12 Psychological Questions - Personal Finance



5345430-752475Grade:_/400Grade:_/4X. Family Financial PlanPersonal Financial PlanYour Name Class and DateI. How You Were Brought UpPlease note that talking about finances with anyone, particularly parents, can be a sensitive subject. Please use discretion and love when talking about finances, and do not be judgmental in your discussion. If they are unwilling to answer a specific question, please pass on that question to others that they may be more willing to answer. You do not have to have all questions answered by your parents to get full credit for this assignment. By answering the questions posed in each of these sections, it should give you sufficient information to finish with your vision, goal, plans and strategies, constraints and accountability. You will then have successfully complete part XI. of your Personal Financial Plan assignment.The purpose of this Learning tool is to help you understand how money and other financial topics were handled in your family growing up and to describe your vision for your family going forward. Our experiences and background can help much in understanding the sources of our habits and knowledge. The following questions relate to how money and finances was handled in your family in the past and how you/we intend to handle money in the future.Budgeting AUTONUM \* Arabic How was money generally handled in your family growing up? Who handled the checkbook? The savings? How was budgeting handled? What budgeting method did they use? How should it be handled in your family? AUTONUM \* Arabic What kind of lessons regarding money did your parents try to teach you? What methods did they use to teach you? How are you planning to teach your children? AUTONUM \* Arabic Did your family have a family theme, motto, or mission statement? Did part of it relate to finances? If you were to put one together, what would it be?Cash Management/Savings AUTONUM \* Arabic How was savings/cash management handled with your family? Which savings/cash management vehicles did your parents use? What savings/cash management vehicles will you use?Debt AUTONUM \* Arabic How was debt handled in your family? What was the view on debt? How was repayment of debt handled?Investments and Attitudes AUTONUM \* Arabic What kinds of financial things cause you to lose sleep at night? How can you alleviate those concerns? AUTONUM \* Arabic Regarding investments, what do the words “risky” or “conservative” mean to you? Have those words changed over time? Will education and experience change their meanings? AUTONUM \* Arabic Assuming that your portfolio needs to grow at a 6-8% rate in order to meet your goals, would you be happy with that kind of return? AUTONUM \* Arabic Have you ever done anything strange or excessive with your investments? What were those things? What did you learn from those experiences? AUTONUM \* Arabic How have you felt when you’ve “made a killing”, i.e., the investments returned a very high return? How have you felt when you’ve “taken a bath,” i.e., lost money in an investment? What did you learn? AUTONUM \* Arabic Talk with your parents or an older, trusted friend. What do they wish they would have done differently in regards to managing money and investing? AUTONUM \* Arabic Regarding your current holdings, what are you most pleased about and what are your greatest concerns?Retirement AUTONUM \* Arabic How did your parents save for their retirement? What do they wish they had done differently? AUTONUM \* Arabic How are you going to save for your retirement? What is your goal to save each month for retirement? What investment vehicles will you use (i.e., Roth 401k, IRAs, 403b, etc.)?Education and Missions AUTONUM \* Arabic How did your parents save for your education and missions? What do they wish they had done differently? How are you going to save for your children’s missions and education if you choose so to do? AUTONUM \* Arabic If you choose to help, develop an “Education Plan” for your children. How will you save for your children’s education? How much will you save each month? How much of that will go to retirement, education, missions, etc.? What are the key education investment vehicles you will use (i.e., Education IRA, 529 Savings Plan, EE/I Bonds, etc.). Include this plan in section LT01-15 as your Education and Mission Plan (use Template 15). AUTONUM \* Arabic If you choose to help your children with their missions and education, develop a “Mission Plan” for yourself and your children. How will you save for your and your children’s missions? How much will you save each month? How much of that will go to retirement, education, missions, etc.? What is your strategy for saving for your family’s missions (i.e., use appreciated securities, etc.) Include this plan in section LT01-15 as your Education and Mission Plan (use Template 15).Giving AUTONUM \* Arabic How did your parents give to the family, community and others? Be sensitive in asking this question as to not appear judgmental. How will you choose to give back and serve and bless others?Going Forward AUTONUM \* Arabic How will you treat your spouse? What does it mean to be equal partners? What things will you do each day, week, and year to keep the relationship alive? What will you do each period to make sure they know they are the most important person to you? What are the key principles you will follow? What are the key doctrines you will live to make your relationship eternal? AUTONUM \* Arabic How will you handle finances in your family? What are the key principles you will follow? What is your savings goal? AUTONUM \* Arabic How will you follow, document, and report on finances (i.e., what type of budgeting methodology will you use)? What is your family goal on budgeting and savings? When will you have your weekly “Stewardship Meeting” when you report on finances to each other? AUTONUM \* Arabic How will you determine whether you are on track to reach your financial goals? What tools will you use? AUTONUM \* Arabic How will you teach your children fiscal responsibility? Will you give an allowance? What things will you do and what principles will you follow to teach them responsibility?Many of these questions were adapted from “12 Psychological Questions,” Jason Payne, Payne Financial Management, Orem, Utah, February 8, 2005, and “These 7 Questions can Save Your Marriage (Even before it starts),” Faith Sutherlin Blackhurst, at , Ensign, March 2019.II. Creating Your Family Financial PlanThis is where you will create your Family Financial Plan, taking into account how you were brought up and more importantly, how you will teach your children. Vision: What is your overall vision for your family life and your eternal family? What type of a relationship will you have with your spouse and children? What type of relationship will you have with money? Goals: What are your goals for your relationship with your spouse that will help you accomplish that vision? What goals do you have that will help you accomplish the relationship you desire with your spouse and children? What goals have you set to help you maintain a correct relationship with money? Plans and Strategies: SpouseWhat are your plans to maintain and improve your relationship with your spouse and children? How will you share or divide household labor (if considering marriage)? How will you support each other through your academic, professional and family life? What is your strategy for keeping your relationship healthy as equal partners, of staying close to the spirit, for making sure your spouse is the most important person in your life? What are you willing to sacrifice for your spouse and children? Plans and Strategies: ChildrenHow will you teach your children?What plans and strategies will you use to help your children understand who they are?Constraints: What are the things that will keep you from attaining our vision and goals, i.e., pride, money, putting work ahead of the family, etc.? How will you handle conflicts between differing visions (if married)? Why do these conflicts exist? Accountability: How will you share these things with your spouse and family? How will you teach these things to your children? How will you play different roles in the family but still maintain an equal partnership?DisclaimerThe purpose of this material and this class is to help you get your financial house in order and to help you on your road to financial self-reliance.? If there are mistakes in this material, please bring them to our attention, and we will correct them in upcoming versions.? The teacher, and BYU, specifically disclaim any liability or responsibility for claims, loss, or risk incurred, directly or indirectly, by using this material. ................
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