Scribd Logo
Upload

Welcome to Scribd!

  • Unit 3 & 4 FMM & Ict Skills

    Uploaded by

    Pratham Gupta
    11 views17 pages
    1. The document outlines the steps for effective financial planning which includes setting goals, analyzing finances and resources, creating a plan, implementing the plan, and monitoring and modifying it if needed. 2. It distinguishes between needs, which are essentials for life that are limited, and wants, which improve quality of life but are unlimited. 3. Key aspects of the financial planning process include defining goals in a SMART way, evaluating financial status, deciding which goals to achieve immediately and later, and adapting the plan if unexpected obstacles arise.

    Original Description:

    Original Title

    UNIT 3 & 4 FMM & ICT SKILLS

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    1. The document outlines the steps for effective financial planning which includes setting goals, analyzing finances and resources, creating a plan, implementing the plan, and monitoring and modifying it if needed. 2. It distinguishes between needs, which are essentials for life that are limited, and wants, which improve quality of life but are unlimited. 3. Key aspects of the financial planning process include defining goals in a SMART way, evaluating financial status, deciding which goals to achieve immediately and later, and adapting the plan if unexpected obstacles arise.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    11 views17 pages

    Unit 3 & 4 FMM & Ict Skills

    Uploaded by

    Pratham Gupta
    1. The document outlines the steps for effective financial planning which includes setting goals, analyzing finances and resources, creating a plan, implementing the plan, and monitoring and modifying it if needed. 2. It distinguishes between needs, which are essentials for life that are limited, and wants, which improve quality of life but are unlimited. 3. Key aspects of the financial planning process include defining goals in a SMART way, evaluating financial status, deciding which goals to achieve immediately and later, and adapting the plan if unexpected obstacles arise.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 17

    Set goals for the financial Analyze the information related to Implement, monitor & modify the

    planning finances & create a plan. plan


    NEEDS WANTS
    1. These are essentials for life. 1. These improve the quality of life.
    2. These are limited like resources. 2. These are unlimited.
    3. Examples –Food, clothing, shelter. 3. Examples- Going for a vacation,
    eating out.
    1. Setting goals- A goal is your destinations that
    may be your need or want that you acquire
    by taking certain steps. It gives direction to
    your plan of action. It is helpful to define your
    goals in a SMART way.
    2. Analysing information- It is a process to
    evaluate your financial status & resources to
    plan your next step.
    • Creating a plan- After setting goals &
    analysing your financial resources, plans
    have to be created in order to decide which
    goals to be met now & which goals to be
    achieve later.
    1. Implementing the plan- After creating the
    plan, next step to make the plan work within
    the time frame that is chosen.
    2. Monitoring & modification of plan-
    Sometimes, plan may need to be changed
    due to unexpected obstacles. So, financial
    plans needs to be modified.

    You might also like