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Personal Finance (MCS 2100) - Lecture Notes CA$11.48   Add to cart
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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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  • September 27, 2022
  • 12
  • 2020/2021
  • Class notes
  • Summit bose
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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
> >
-
-
- -




statement ofhowmuchyouareworth income is
coming from what your expenses are
, ,
and how much


Budget >
planforspendingbasedonpastspendingandgoa.IS money youhaveleftattheendofthemonth
-
-




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
'
-




TIME VALUE OF MONEY

'


AKA interest
•


Cost of money that is borrowed Orient
-


Future value -


computations that yield the amount to which
-


Present value computations that yield thecurrentvalueofa
-




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
'
'
-




-


4 types of personal assets :
liquid assets ,
real estate ,
loss of principal

personal possessions and investment assets Investment Assets -

include RESPS ,RRSPs , stocks etc
-


.
, ,




term) and
There is current /short
long-term liabilities current liabilities arethosethataredue.in/essthanayear
- '
-




CASHFLOW STATEMENT

Financial inflows and outflows period of time Fixed expenses difficult to change in the short-term and
during a
•
' -




Variable expenses from month to month are similar from month to month
change
-
-




BUDGETING
'

Prediction about future income and
spending

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