1. Apply what you've learned - Financial Goal-Setting and Personal Financial Statements Scenario: You are 30 years old and feel like you are getting nowhere with your financial goals. At the end of each month, you have a hard time understanding where all your money went. You have decided it is time to take a hard look at your current financial status You currently have so of cash on hand, a cheche account with a balance of $600, and savings account containing $1,500. You can a small condo currently worth $120,000 with a morte on which you still owe $100,000, and on which you pay $600 per month. You own personal property (furniture, television, computer, etc) worth $8,000. You have inherited Treasury bands from your late sunt worth $12,000. You participate in a 401(k) retirement plan, now worth $30,000, in which you are 100% vested. You own a car original valued at $20,000, now worth $12,000, on which you still owe $1,200, and make monthly payments of $250. Finally, you have credit card debt of $2.500 on which you pay a constant $125 per month Developing a set of structured and deliberately formulated financial plans is very useful in achieving faci success and security, which of the following actions would you recommend to someone thinking about engaging in financial planning Recommend? Action (Yes or No) Consider having the amount to be saved automatically deducted from your paycheck Uve beyond your means by relying on credit cards and other loans To make it easier to achieve your financial goals, make your them as vague and flexible as possible Developing a set of structured and deliberately formulated financial plans is very useful in achieving financial success and security, which of the following actions would you recommend to someone thinking about engaging in financial planning? Recommend Action (Yes or No) Consider having the amount to be saved automatically deducted from your paycheck Live beyond your means by relying on credit cards and other loans To make it easier to achieve your financial goals, make your them as vague and flexible as possible Build your financial objectives on the basis of your values 1 If you wanted to answer the question, "In financial terms, where am I right now?", which financial statement would provide the best answer? Your tax return The cash flow statement The income and expense statement A monthly budget The balance sheet Think about your financial condition above and the need to organise it into financial statements, and the answer the following question Question: In what section of a personal balance sheet will you record your... Answer 401(K) account? personal property? mortgage loan? credit card balances checking account? Your car should be recorded at a value of on your personal cash flow Matement on your personal balance sheet, wulu your car payment should be recorded at a value of Complete the following condensed personal balance sheet: $ Personal Balance Sheet ASSETS Total monetary assets Total tangible assets Total investment assets Total assets LIABILITIES $ $ checking account? Your car should be recorded at a value of v on your personal cash flow statement on your personal balance sheet, while your car payment should be recorded at a value of Complete the following condensed personal balance sheet: $ $ $ Personal Balance Sheet ASSETS Total monetary assets Total tangible assets Total investment assets Total assets LIABILITIES Total short-term liabilities Total long-term liabilities Total Babies NET WORTH 5 $ $ $ $ Total liabilities and net worth $ Grade It Now Save a Continue