The document outlines the key components of developing a personal financial plan in 6 steps: 1) Establish financial goals like buying a car, home, or saving for retirement. 2) Consider your current financial position and skills. 3) Identify alternative plans to achieve goals either conservatively or aggressively. 4) Select and implement the best plan. 5) Evaluate your financial plan and progress regularly using financial statements. 6) Revise your financial plan as your situation and goals change.

1. ELIUD BUNDI ONDARA

2. • Introduce the subject of personal finance
• Identify the key components of a
financial plan
• Outline the steps involved in developing your
financial plan
At the end of this short presentation,
participants shall:

3. • What is it?
Taking conscientious and systematic steps
toward fulfilling your financial goals

4. What does todays youth want!

5. • Budgeting and tax planning
• Managing your liquidity
• Financing your large purchases
• Protecting your assets and income
(insurance)
• Investing your money
• Planning your retirement and estate

6. Big Spender Vs Big Saver

7. MANAGING YOUR LIQUIDITY

8. Loans often needed for our expenditures
• Business loans
Managing loans
• How much can you afford to borrow?
• Determining maturity of the loan
• Selecting a loan with a competitive interest
rate

10. Step 1. Establish Your Financial Goals
• Types of goals
Car, home, college, wealth, charity
• Set realistic goals
Stronger likelihood of reaching goals
• Timing of goals
Short term (within one year)
Intermediate (between 1–5 years)
Long term (beyond five years)

11. Step 2. Consider Your Current Financial
Position
•How your future financial position is tied to your business
development
Consider your skills, interests, and career paths
•How your future financial position is tied to your business
choice
Choose a business that will be enjoyable and suit your
skills

12. Step 3. Identify and Evaluate Alternative Plans
That Could Achieve Your Goals
– Plans could be conservative or aggressive

13. Step 4. Select and Implement the Best Plan for
Achieving Your Goals
– There are many sources of valuable financial
planning information

14. Step 5 - Evaluate Your Financial Plan
– Keep plan in an accessible place and monitor your
progress
– Evaluate results by using financial statements

15. Step 6. Revise Your Financial Plan
– Change plan as financial condition and financial
goals change

17. • Social relationships: to make new friends, to meet a need for associations
and friendships.
• External expectations: to comply with instructions from someone else; to
fulfill the expectations or recommendations of someone with formal authority.
• Social welfare: to improve ability to serve mankind, prepare for service to the
community, and improve ability to participate in community work.
• Personal advancement: to achieve higher status in a job, secure
professional advancement, and stay abreast of competitors.
• Escape/Stimulation: to relieve boredom, provide a break in the routine of
home or work, and provide a contrast to other exacting details of life.
• Cognitive interest: to learn for the sake of learning, seek knowledge for its
own sake, and to satisfy an inquiring mind.

19. • Lack of time
• Lack of money
• Lack of confidence or interest
• Lack of information about
opportunities
• Scheduling problems
• Red tape
• Problems with `sources of finance

20. Rewards of
Sound Financial Planning
• Maintain and improve standard of living.
• Control spending in order to live well today
and tomorrow!
• Accumulate wealth