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Essay / Research Paper Abstract
This 4 page paper uses a book by Gitman and Joehnk as a springboard for discussion. Various concepts of personal financial planning are explored inclusive of tax implications and choosing a career. While personal aspects of finances are discussed macroeconomic factors are considered as well. Bibliography lists 10 sources.
Page Count:
4 pages (~225 words per page)
File: RT13_SA433eco.rtf
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Unformatted sample text from the term paper:
ways to accumulate wealth. The first step in taking control of money is to define personal financial goals and then to look at the role of money in accomplishing this
(2002). Also discussed is the psychology of money and money and relationships (2002). Although many people think of money as something objective, authors point out that money is something that
is linked to emotions. Psychology does in fact enter the picture. Suze Orman (1999) for example claims that people must respect money before they can hope to keep it.
Deepak Chopra (1993) talks about "wealth consciousness." Certainly, there are psychological obstacles to achieving monetary success and money and relationships are often intertwined, a phenomenon evidenced by the messed up
Dr. Phil families and the cases that flood family court. Money is sometimes at the center of personal disputes and responsible for many failed marriages. Gitman & Joehnk (2002) jump
from the psychological approach to specific advice concerning the discerning of long term and short term goals and doing so by choosing specific target dates to achieve these. Instead of
just thinking that one would like to earn more money, having a specific goal is helpful. Authors also look at the life cycles of financial planning and the traditional cycle
(2002). Here, one goes through life accumulating debt or saving enough money to do the things typical at a certain point in life. Going to college may mean accumulating debt
but that is often money well spent because it means that later on, one will secure a better job. Authors point out that incomes will increase and decrease over the
course of the life cycle but assets tend to increase (2002). For instance, a home purchase will tend to appreciate. Many have experienced windfalls from purchasing homes during
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