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Latest edition: Your Personal Financial Plan

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Episode Details

Students are introduced to individuals at various stages of life who reflect different attitudes toward their finances. Dallas Salisbury of the American Savings Education Council discusses how attitudes toward money have evolved in recent generations. Rosella Bannister of the National Institute for Consumer Education emphasizes that methods of managing finances must change with economic circumstances. Ann Chadwick of the American Association of Family and Consumer Sciences notes that most families are likely affected by child-care costs because both parents work.

Financial planner Victoria Collins emphasizes the importance of setting realistic financial goals. Six steps of financial planning are presented: determining current needs, developing goals, identifying alternatives, evaluating alternatives, creating and implementing a plan, and reevaluating and revising. Syndicated columnist Kathy Kristof emphasizes the importance of flexibility. Understanding the time value of money is the last general topic. Dara Duguay of the Jump$tart Coalition reiterates why starting a savings plan early in life is so important. Finally, financial planner and PBS television personality Jonathan Pond describes which components of a financial plan should be emphasized at various stages of life.