No one cares about your financial well-being more than you, so it’s important to have a financial plan for yourself. Having a solid financial plan will allow you
to save money, afford the things you really want, and achieve long-term goals like saving for college and retirement. This assignment will help you create a
personal financial plan using the following guidelines. You can include some of the Personal Financial Plan worksheets at the end of each chapter as
appendices.
Describe a current life situation or one expected in the future providing details related to household situation, marital status, occupation, income, current
financial position (balance sheet and cash flow statement), living expenses (budget), and housing situation.
Set your SMART goals related to the various aspects of personal financial planning, including:
Career planning and development
Spending plan/cash flow analysis
Tax planning
College education and the use of credit
Savings and investment program
Changes in housing situation
Major consumer purchases
Insurance needs
Retirement and estate planning
Conduct research (online searches, library materials, analysis of advertisements, interviews with friends, relatives, and financial planning experts) to obtain
methods for achieving these goals.
Present findings of research and suggested courses of action in a written report. The final report should include the following sections:
Introduction/background of the person’s/household’s situation
Identification of financial goals
Discussion of research techniques and findings
Recommendations for specific actions to be taken as well as methods that could be used to monitor the suggested financial planning activities
Submit your personal plan paper in a 3-4 pages minimum (excluding appendices) word document, single space, and cite all references using either MLA or
APA format. Put tables, sheets, and graphs as appendices. Feel free to make assumptions on some of the questions. For instance, If you are currently not
working, just make assumptions on how much you expect to make after graduation. Let me know if you have questions or post them in the Q/A forum.
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