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NCJ Number: 135801 Add to Shopping cart Find in a Library
Title: Where Does the Money Go? A Hands-On Approach to Financial Planning
Journal: Police Chief  Volume:59  Issue:3  Dated:(March 1992)  Pages:16-18,20-21,24-27
Author(s): O P Burden
Date Published: 1992
Page Count: 9
Sponsoring Agency: National Institute of Justice/
Rockville, MD 20849
Sale Source: National Institute of Justice/
NCJRS paper reproduction
Box 6000, Dept F
Rockville, MD 20849
United States of America
Type: Survey
Format: Article
Language: English
Country: United States of America
Annotation: Financial planning is no different for police executives than it is for any citizen; it requires time, effort, self-discipline, and some knowledge of how money can be put to work.
Abstract: The first step in making a personal financial plan is to set goals. Some goals will be short-term, perhaps achievable within a year, while long-term goals may involve paying for a child's education, starting a small business after retiring from the police department, or buying a vacation cottage. While setting goals is relatively easy, the hard part is saving a portion of income every month. The first item in the household budget should be savings, while the second item should be an emergency fund. Insurance is a critical part of the financial plan, and consideration should also be given to various money investment possibilities (certificates of deposit, the stock market, and mutual funds). In addition, planning for retirement income and having a will are important. Guidelines for choosing a financial planner are offered that focus on credentials, professional standing, and cost.
Main Term(s): Budgets; Financial management
Index Term(s): Police personnel; Retirement and pensions
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