Definition of a model for personal financial planning applied to the Colombian case
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Figuras y tablas del Articulo (Español)
El proceso de planeación financiera Cooper and Worsham (Español)
El proceso de planeación financiera Gehring (Español)
El proceso de planeación financiera Nissenbaum, Raasch, and Ratner (Español)
Modelo para la PFP aplicado al caso Colombiano (Español)
DEFINICIÓN DE UN MODELO PARA LA PLANEACIÓN FINANCIERA PERSONAL APLICADO AL CASO COLOMBIANO (Español)
Submitted:
Oct 9, 2015
Published:
Feb 26, 2018
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Abstract
Personal financial planning is a set of activities required for defining objectives, setting action plans, and satisfying financial needs of individuals. Different authors represent the personal financial planning process through models, indicating disadvantages to apply them in the Colombian environment since they have been created in developed countries; they suppose the existence of a financial planning industry and there are no academic studies which adapt them to meet the inherent needs of the environment. In order to solve such disadvantages, this research proposes the definition of a unifying personal financial planning model which embraces different elements that are identified from studied models, applicable in the Colombian environment.
How to Cite
Rojas López, M. D., Maya Fernández, L. M., & Valencia Corrales, M. E. (2018). Definition of a model for personal financial planning applied to the Colombian case. Revista Ingenierías Universidad De Medellín, 16(31), 155–171. https://doi.org/10.22395/rium.v16n31a8
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References
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[18] Gitman, L. J., Joehnk, M. D., and Billingsley, R. S. Personal Financial Planning (13th ed., p. 622). Mason: South-Western, Cengage Learning, 2014.
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[2] Schuchardt, J., et al., Personal Finance : An Interdisciplinary Profession. Financial Counceling, 2007
[3] Struwig, F., and Plaatjes, W. Developing a framework to investigate the personal financial management knowledge if individuals. South African Jounal of Economic & Management Sciences, 10(1), 21–32, 2007.
[4] Remund, D. L. Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy. Journal of Consumer Affairs, 44(2), 276–295. doi:10.1111/j.1745-6606.2010.01169.x, 2010.
[5] Huston, S. J. Measuring Financial Literacy. Journal of Consumer Affairs, 44(2), 296–316. doi:10.1111/j.1745-6606.2010.01170.x, 2010.
[6] Taft, M. K., Hosein, Z. Z., and Mehrizi, S. M. T. The Relation between Financial Literacy, Financial Wellbeing and Financial Concerns. International Journal of Business and Management, 8(11), 63–75. doi:10.5539/ijbm.vol. 8, n.°1,p. 63, 2013.
[7] FP, B. (n.d.). CFB Board. Retrieved from http://www.letsmakeaplan.org/learning-center/FinancialPlanningProcess.
[8] Swart, N. Personal Financial Management (2nd ed., p. 432). Cape Town: Juta Academic, 2004.
[9] Ruiz, A., and Bergés, Á. El nuevo paradigma de las FP. En Portada - Bolsa de Madrid, 10–17, 2002.
[10] Cooper, R. W., and Worsham, C. B. The Financial Planning Process. In R. Cooper and C. Worsham (Eds.), Foundations of Financial planning: An Overview (pp. 1–46). America College, 2003
[11] Altfest, L. Personal Financial Planning: Origins, Developments and a plan for Future Direction. The American Economist, 48(2), 53–60, 2004
[12] Gitman, L., and Joehnk, M. Personal Financial Planning. (A. Von & S. Smart, Eds.) (Thomson So., pp. 2–30). Mason: Thomson Higher Education, 2008.
[13] Warschauer, T. Course Syllabus and readings. Financial Planning Practicum, 2010
[14] Gehring, N. Defining Financial Planning with the 4 factor decision model. Journal of Financial Planning, January, 19–21, 2013.
[15] Chieffe, N., Rakes, G. An integrated model for financial planning. Financial Services Review 8, 261-268, 1999
[16] Nissenbaum, M., Raasch, B., and Ratner, C. Ernst and Young’s Personal Financial Planning Guide (5th ed., p. 552). John Wiley and Sons, Inc., 2004
[17] Locke, E., Latham, G. P., Smith, K. J., Wood, R. E., and Bandura, A. A theory of Goal Setting & Task Performance. (Illustrate., p. 413). Englewood Cliffs, NJ, US: Prentice Hall, 1990.
[18] Gitman, L. J., Joehnk, M. D., and Billingsley, R. S. Personal Financial Planning (13th ed., p. 622). Mason: South-Western, Cengage Learning, 2014.
[19] Garman, T., & Forgues, R. E. Personal Finance. (M. Reynolds, J. Chase, & S. Fidler, Eds.) (11th ed., p. 559). Mason: South-Western Cengage Learning, 2012
[20] Rosefsky, R. S. Personal Finance (p. 704). Hoboken, New Jersey: John Wiley & Sons, Inc., 2001.
[21] Yemm, G. Financial Times Essential Guide to Leading Your Team: How to Set Goals, Measure Performance and Reward Talent (p. 184). FT Publishing: Pearson Education, 2012.
[22] Dorna, G. There’s a S.M.A.R.T. way to write management’s goals and objectives. Management Review (AMA FORUM), 70(11), 35–36, 1981.