What do financial planning skills ultimately enable individuals to do?
Financial planning is important as it helps people: Understand and set goals for their money. Enjoy a better standard of living. Be prepared for emergencies.
Why is financial planning skills important?
Financial planning isn't just about investing; it's about what money can do for your confidence, security, and quality of life—such as the protection that life insurance offers or the peace of mind that an emergency fund can provide. Research also shows that planning supports sound money habits as well.
What is the most important part of financial planning?
The most important initial element in financial planning is Budgeting. Setting a budget is relatively easy; it is more difficult to stick to it! However, having the discipline to take the time and care to record and reconcile your expenditure in some way is what counts.
What is the main goal of financial planning quizlet?
The main goal of personal financial planning is managing your money to: achieve personal economic satisfaction. The Fed refers to: the Federal Reserve System.