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Cash Flow Planning Discussion Questions & Case Studies Due 03-27-08
Type the Discussion Questions on page 44 of your Financial Peace Workbook and answer them in a complete sentence. Also, type the Case Studies on page 44 of your Financial Peace Workbook and answer them in a complete sentence.
11 comments:
Discussion Questions:
1. If you had an irregular income, how would you set up a cash flow plan that would work? –You would set up your budget plan to be more than your income would normally be.
2. Should you set up a cash flow plan? How would this help in spending and saving habits? –It would help you manage your money in a way that you know how much money you have and if you could blow any money.
3. If you know you can afford your expenses without writing out a plan, why do you need to do a cash flow plan? –It removes the crisis from your finances and for those who are married it will remove many money fights from your marriage. Also managed money goes farther.
4. How old should you be when you start using a cash flow plan? –As soon as you are old enough to have a job.
5. What are the things you will need to budget for after you graduate-when you begin college or go to work full-time? List at least 5 and explain each.
-You should budget for a car, home, gas money, books for college, tuition for college.
-You will need money for a car to get back and forth from college and work, money for rent for a place to live, gas money for your car, money to buy the books necessary for the classes you take at college, and you will definitely need money for your tuition for college.
Discussion
1. If you had an irregular imcome, how would you set up a cash flow plan that would work?
-Start saving the money for what you want and need.
2. Should you set up a cash flow plan? How would this help in spending and saving habits?
-Yes, I think setting up a cash flow plan is a good thing. It would help you save for important stuff like food and other supplies.
3. If you know you can afford your expenses without writing out a plan, why do you need to do a cash flow plan?
-Having a cash flow plan would help you not spend too much money on important stuff and help you manage you money.
4. How old should you be when you start using a cash flow plan?
-It doesn't matter how old you are.
5. What are the things you will need to budget for after you graduate-when you begin college or go to work full-time? List at least 5 and explain each.
-You should save for your living expenses, food, phone bills, clothes, and going out to eat.
Case Studies
1. Jim and Eileen make a combined income of $42,200 and are having trouble making all of their payments. They have two new cars with payments totaling $652 per month and 3 credit card payments totaling $325 per month. They are renting and want to buy a home, but they are afraid they will not be able to afford more that $600 per month in rent they are already paying. They are also afraid that at the rate they are going they will get behind in their payments and eventually lose any eligibility to get a home loan. What advice would you give Jim and Eileen?
-I would tell them to stay in rent and start saving for a home.
2. Terry and Gwen have just had a baby girl and want to start a college fund for her. Currently they are jut making ends meet with their $38,000 income. They need to find an extra $167 in their budget to begin saving in a fully funded Educational Savings Account. They have zero debt except their home and are putting 15% of their income into Retirement Plans. What are some things they can do to their budget to find an extra $167?
-I would go ahead and save for the $167, and then start a college funding, and then save for Retiremnet Fund.
Discussion Questions:
1. If you had an irregular income, how would you set up a cash flow plan that would work? –You would set up your budget plan to be flexible because of the irregular income.
2. Should you set up a cash flow plan? How would this help in spending and saving habits? –Yes. It would make sure that I don’t spend to much money on unneeded stuff.
3. If you know you can afford your expenses without writing out a plan, why do you need to do a cash flow plan? –It removes the crisis from your finances and for those who are married it will remove many money fights from your marriage. Also managed money goes farther.
4. How old should you be when you start using a cash flow plan? –As soon as I can.
5. What are the things you will need to budget for after you graduate-when you begin college or go to work full-time? List at least 5 and explain each.
-You should budget for a car, home, gas money, books for college, tuition for college.
-You will need money for a car to get back and forth from college and work, money for rent for a place to live, gas money for your car, money to buy the books necessary for the classes you take at college, and you will definitely need money for your tuition for college.
Discussion
1. If you had an irregular income, how would you set up a cash flow plan that wouldwork?
-Set it up for when i get paid.
2. Should you set up a cach flow plan? How would this help in spending and saving habits?
-Yes. It will let you know how much you have to spend and make sure that your bill's are paid.
3. If you know you can afford your expenses without awriting out a plan, why do you need to do a cash flow plan?
-So you know were your money is. And you dont lose it.
4. How old should you be when you start using a cash flow plan?
-Well other people might thing you need to be a little older. But personally i think the younger the better.
5. What are the things you will need to budget for after you graduate-when you begin college or go to work full-time? List at least 5 and explain.
-Food, Appliances, utilities, tuition, gas
Case Studies
1. Jim and Eileen make a combined income of $42,000 and are having trouble making all of their payments. They have two new cars with payments totaling $652 per month adn 3 credit card payments totalign $325 per month. They are renting and want to buy a home, but they are afraid they will not be able to afford more than the $600per month in ent they are already paying. They are also afraid that at the rate they are going they will get behind in their payments and eventually lose eligibility to get a home loan. What advice would you give Jim and Eileen?
- I would tell them to sell the cars, get new used cars, pay them off adn thenpay off all the credit cards adn athen gtet a house.
2.Terry and Gwen have just had a baby girl and want to start a college fund for her. Currently they are just making ends meet with their $38,000 income. They need to find an extra $167 in their budget to begin saving in a fully funded education Saving Account. They have zero debt except their home and are putting 15% of their income into Retirement Plans. What are some things they can do tho their budget to find an extra $167?
- they could quit blowing so much money. And start putting in the savings.
1. If you had an irregular income, how would you set up a cash flow plan that would work?
I would use the zero-based budget.
2. Should you set up a cash flow plan? How would this help in spending and saving habits?
No, you should get on a budget bc it will limit your expenses.
3. If you know you can afford your expenses without writing out a plan, why do you need a cash flow plan?
To make sure you are sure about your money, and that you will have enough.
4. How old should you be when you start using a cash flow plan?
18.
5. What are the things you will need to budget for after yiou graduate- when you begin to go to work full time? LIst atleast 5.
Food, Clothes, Kids, Taxes, Grocerys.
1. Jim and Elleen make a combined income of $42,200 and are having trouble making all of their payments. They have two new cars with payments totaling $652 per month and 3 credit card payments totaling 325$ per month. They are renting and want to buy a home, but they are afraid they will not be able to afford more than the $600 per month in rent thet are already paying, thet are also afraid that at the rate they are going they are going they will get behind in their payments and eventually lose any eligibility to get a home loan. What advice would you give Jim and Elleen?
* I would say do not buy any extra things that you do not need.
2. Terry and Gwen just had a baby girl and want to start a collage fund for her. Currently they are just making ends meet with their $38000 income. They need to find an extra $167 in their budget to begin saving in a fully funded Ed Savings Account. They have zero debt except their home and areputting 15% of their income into Retirment Plans. What are somwe things they can do with their budget to find an extra $167?
* They could cut back a little on grocerys and eat at home more. ANd they oculd just start a savings at home. Or use the envellope thing.
1. If you had an irregular income, how would you set up a cash flow plan that would work? –You would probably set up your budget plan to be flexible because of the irregular income.
2. Should you set up a cash flow plan? How would this help in spending and saving habits? –Yes. It would make sure that I don’t spend to much money on stuff that i didnt really need.
3. If you know you can afford your expenses without writing out a plan, why do you need to do a cash flow plan? –It removes the crisis from your finances and for those who are married it will remove many money fights from your marriage.
4. How old should you be when you start using a cash flow plan? –As soon as i can.
5. What are the things you will need to budget for after you graduate-when you begin college or go to work full-time? List at least 5 and explain each.
-You should budget for a car, home, gas money, books for college, tuition for college.
-You will need money for a car to get back and forth from college and work, money for rent for a place to live, gas money for your car, money to buy the books necessary for the classes you take at college, and you will definitely need money for your tuition for college.
Discussion
1. If you had an irregular income, how would you set up a cash flow plan that would work?
-start saving up money and put it in a safe place.
2. Should you set up a cash flow plan? How would this help in spending and saving habits?
-Yes, I think setting up one would be a good thing. It helps save money for like clothes and food.
3. If you know you can afford your expenses without writing out a plan, why do you need to do a cash flow plan?
-Having a cash flow plan would help you not spend too much money on important stuff and help you manage you money more wisely.
4. How old should you be when you start using a cash flow plan?
-It doesn't matter how old you are I guess as soon as possible.
5. What are the things you will need to budget for after you graduate-when you begin college or go to work full-time? List at least 5 and explain each.
-You should save for your living expenses like, food, phone bills, clothes, and going out to eat.
Case Studies
1. Jim and Eileen make a combined income of $42,200 and are having trouble making all of their payments. They have two new cars with payments totaling $652 per month and 3 credit card payments totaling $325 per month. They are renting and want to buy a home, but they are afraid they will not be able to afford more that $600 per month in rent they are already paying. They are also afraid that at the rate they are going they will get behind in their payments and eventually lose any eligibility to get a home loan. What advice would you give Jim and Eileen?
-I would tell them to stay in rent and start saving for a home. Put as much money aside as possible.
2. Terry and Gwen have just had a baby girl and want to start a college fund for her. Currently they are jut making ends meet with their $38,000 income. They need to find an extra $167 in their budget to begin saving in a fully funded Educational Savings Account. They have zero debt except their home and are putting 15% of their income into Retirement Plans. What are some things they can do to their budget to find an extra $167?
-I would go ahead and save for the $167, and then start a college funding, and then save for Retirement Fund. Its just going to get harder and harder to save.
Discussion Questions:
1. If you had an irregular income, how would you set up a cash flow plan that would work? –You would set up your budget plan to be more than your income would normally be.
2. Should you set up a cash flow plan? How would this help in spending and saving habits? –It would help you manage your money in a way that you know how much money you have and if you could blow any money.
3. If you know you can afford your expenses without writing out a plan, why do you need to do a cash flow plan? –It removes the crisis from your finances and for those who are married it will remove many money fights from your marriage. Also managed money goes farther.
4. How old should you be when you start using a cash flow plan? –As soon as you are old enough to have a job.
5. What are the things you will need to budget for after you graduate-when you begin college or go to work full-time? List at least 5 and explain each.
-You should budget for a car, home, gas money, books for college, tuition for college.
-You will need money for a car to get back and forth from college and work, money for rent for a place to live, gas money for your car, money to buy the books necessary for the classes you take at college, and you will definitely need money for your tuition for college.
1. If you had an irregular imcome, how would you set up a cash flow plan that would work?
Save money for what you want and what you really need.
2. Should you set up a cash flow plan? How would this help in spending and saving habits?
Yes, I think setting up a cash flow plan is a pretty good idea. It would help you save for important stuff like food and other things.
3. If you know you can afford your expenses without writing out a plan, why do you need to do a cash flow plan?
Having a cash flow plan would help you not spend too much money on nonimportant stuff and help you manage your money.
4. How old should you be when you start using a cash flow plan?
Any age, it doesn't matter how old you are.
5. What are the things you will need to budget for after you graduate-when you begin college or go to work full-time? List at least 5 and explain each.
You should save for your living expenses, food, clothes, phone bills, and going out to eat.
Type the Discussion Questions on page 44 of your Financial Peace Workbook and answer them in a complete sentence. Also, type the Case Studies on page 44 of your Financial Peace Workbook and answer them in a complete sentence.
Posted by Michael Mickens at 11:13 AM 5 comments
1. If you had an irregular income, how would you set up a cash flow plan that would work? Make the list longer than usual just incase you have more money than expected.
2. Should you set up a cash flow plan? How would this help in spending and saving habits? Yes, it helps tell the money where to go and makes you in turn more wealthy.
3. If you know you can afford your expenses without writing out a plan, why do you need to do a cash flow plan? Just to make sure your funds go towards the right places and you don’t blow too much money.
4. How old should you be when you start using a cash flow plan? Very young, at least to where you have a job, and some money.
5. What are the things you will need to budget for after you graduate-when you begin college or go to work full-time? List at least 5 and explain each.
Kids, for their college and there essentials. My job, I plan to run a sanctuary so I will need to budget that. My marriage, to pay for it and my honeymoon. My mother and father’s care, incase something happens to either one of them. A backup business in case mine fails.
Discussion Questions
1.If you had an irregular income, how would you set up a cash flow plan that would work? Figure up an average for all of my income then make the plan.
2. Should you set up a cash flow plan? How would this help in spending and saving habits? You would be telling your money what to do and it not controlling you.
3. If know you can afford your expenses without writing out a plan, why do you need to do a cash flow plan? So you can save more for your retirement.
4. How old should you be when you start using a cash flow plan? As long as you have money you can start writing one at any age.
5. What are the things you will need to budget for after you graduate—when you begin college or go to word full-time? List at least 5 and explain each. Food, gas, rent, books, and schooling.
Case Studies
1. Jim and Wileen make a combined income of $42,200 and are having trouble making all of their payments. They have two new cars with payments totaling $652 per month and 3 credit card payments totaling $325 per month. They are renting and want to buy a home, but they are afraid they will not be able to afford more than the $600 per month they are already paying. They are also afraid that at the rate that are going they will get behind in their payments and eventually lose any eligibility to get a home loan. What advice would you give Jim and Eileen?
To sell the new cars and get older cars to get caught up in their payments and then began looking for a new house.
2. 2. Terry and Gwen have just had a baby girl and want to start a college fund for her. Currently they are jut making ends meet with their $38,000 income. They need to find an extra $167 in their budget to begin saving in a fully funded Educational Savings Account. They have zero debt except their home and are putting 15% of their income into Retirement Plans. What are some things they can do to their budget to find an extra $167?
Get rid of rid of impulse purchases and extra expenditures on food.
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