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Lecture Personal financial planning – Chapter 20: Completing the process

The goals of this chapter are: Complete the financial planning project, explain the importance of planning integration, demonstrate how PFP theory can improve the practice of financial planning, use overall planning tools such as SWOT, scenario and sensitivity analysis, list the keys to a successful plan. | Chapter 20 Completing the Process Chapter Goals Complete the financial planning project. Explain the importance of planning integration. Demonstrate how PFP theory can improve the practice of financial planning. Use overall planning tools such as SWOT, scenario and sensitivity analysis. List the keys to a successful plan. Overview Integration: The process of combining, of making something into a completed whole. In personal financial planning it means evaluating costs and benefits over time to find the best path to our goals. Integration is often overlooked or given less emphasis than is warranted. Given limited resources, you cannot make correct choices without weighing alternatives for spending your monies. PFP Theory Concepts underlying PFP theory: The household is an enterprise that operates like a business. The goal of PFP is to provide the highest standard of living possible for household “member-owners” over their life cycle. For a given time devoted to work, the goal becomes maximization of discretionary expenditures. Household finance supports the enterprise, which needs cash flow and appropriate methods for allocating its limited resources over time. Personal financial planning provides the strategic approach for solving household financial decisions. Personal financial planning decisions are made on an integrated basis that takes into account all household assets and liabilities. Total Portfolio Management provides the solution for personal financial planning’s overall objective and the household’s overall goal. PFP Theory, cont. Distinguishing features and benefits of PFP theory: The Financial Plan PFP theory explains how the PFP process should ideally be done. The financial plan, using the theory as an underpinning, is a mapping out of the practical steps through which a particular goal or goals are to be accomplished. For comprehensive financial planning, a detailed written financial plan is desirable. The Financial Plan, cont. A . | Chapter 20 Completing the Process Chapter Goals Complete the financial planning project. Explain the importance of planning integration. Demonstrate how PFP theory can improve the practice of financial planning. Use overall planning tools such as SWOT, scenario and sensitivity analysis. List the keys to a successful plan. Overview Integration: The process of combining, of making something into a completed whole. In personal financial planning it means evaluating costs and benefits over time to find the best path to our goals. Integration is often overlooked or given less emphasis than is warranted. Given limited resources, you cannot make correct choices without weighing alternatives for spending your monies. PFP Theory Concepts underlying PFP theory: The household is an enterprise that operates like a business. The goal of PFP is to provide the highest standard of living possible for household “member-owners” over their life cycle. For a given time devoted to work, the goal .