About This Chapter
Financial Planning for Personal Life Situations - Chapter Summary
While there are many different aspects of financial planning, this chapter has been designed to give you a recap concerning the personal life situations that may affect financial planning decisions. Our instructors explain how different living situations alter financial plans, such as how the financial plans of a single person compare to those of a married person with children. The lessons will provide details about the financial planning considerations individuals must think about throughout their lives, which may include:
- Family status
- Net worth
- Level of income
- Stages of life
- Potential life circumstances
Make the lessons in this chapter into your personalized set of test prep notes. Each article-style lesson, as well as video lesson transcripts, are conveniently organized with the use of headers that highlight larger concepts. The information presented in each lesson moves in a linear fashion, allowing you to re-build your knowledge in a way that makes sense. Also, for quick reviews, our lesson format makes it easy to scan over major topics and bold vocabulary terms.
As you read through the lessons, you may notice that some of the terms have been hyperlinked to lessons outside of this chapter. Our instructors have done this deliberately to guide you to related lessons that may provide you with essential background information. Of course, you don't have to check out this additional information. We simply want to give you everything you need to make yourself as ready as possible for any upcoming tests.
1. Financial Planning Considerations for Family Status
In this course, you will learn about the key aspects of financial planning for families. By the end of the course, you should have a good understanding of what items to consider when looking at your family's income, expenses, and cash.
2. Financial Planning Considerations for Net Worth
This lesson defines and discusses net worth and the five categories of wealth. It then discusses financial planning tools and considerations and their applicability to each wealth category.
3. Financial Planning Considerations for Life Stages
Financial planning includes bringing together two very important resources: money and time. In this lesson, we will discuss both how money and time are integral in financial planning. This lesson will also outline the different stages of financial planning based on age and career choices.
4. Financial Planning Considerations for Life Circumstances
The lesson will introduce different methods of financial planning for unexpected life circumstances along with providing some examples of these life circumstances.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the CFP Certification Exam Study Guide - Certified Financial Planner course
- CFP Board Rules & Regulations
- Financial Planner Professional Conduct & Regulation
- General Principles of Financial Planning
- Education Financial Planning
- Individual Insurance Planning
- Risk Management & Business Insurance Planning
- Types of Investment Vehicles
- Investment Planning
- Tax Planning
- Retirement Savings & Income Planning for Individuals
- Retirement Savings & Income Planning for Businesses
- Estate Planning Strategies
- CFP Client Relationship
- CFP Certification Exam Study Guide - Certified Financial Planner Flashcards