Even when you're in high school, financial planning can help you decide how to spend, save, and invest your money so that you can use it for purchases or activities that really matter to you. Your choice of financial services will depend on your daily cash needs and your savings goals. Consumer credit is now a major force in the American economy. One of the most basic considerations as you decide where to live is whether to rent or buy. As your savings account balance grows, you should consider other investments that can earn a potentially higher return. People buy and sell stocks for one reason: they want larger returns than they can get from more conservative investments. When you buy a corporate bond, you're really loaning money to a corporation. Real estate has always been a favorite investment for Americans. Taxes are an important part of financial planning. Insurance is protection against possible financial loss. Health insurance is a form of protection that eases the financial burden people may experience as a result of illness or injury. It's never too early to start planning for retirement. The process of creating a business plan can help you define clear goals for your business, including sales and profitability. An entrepreneur is an individual who follows his or her dreams by assuming the risk of starting a new business. The accounting system is designed to collect, record, and report on financial transactions that affect your business. Payroll is generally the greatest expense of running a business. Inventory is often the largest asset of a business. - Publisher.