Develop a personal financial plan detailing the financial goals that you and/or your family have developed. This is a staged project.
Stage 1: Analyze your personal financial situation using appropriate financial tools.
Stage 2: Identify short-term, mid-term, and long-term goals. Rank your goals in order of importance as they relate to the financial resources available and expected. Estimate the financial commitment for each goal.
Stage 3: Consider all factors we have covered in class, including budgeting, time value of money, asset protection, debt/credit, savings, investing, and estate planning.
Incorporate the first two stages to complete the development of the financial plan. This is the capstone assignment of this class, so careful preparation is needed to illustrate concept understanding and application.
Personal Financial Plan Rubric.
Heading, sections clearly labeled with leaders and page numbers.
Describe life situation providing details related to marital status, children, occupation, and income. Investigate career. Determine annual salary. If married, provide spouses. Include job advertisement.
Clearly written; contains at least two short-term financial goals and three long-term financial goals.
Well written, clearly explains services provided at various institutions (at least three), materials provided (from at least one), institution and services you will use are identified, justification is provided for choice of institution and services.
Detailed description of types of insurance you need, materials provided, explanation of types and providers and why you made these choices, monthly expense related to your decisions are provided.
Detailed explanation and investigation materials of different types of investments, justification for your selection of at least two types of investments, detailed explanation of expenses and risk associated with the investments selected.
Detailed monthly budget which includes income and expenses (reduce income for taxes using the following: 10%: $2,651 – $9,700, 15%: $9,701 – $30,800, 25%: $30,801 – $68,500, 28%: $68,501 – $148,700, 33%: $148,701 – $321,200, 35%: $321,201 and up), detailed explanation of whether budget will allow you to meet your financial goals (see above), explanation as to whether or not you had to make changes to have a zero or positive balance.
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