Financial Planning Case Study With Questions And Answers
Financial Planning Case Study With Questions And Answers is how a family or a business will provide to achieve its objectives and strategic goals respectively. Running a family with aspirations for the future is not a small task. Without a proper financial planning case study with questions and solutions, it could become a huge problem later. If this is the case for a family think about the enormous damages, it could cause to an organization if not financially planned well.
Financial planning for objectives and goals:
Every household and all companies should have financial planning if they are to achieve specific objectives and goals. Without financial planning, it is never going to be possible to attain the goals set. The business plan describes every activity, thing equipment, and resource for the purposes to be cognizable within a fixed time frame. The business plan activity includes assessing the existing environment, confirming the vision and objectives, recouping the resources, calculating the total costs till the goal is achieved to form a budget, and also including the risks and problems while meeting the goals. There is enough time to compensate for the theoretical evidence which it is exists to make a business case and for the strategic workforce.
Financial planning for better understanding:
A financial planning case study with issues and solutions will be appropriate. The simple questions and answers below will give the necessary details of the financial planning of an average family with parents and two kids.
- What could be the common goals of any family?
The long-term goal of an average family is the education of their children and marriages. With education costs on the rise every day, financial planning is to be done with care and concern. The future changes and the loss of higher studies have to be taken into account. The value of marriage is also uncertain and always changing. Hence it is still to have surplus financial goals for education and marriage expenses.
- What are the risks being faced?
The health of the parents is the most critical risk factor in any family. The health costs shooting and less coverage of health insurance for the elderly make it challenging to handle the risks at hand due to health and future threats. The environmental hazards and various other factors bring in new ailments like cancer and all other kinds of diseases. The cost of treating them is mind-boggling and also cannot be left out. This could be the significant financial risk any family in today's life could have.
- What is retirement planning?
Retirement planning has to be taken care of by anyone to not suffer in old age. All non-governmental employees should have a proper retirement plan. With no pension for the service done to many private sector organizations and their businesses, it is pertinent to have an excellent retirement plan. With changing times, it becomes necessary for anyone to have a retirement plan for themselves and their partners. Hence in the budget, there should be a mandatory provision for retirement planning which could yield constant returns in the old age.
- What are the tax concerns?
The income from profits in own businesses or salaried persons will attract a good deal. It is legally mandatory to pay the tax or face legal consequences. Hence the tax concern for anyone is to know how much of their income annually attracts what slab or bracket of charge. It will be difficult to pay the tax on one month's rent for the whole year. So, every month in the budget provisions have to be made to pay the fee annually.
- What is debt management?
For an average family, there could be debts in the form of housing loans, mortgage loans, gold loans, education loans and many more. The proper management of these loans is debt management. Ways and means have to be found with the primary goal of clearing the loans as early as possible to evade the interest payments.
- What are the net worth and net cash flow?
Net worth is the total assets in financial terms of the assets after taking into account the liabilities and debts. Net cash flow is the net income after the expenses.
The financial planning case study with questions and answers for a family should be complete with the above details and many more for having the goals met with any risks involved for a happy and prosperous life.
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