For example, you can increase your savings by reducing your spending or by increasing your income through extra time on the job. If you are concerned about year-end tax payments, you may increase the amount withheld from each paycheck, file quarterly tax payments, or shelter current income in a tax-deferred retirement program.

To implement your financial action plan, you may need assistance from others. For example, you may use the services of an insurance agent to download property insurance or the services of an investment broker to download stocks, bonds, or mutual funds. Exhibit offers a framework for developing and implementing a financial plan, along with examples for several life situations.

Carla has decided to reduce her course load and work longer hours in an effort both to reduce her debt level and to increase the amount she has in savings.

What are the benefits and drawbacks of this choice? Describe the benefits and drawbacks of a financial situation you have encountered during the past year. STEP 6: You need to regularly assess your financial decisions. Changing personal, social, and economic factors may require more frequent assessments.

This too will pass. Same thing Mom told you when you flunked your first driver's-license test. In the meantime, talk it out. Ari Kiev, a psychiatrist, stock-trading coach and author of Mastering Trading Stress, suggests building a network of friends and meeting regularly.


Hire a facilitator to keep the conversation going. The outsider adds an element of objectivity—and makes the sessions less emotional. Plus, your concerns will get out into the open. If your worries stay locked up in your head, they can spin out of control.

Work it off. Dust off your running shoes or sign up for a yoga class. After all, none other than bond guru Bill Gross stays centered by practicing yoga five days a week. Interview information: One can also speak to the person in the similar fields and discuss the practical questions which could be asked in the interview. Also, the interviewee can prepare a list of question and our answers in that regard.

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Focus on Personal Finances - Chapter 1

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Asking a study question in a snap - just take a pic. Textbook Solutions. Looking for the textbook? We have solutions for your book! B CH1 CH1. A CH1. Step-by-step solution:.Describe some short-term or long-term goals that might be appropriate for your life situation. The Massachusetts Bay Colony issued the first paper money in the colonies that would later form the United States.

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Debase a currency for long enough, and you end up with dangerous deficits, debt-driven disasters, and eventually…delusional dictators. Making Financial Decisions 5. We are also living longer; over 80 percent of all Americans now living are expected to live past age PDF is a file format, Acrobat is the software to create or process such files. Objective 3 Every decision involves a trade-off with things given up. Opportunity cost refers to Money needed for major consumer downloads.

The people who www. Most wise personal financial planning strategies advocated during strong economic times are equally valid during downturns.