tailieunhanh - Lecture Focus on personal finance: An active approach to help you develop successful financial skills (2e) - Chapter 2
Chapter 2 - Money management skills. In this chapter, you will learn to: Identify the main components of wise money management, create a personal balance sheet and cash flow statement, develop and implement a personal budget, connect money management activities with saving for personal financial goals. | 2 Money Management Skills Money management = Day-to-day financial activities necessary to manage current personal economic resources, while working toward long-term financial security Daily spending and saving decisions = central to financial planning Must be coordinated with needs, goals, and personal situation 2- Objective 1 Identify the Main Components of Wise Money Management 2- An Organized Personal Financial Records System Provides a basis for: Handling daily business affairs, such as bill paying Planning and measuring financial progress Completing required tax reports Making effective investment decisions Determining available resources for current and future buying 2- Records in Your Home File/Computer Items you refer to often: Personal and employment records (resume, benefit info) Money management records (budget, balance sheet) Tax records (W-2 forms, receipts, copies of past returns) Financial services records (checkbook, bank statements) Credit records (statements, list of account numbers) Consumer purchase & auto records (warranties, receipts) Housing records (lease, property tax, home improvements) Insurance records (policies, claim reports) Investment records (CD certificate #s, brokerage statements) Estate planning & retirement records (will, pension, IRA) 2- What to Keep in a Safe Deposit Box Records and items that would be hard to replace: Birth, marriage and death certificates List of checking, savings and financial institution account numbers Citizenship and military papers Adoption and custody papers Serial numbers and photos of valuables CDs and credit and banking account numbers Mortgage papers and titles List of insurance policy numbers Stock and bond certificates Coins and other collectibles Copy of will 2- How Long to Keep Records Records Retention Period Birth certificates, wills and social security information Indefinitely Personal property and investments As long as you own them Documents re: purchase and sale of . | 2 Money Management Skills Money management = Day-to-day financial activities necessary to manage current personal economic resources, while working toward long-term financial security Daily spending and saving decisions = central to financial planning Must be coordinated with needs, goals, and personal situation 2- Objective 1 Identify the Main Components of Wise Money Management 2- An Organized Personal Financial Records System Provides a basis for: Handling daily business affairs, such as bill paying Planning and measuring financial progress Completing required tax reports Making effective investment decisions Determining available resources for current and future buying 2- Records in Your Home File/Computer Items you refer to often: Personal and employment records (resume, benefit info) Money management records (budget, balance sheet) Tax records (W-2 forms, receipts, copies of past returns) Financial services records (checkbook, bank statements) Credit records .
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