If you are a student of financial planning you should know the following. Just find out how many of these statements are true and how many are false…..

  1. Financial planning is perhaps difficult for a client to do it himself because of the personal bias that might set in.
  2. Procrastination is the enemy of compounding.
  3. People maintain personal accounts because it is required by law.
  4. More frequent the compounding, the better it is for you as an investor.
  5. More frequent the compounding; the better it is for you as a borrower.
  6. It is all right to delay investing, because you can always make up for the shortfall by increasing the investing amounts. Of course yes, question is how much!!
  7. One of the impediments to financial planning is goal conflicts between husband and wife regarding the end use of money.
  8. Goals are dreams with a date.
  9. Goals are first classified into needs, wants and luxuries.
  10. Budgeting is the first step in the financial planning process.
  11. Credit card interest calculation is done on a monthly compounding basis.
  12. A financial planner can not assure that the client will reach all his financial goals.
  13. The financial planner and client agreement should be in writing.

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