Class notes
Personal Finance (MCS 2100) - Lecture Notes
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All of the lecture notes from MCS 2100 - Personal Finance, taught at the University of Guelph. All hand-written notes.
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MCS 2100 -NOTES
SUMMER SEMESTER
OF 2021
, Personal Financial Planning
INTRODUCTION
Balance sheet gives a picture of current finances ; Cashflow statement
gives an overall picture of where your
> >
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-
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statement ofhowmuchyouareworth income is
coming from what your expenses are
, ,
and how much
Budget >
planforspendingbasedonpastspendingandgoa.IS money youhaveleftattheendofthemonth
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-
PERSONAL FINANCIAL PLANNING
Process that involves
setting financial goals and Influence of
prevailing economic factors should be considered
' -
determining how you will achieve them Net worth __
Assets Liabilities
'
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TIME VALUE OF MONEY
'
AKA interest
•
Cost of money that is borrowed Orient
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Future value -
computations that yield the amount to which
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Present value computations that yield thecurrentvalueofa
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acurrentsumwillincreasebasedona certain interest rate future sumbasedoninterestratesandperiodofh.me
and period of time
PERSONAL BALANCE SHEET
Lists assets and liabilities liquid Assets easily converted into cash without a significant
'
'
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4 types of personal assets :
liquid assets ,
real estate ,
loss of principal
personal possessions and investment assets Investment Assets -
include RESPS ,RRSPs , stocks etc
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.
, ,
term) and
There is current /short
long-term liabilities current liabilities arethosethataredue.in/essthanayear
- '
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CASHFLOW STATEMENT
Financial inflows and outflows period of time Fixed expenses difficult to change in the short-term and
during a
•
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Variable expenses from month to month are similar from month to month
change
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BUDGETING
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Prediction about future income and
spending
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