1. What role does the government play in personal finance (focus on regulations, laws, economic policy, governmental assistance, etc.). 2. How do taxes impact personal finances (how do various taxes impact you on a personal level, related to your financial plan). 3. Define economics. How can you access basic economic data and how can you use this information to support your future financial plans? 4. Discuss the use of credit, and explain the cost of credit 5. Where can you obtain credit? 6. Determine the sources of credit available and the types of credit that you will use as you develop your budget and financial plan, including the advantages and disadvantages of credit Imagine that the IRS has adjusted tax brackets for the next year, and you have been moved up a tax bracket higher than what your current bracket is. Also, the federal government has released cost of living numbers and determined the inflation rate to be 4% annually. Both of these situations impact your budget and your financial plan. Address the following: What is a tax bracket? What is inflation? What causes inflation? Based on the financial plan that you developed in Financial Plan Project Part 1, what parts of your budget and plan need adjusting to support these changes? How will you ensure the modifications to your budget and plan are effective? What parts of your budget and plan need adjusting? You may refer to the "IDEAS Process" to help guide your critical thinking for this process. Be sure that you are reflecting on the entire process and be sure to ask yourself the following questions: Did you look at multiple solutions to the problem? What relevant information about the problem did you gather in order to make your decision? What factors contributed to your choice? Are you willing to make adjustments or revise your decision if outcomes are not attained? How will this choice ultimately affect your monthly personal budget and any short term/long term budgetary goals that you may have set for yourself