Finance - Personal Financial Planning Assignment

Finance - Personal Financial Planning - Assignment Example You have no plans to increase the size of your family in the near future. Estimate your total insurance needs using the DINK method.   Assume $5,000 for funeral expenses. The Kelleher family has health insurance coverage that pays 80 percent out-of-hospital expenses after a $500 deductible per person. If one family member has doctor and prescription medication expenses of $2,800, what amount would the insurance company pay? Becky Fenton has 25/50/10 automobile insurance coverage. If two other people are awarded $15,000 each for injuries in an auto accident in which Becky was judged at fault, how much of this judgment would the insurance cover? People always   want to achieve different goals in terms of financial achievement. They are the basic rules that one needs to follow to come up with a good and comprehensive finical plan that will not affect his/her income. The first thing you need to know is your current financial income. This will enable you to plan accurately. The second is developing a financial target. This will make you remain focused on what you do. Also one needs to know what are the alternatives one has in case one side fails or an emergency occurs. Every decision you make must have an alternative and a course of action. Creation of financial plan should be another factor. One needs to choose his or her goals clearly either long term or short term ones. For example one can buy things in higher purchases to attain long term goal. Finally is reviewing your plan time and again as it   is dynamic and tend to change now and then .This is to enable accommodation of more factors that come along the