Personal Financial Planning
What is the best way to financial plan?
Multi-Face Approach
Track Income and Expenses
Create A Budget
What is the definition of employability skills?
"Employability skills (sometimes called 'soft' skills) refer to a set of transferable skills and key personal attributes that employers highly value and are essential for effective performance in the workplace".
What is the definition of Values?
"They are a set of core beliefs and principles that can shape your relationship with money and drive money decisions regarding how you spend, save, or invest".
What is the definition of priorities?
The most important financial goals or obligations you have that need to be addressed before others.
What is the definition of Decision?
"Budgeting for expenses, investing in stocks or mutual funds, taking out loans, and planning for retirement".
True or False: Is Financial Planning Hard?
True
What are some examples of employability skills?
Communication, teamwork, problem-solving, and time management.
What is the top thing you need to value?
Decision Making
What is the main thing you should prioritize?
Achieving Goals
What is the most effective method to teach financial literacy?
Use case studies and simulations
Should you have health insurance in your financial plan?
Yes, yes, you should if you plan on saving your money the right way
How can someone develop their employability skills
"This can be achieved through education, training programs, volunteer work, internships, and by actively seeking opportunities to practice and refine these skills in real-world situations ".
What are good core values?
Budgeting
Credit
Honesty
Should you store all your money in a single bank account?
The decision of whether or not to keep all your money in one bank account involves weighing convenience against potential risks and benefits.
What is the golden rule of financial literacy?
Pay yourself first
How can you improve your financial literacy?
Learn To Budget
Read Finance Books
Track Spending
What skills are most in demand by employers?
Employers often prioritize skills like critical thinking, problem-solving, communication
Should you value being accountable?
Yes
What is the most money you should keep in one bank?
250,000
What are the big three of financial literacy?
"financial knowledge, financial behavior, and financial attitude"
What are some common financial planning mistakes to avoid?
Not Investing
Poor Budgeting
Emergency Fund Errors
What is the number one employability skill?
Communication
What are financial values?
Financial values are the core beliefs and principles that influence your relationship with money.
How much money should you prioritize saving?
"Aim to save 3-6 months' worth of essential living expenses in an easily accessible account, such as a high-yield savings account."
What are the most important aspects of financial literacy?
ID Theft Prevention.