Question

1) How do financial statements / budget tools contribute to your personal financial management? 2) What are the key steps to have a suitable financial plan? 3) Explain your reasons on how the following financial products (with examples) accommodate to the financial life cycle in each of the stages seen in class: a) insurance products b) investment accounts c) loan products d) retirement plans 4) Why is managing your own budget so valuable at this stage? 5) List 2 types of common loan products offered by retail banks in BC. Explain their purpose and feature. 6) List 2 types of common investment products | accounts offered by retail banks in BC. Explain their purpose and feature.

Answer 1

In case of multiple questions being asked, as a rule, only a maximum of One (1) question can be answered. Further, if no specific question is requested for (maximum of 1), the first question is itself only answered.
Kindly post the remaining questions separately individually.

Q1: How do financial statements/ budget tools contribute to your personal financial management ?

Answer: It helps in the following ways:

• managing and planning for expenses
• saving for the future
• understanding areas where wasteful expenses are being incurred
• determining the current financial position
• avoiding borrowing from friends and family
• building discipline on how and where money is spent