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Solutions for Financial Planning and Personal Finance, Australia and New Zealand, 1st Edition by Garman (All Chapters included)€28,84
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Solutions for Financial Planning and Personal Finance, Australia and New Zealand, 1st Edition by Garman (All Chapters included)
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Financial Planning and Personal Finance 1e Garman
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Financial Planning And Personal Finance 1e Garman
Complete Solutions Manual for Financial Planning and Personal Finance, Australia and New Zealand, 1st Edition by E. Thomas Garman, Raymond E. Forgue ; ISBN13: 9780170449502...(Full Chapters included from Chapter 1 to 18)...1 Understanding personal finance
2 Career planning
3 Financial statements,...
Financial Planning and Personal
Finance, Australia and New
Zealand, 1st Edition
by E. Thomas Garman
Complete Chapter Solutions Manual
are included (Ch 1 to 18)
** Immediate Download
** Swift Response
** All Chapters included
,Table of Contents are given below
1 Understanding personal finance
2 Career planning
3 Financial statements, tools and budgets
4 Managing income taxes
5 Managing savings accounts
6 Building and maintaining good credit
7 Credit cards and consumer loans
8 Obtaining affordable housing
9 Managing property and liability risk
10 Planning for health care expenses
11 Life insurance planning
12 Investment fundamentals
13 Investing in shares and bonds
14 Managed and exchange traded funds
15 Real estate and alternative investments
16 Managed funds/superannuation
17 Retirement and estate planning
18 Estimating social security benefits
,Chapter 1
Understanding personal finance
Concept checks
Concept check 1.1
1. There are five fundamental steps to the personal financial planning process:
Evaluate your financial condition relative to your education and career choice.
Define your financial goals.
Develop a plan of action to achieve your goals.
Periodically develop and implement spending plans to monitor and control progress
towards your goals.
Review your financial progress and make changes as appropriate.
2. Financial success is the achievement of financial aspirations that are desired, planned or
attempted. Success is defined by the individual or family that seeks it. Financial success
may be defined as being able to actually live according to one’s standard of living.
Financial security is that comfortable feeling that your financial resources will be
adequate to fulfil any needs you have as well as your wants.
Financial happiness is the experience you have when you are satisfied about money
matters. People who are happy about their finances will see a spill over into positive feelings
about life in general.
3. Several things can be accomplished by studying personal finance. You can learn how to:
recognise how to manage unexpected and unplanned financial events
reduce the income tax you pay to the Australian Taxation Office
effectively comparison shop for vehicles and homes
protect what you own
invest wisely
1
, Financial Planning and Personal Finance 1e, Solutions manual
accumulate and protect the wealth that you may choose to spend during your non-
working years or donate.
4. The building blocks for achieving financial success include a foundation of regular income
that provides the means to support your lifestyle and save for desired goals in the future.
The foundation supports a base of various banking accounts, insurance protection and
employee benefits. Then you can establish goals, a record-keeping system, a budget and
an emergency savings fund. You can also manage various expenses such as for housing
and transportation and the payment of taxes. You will also need to handle credit, savings
and educational costs. Finally, you can invest in various investment alternatives such as
mutual funds, stocks and bonds, often for retirement. As a result of all of these building
blocks, you are more likely to have a financially successful life.
Concept check 1.2
1. The business cycle entails a wavelike pattern of economic activity as measured by the gross
domestic product, with phases including expansion, peak, contraction, downturn, trough and
recovery.
2. Forecasting the state of the economy involves predicting, estimating or calculating what will
happen in advance. You need to be able to forecast the state of the economy, inflation and
interest rates so that you have advance warning of the directions and strength of changes in
economic trends since they will affect your personal finances. Two statistics you could watch
are the consumer confidence index and the index of leading economic indicators.
3. Inflation reduces the purchasing power of the dollar. This means that your income will not go
as far and, thus, in real terms will be lowered by inflation. Because items cost more, you will
have to consume less and may cut back on some expenditures in order to be able to afford
those with a higher priority.
Concept check 1.3
1. The opportunity cost of a decision is measured as the value of the next-best alternative that
must be forgone. For example, if you decide to borrow the maximum student loan amount
for which you qualify in order to live a bit more comfortably while at university, you will not be
able to live as nicely, save as much for the deposit on a home or save for retirement once
you graduate because of higher loan payments.
2
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