L1. Herramienta de planeación _ 1

Chapter 1: Financial Planning Tool

Introduction to Lina and Rosa

• Lina is a university student about to graduate, inspired by her older friend Rosa's financial success and tenacity.

• Rosa, at 35 years old, has experienced the challenges of low income post-graduation but now enjoys financial stability and is eager to guide Lina.

Lina's Aspirations

• As graduation approaches, Lina expresses excitement about her future plans which include traveling, pursuing a master's degree, saving money, buying a car, and investing in her own business.

• She hopes for improved income to achieve these economic goals.

Rosa's Financial Wisdom

• Rosa emphasizes the importance of managing personal finances as a lifelong habit for achieving financial success.

• She shares that discipline and consistent planning have been crucial in maintaining her financial strategy over the years.

Key Elements of Financial Planning

• Rosa introduces essential components of wealth planning: income vs. expenses, savings & investments, retirement planning, and tax planning.

• Understanding one's earnings and expenditures is vital; having a surplus (remanente) allows for future goal achievement.

Practical Steps for Budgeting

• Rosa advises classifying expenses by importance to identify areas where costs can be reduced or eliminated.

• She suggests creating a personal budget that includes only necessary expenses while aiming for specific measurable objectives over short-, medium-, and long-term periods.