This chapter provides the foundation for Focus on Personal Finance and the study of financial planning. The chapter starts with a discussion of social and economic factors that make up the financial planning environment. Next, the main components of financial planning (obtaining, planning, saving, borrowing, spending, managing risk, investing, and retirement and estate planning) are discussed. This is followed by guidelines for creating personal financial goals. Then, the opportunity costs, or trade-offs, of decisions are considered in relation to personal and financial resources. This is followed by coverage. Finally, an overview of the financial planning process along with strategies for creating and using a financial plan are introduced.
Click on the link above to see the USDA's detailed reports over the years. The summary info above is from the 2015 report issued in 2017.
Summary blog: https://www.usda.gov/media/blog/2017/01/13/cost-raising-child
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