This plan is the culmination of what you learned in class this semester while utilizing the Chapter homework and Excel sheets you’ve also completed. Below is an outline that divides each of major section of your financial plan based on the semesters learning objectives.
Instructions: Submit your work on Canvas by uploading a Microsoft Word docx or Google doc.
Format: Based on the outlined sections below you should answer each of the points below to match the sections and subsection bullet points. If you have additional information please feel free to include that to make your plan fuller.
Responses: Complete this plan by writing your thoughts to fill out each section. Then use sections of your Personal Financial Plan Excel sheets from your homework assignment to show how you arrived at certain calculations. I suggest that you update Excel sheets to be consistent with your latest goals and what you may have learned through the course. Just cut and paste from your Excel sheet when you think it would help.
Each section is for YOU, not just for credit in the class, it is really for you to take hold of your aspirations through practical steps. So, don’t short change yourself with simple answers, go into courageous detail about what you intend to work towards. Be specific about goals and decisions to help keep sight of why you’re making the sacrifices or doing research to achieve those goals.
When the section asks for you to Reflect, utilize this time to think about how your preconceived notions of personal finance, investing or goal setting may have changed since you first worked on the homework assign, now that your reflecting at the end of the semester update any goals.
Also, when respond with your answers in each section remember to set S.M.A.R.T Goals.
I hope this will be more than just an assignment for you, but an opportunity to plan towards and achieve your financial goals. Certainly, our goals change through life, but hopefully what you’ve learned this semester will help you to track and refine your goals towards living your best life.
Section 1 – Your Overall Goals
Section 2 – Your Prioritized Spending List and Budget
Section 3 – Your balance sheet
Section 4 –Next Car Purchase (although you might not be in the market for a car now, it is good to understand the steps and considerations to purchasing a car)
Part A – Research Car Options (this is the same as your Chapter 8 Buy or Lease car assignment, use the research from that assignment)
Part B – Research Financing Options
2. Lease Option
3. Determine the down payment for either a purchase with a loan option or the amount to start a lease.
Section 5 – Real Estate or Home
Section 6 – Planning for Retirement
Section 7 – Selecting your mutual funds
1. Selected TWO different mutual funds to be used for each of your two needs, home down payment (Section 5) and retirement money (Section 6). Use and include the Mutual Fund Research Chapter 16 Excel sheet tab #62 NEW SHEET Mutual Fund Research of Chapter_16_PFP.xlsx
2. Analyze two different mutual funds (Do the Fund Research Chapter 16 Sheet tab #62 twice, once for each fund, the fund you will invest for the down payment of the house and one for retirement, then attach your results)
3. Calculate (using Time Value of Money Charts, use approximate percentages) how much you need to save per year by investing to reach each of your goal?
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