Proficiency Diagnostic
July 25th, 2021
In this discussion, you will have an opportunity to make connections between your prior knowledge and the new content you are learning this week. Use your results from this week’s Build Your Proficiency Diagnostic to provide context for your prior knowledge and consider the new content about personal financial goals, factors that affect our financial decisions, and the economic forces that can impact them as you respond to the following discussion prompt.
In a minimum of 175 words respond to question 1 and at least two additional questions from this list:
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- Choose two of the study objectives from Chapters 1 and 2 with your lowest scores on the Build Your Proficiency diagnostic. Explain how these topics have an impact on planning for your future financial goals.
- Use this Compound Interest Calculator from Bankrate to gain a broader perspective on your goals in 10, 20, and 30 years. What does the calculator show you about the time value of money and compound interest?
- Provide an example of opportunity cost related to your financial goals.
- In the Wk 1 Learning Path, watch “How to Set Financial Goals- Young Guys Finance” in WileyPLUS. Then share a financial goal in the SMART format.
- In the Wk 1 Learning Path, enter some prices in the Personal Financial Planning Worksheet 1.2 Inflation Calculator in WileyPLUS to see how inflation affects cost of items and services. Watch “Time Value of Money: Cash vs. Annuity for Lottery Payout” in WileyPLUS, then answer this question: How do economic factors, including inflation, interest rates, and economic cycles impact your financial decisions and financial goals?
