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Solution Manual for Personal Financial Planning 15th Edition by Randy Billingsley, Lawrence J. Gitman | Complete Verified Chapter's |

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Solution Manual for Personal Financial Planning 15th Edition by Randy Billingsley, Lawrence J. Gitman | Complete Verified Chapter's |

Institution
Personal Financial Planning
Course
Personal Financial Planning











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Written for

Institution
Personal Financial Planning
Course
Personal Financial Planning

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Uploaded on
February 23, 2025
Number of pages
620
Written in
2024/2025
Type
Exam (elaborations)
Contains
Questions & answers

Subjects

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,TABLE OF CONTENT Z Z




1. Understanding the Financial Planning Process.
Z Z Z Z Z

2. Developing Your Financial Statements and Plans.
Z Z Z Z Z Z

3. Preparing Your Taxes.
Z Z Z

Part II: MANAGING BASIC ASSETS.
Z Z Z Z

4. Managing Your Cash and Savings.
Z Z Z Z Z

5. Making Automobile and Housing Decisions.
Z Z Z Z Z

Part III: MANAGING CREDIT.
Z Z Z

6. Using Credit.
Z Z

7. Using Consumer Loans.
Z Z Z

Part IV: MANAGING INSURANCE NEEDS.
Z Z Z Z

8. Insuring Your Life.
Z Z Z

9. Insuring Your Health.
Z Z Z

10. Protecting Your Property.
Z Z Z

Part V: MANAGING INVESTMENTS.
Z Z Z

11. Investment Planning.
Z Z

12. Investing in Stocks and Bonds.
Z Z Z Z Z

13. Investing in Mutual Funds and Real Estate.
Z Z Z Z Z Z Z

Part VI: RETIREMENT AND ESTATE PLANNING.
Z Z Z Z Z

14. Planning for Retirement.
Z Z Z

15. Preserving Your Estate.
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Understanding the Financial Planning Pro Z ZZ Z Z



cess Chapter 1Z Z




HowZWillZThisZAffectZMe?
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ZsuchZuncertaintiesZandZmore.




ThisZchapterZoverviewsZtheZfinancialZplanningZprocessZandZexplainsZitsZcontext.ZTopicsZincludeZh
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eZaZgoodZperspectiveZonZhowZtoZorganizeZyourZoverallZpersonalZfinancialZplan.


LEARNING GOALS Z




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ACTIVITY:Z AskZtheZstudentsZtoZassumeZthatZtheyZhaveZjustZinheritedZ$100,000.ZWhatZwillZyouZd
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, AskZtheZstudentsZtoZshareZoneZitemZwithZtheZclassZandZrecordZwhatZtheyZsayZsoZthatZtheZentireZclass
ZcanZreflect ZonZtheZanswers.ZHopefully,ZatZleastZaZfewZwillZmentionZinvestingZevenZifZonlyZ$10,000

ZofZtheZamount.Z UseZtheirZanswersZtoZdiscussZtakingZcareZofZcurrentZneedsZversusZfutureZneeds.

FocusZonZtheirZpropensityZtoZconsumeZandZitsZimpactZonZaccumulatingZwealth.ZPointZoutZtheZFinanc
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UseZExhibitZ1.2ZtoZshowZhowZtheZaverageZpersonZearnsZandZspendsZtheirZmoneyZandZExhibitZ1.6ZtoZ
helpZtheZstudentZidentifyZwhereZtheyZareZnow.

LG2ZDescribeZtheZpersonalZfinancialZplanningZprocessZandZdefineZyourZgoals.

DwightZEisenhower,ZarmyZgeneralZandZpresident,ZisZquotedZasZsayingZ―PlansZareZuseless;ZPlanning
ZisZpriceless‖.ZTheZprocessZofZplanningZallowsZ youZtoZfocusZonZtheZissuesZthatZareZmostZimportantZ

andZtoZbeZreadyZwhenZthingsZchange.

ExhibitZ1.3ZlistsZtheZSixZStepZFinancialZPlanningZProcess.ZTheZfirstZandZmostZimportantZisZdefini
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AssumptionZ2:ZAnZemergencyZfundZlastingZ3ZmonthsZshouldZbeZadequate.
AssumptionZ3:ZIZwillZbeZableZtoZretireZatZ65ZandZshouldZhaveZplentyZtoZliveZonZinZretirement.
ZAssumptionZ4:ZI‘mZrelyingZonZtheZruleZofZthumbZthatZIZwillZneedZonlyZ70ZpercentZofZmyZpre

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ThereZareZseveralZworksheetsZinZtheZbook.ZWorksheetZ1.1ZgivesZtheZstudentZaZformatZtoZwriteZdo
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SectionZ1-3bZlistsZvariousZdecisionsZthatZyouZwillZhaveZtoZmakeZoverZyourZlife.ZTheZsectionZ1-
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ZpsychicZincomeZthatZwillZoverrideZtheZfinancialZimpact.




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