...My Personal Financial Plan I. Current A. Description Currently I am a full time student, and senior, at majoring in Accounting and Finance. I do not have a part time job and do not plan to work until I graduate. I currently have taken out student loans to support myself through the rest of my college education. My parents pay for insurance payments for my car, cover my phone bill, and provide me with medical insurance. I pay for all the rest of my expenses, including rent, food, gas, and all other daily expenses. I currently have no investments and no substantial assets with a value of over $1000. I graduate in May and have signed a contract with KPMG to start work as an auditor in August after I complete the CPA. I will be auditing companies in the telecommunications industry as well as the financial industry. My starting salary is $47,500 a year plus benefits. I use a car that my parents bought me to commute right now but will purchase my own car and become 100% financially independent of them when I start work in the fall. B. Balance Sheet- (Find in Appendices- #1) C. Cash Flows Statement/Income Statement- (Find in Appendices- #2) D. Mission/Vision Statement Mission Statement- To secure financial stability with minimal leverage by age 50. To have the ability to be generous with my money and consistently give a larger percentage away every year while maintaining my standard of living. Vision Statement- When I start my job I plan to make...
Words: 356 - Pages: 2
...Axia College Material Appendix B Personal Financial Planning Worksheet Directions: Based on your readings and discussions in class this week, answer the following questions completely. 1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called: a. Developing goals. b. Personal financial planning. c. Collecting financial information. d. Personal finance. 2. Which of the following is not one of the five major steps of the financial planning process? a. Analyze your current finances. b. Establish and implement your plan. c. Collect and organize your financial information. d. Reevaluate and revise your plan as needed. 3. Which phase in life is commonly associated with focus on marriage, family, purchasing a home, and career development? a. Teenage years b. Between your 50s and 60s c. Late 20s through your 40s d. During retirement 4. Which of the following are some benefits of having a college degree that can affect your financial planning? a. The potential to make a higher salary b. Jobs with retirement plans and benefits c. The ability to receive promotions and wage increases d. All of the above 5. Which of the follows elements of a comprehensive financial plan discuss analyzing future needs, such as saving for retirement or college funding for dependants? a. Building wealth b. Securing basic needs c. Establishing a firm foundation d. Protecting wealth and dependants 6. People...
Words: 546 - Pages: 3
...University of Phoenix Material Personal Financial Planning Worksheet Directions Based on your readings and discussions in class this week, answer the following multiple choice questions. 1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called personal financial planning 2. Which of the following is not one of the five major steps of the financial planning process? Collect and organize your financial information. 3. Which phase in life is commonly associated with focus on marriage, family, purchasing a home, and career development? Late 20s through your 40s 4. Which of the following is a benefit of having a college degree that can affect your financial planning? All of the above 5. Which of the following elements of a comprehensive financial plan involves analyzing future needs, such as saving for retirement or college funding for dependents? Securing basic needs Directions Respond to the following short-answer questions in 50-to 100-words: 6. People have different styles when it comes to handling their money. List the two things that affect your personal beliefs and opinions about financial planning. How well do you feel you manage your money? Can you spot areas for improvement in your money management style, and if so, where/how? Values (fundamental beliefs about what is important in life) and attitudes (opinions and psychological differences between people that affect their...
Words: 1187 - Pages: 5
...Personal Finance Plan Yuan Liu May 1st 2013 Project Name: Personal finance plan Planer: Yuan Liu Address: 807 Walters Street APT 147, Lake Charles, LA, USA Zip code: 70607 Cell phone: (843)743-4884 CONTENTS Plan Summary 4-5 Chapter 1 Personal Condition and Finance Goal Section 1.1 Basic Information 6 Section 1.2 Finance Status 6 Section 1.3 Finance Goal 8 Chapter 2 Personal Finance Status analysis Section 2.1 Family Assets Structure Analysis 9 Section 2.2 Family Financial Ratio Analysis 9 Section 2.3 Family Financial Features Analysis 10 Chapter 3 Financial Plan Section 3.1 The Basic Assumptions of Financial Plan 11 Section 3.2 Financial Advice 11 Plan Summary Financial management is a kind of life attitude, also a good living habits and enjoyable process of life. This financial plan detailedly analyzes the my family and my personal situation, financial information, and financial needs, on this basis, combined with the family members’lives and occupational characteristics, I have made the consumption and...
Words: 1377 - Pages: 6
...Personal Responsibility Essay Gen 200 July 28, 2014 Personal Responsibility Essay “Being thoughtful and taking responsibility serves you well, as your accountability is one measure of your success. In our professional and personal lives, most of us typically take responsibility for our actions, words, and attitudes. An occasional “oops” can rapidly put us on a radar that we'd prefer not to be on, irrevocably annoy our student population, or cause a family rift.” (Zavod, 2014) Personal responsibility is a choice we all have to face when deciding to do the things that will help our future or the lives of those in our care, like my personal responsibility to succeed at college to better support my family. For me, that “oops” could have drastic impacts on our family’s financial well-being. Each person has their own definition of personal responsibility determined by their own background. If one includes financial success in their definition of personal responsibility they need a plan in place for how to achieve financial success. Naturally, there is then a large correlation between personal responsibility, financial success, and the success one has in their education. Each person should have a plan to complete their education and how their own personal responsibility fits in with that goal. Merriam Webster says responsibility is “something that you should do because it is morally right” (Merriam-Webster, 2014). For me going back to school is a personal responsibility...
Words: 948 - Pages: 4
...creating a detailed plan to meet you financial needs are prepared for the future is called? A. a personal financial planning 2. Which of the following is not one of 5 steps of the financial process? C. collect and organize your financial information 3. Which phase in life is commonly associate with focus on marriages, family, purchasing a home, and career development? C. late 20’s through your 40’s 4. Which of the following are some benefits of having a college degree that can affect your financial planning? A .all the above 5. Which of the following are some benefits of having a college degree that can affect your financial? A. building wealth 6. People have different style when it comes to handling their money. List the two things that affect our personal beliefs and opinion about financial planning. Two things that affect our personal beliefs about money handling include inherited tendencies, and personal values of the importance certain financial decisions. 7. Which element of the comprehensive financial plan focuses on your housing needs, setting aside money for emergencies, and establishing a career path? The elements of the financial plan that focuses on housing needs, setting asides money for emergencies and establishing a career path is establishing a firm foundation. 8. The economy is unpredictable and can affect your personal financial planning. List one factor in factor in economic conditions that may affect your financial future. If I got...
Words: 401 - Pages: 2
...Be able to assess and plan for personal professional development My Career Plan Career Goal: To become a financial manager. To design, plan, control and supervise the financing of construction of buildings, highways, and rapid transit systems. Requirements: • Bachelor's degree in Accounting. • Ability to work as part of a team. • Creativity. • Analytical mind. • Capacity for detail. • Presentation skills. • Writing skills. • Knowledge of physical social sciences and mathematics. • Accreditation by Licensing Board. Current Skills and Interests: • Summer worker for Smith Construction Co. • High School mathematics courses • High School social science courses • Experience working as a team • Attended high school writing courses • Gave presentations in high school courses Plan To Reach Career Goal: • Bachelor's Degree - attend the University of Manchester School of Banking and Finance and a Level-4 Certificate on Management and Leadership at Kings College of Management. • Job Experience - Continue working for Smith Construction Co.; Seek internships through University career placement office • Networking - Join campus organizations for engineering students Introduction: Personal development planning is the process of creating an action plan based on awareness, values, reflection, goal-setting and planning for personal development within the context of a career, education, relationship or for self-improvement. Personal Development Plan (PDP) begins by aiming...
Words: 1264 - Pages: 6
...BA3123 FARAH DHEEBA ID: 00005018 PERSONAL FINANCE LECTURER: MR BERNAD PROGRAMME: BAAF Executive Summary This financial plan consist the introduction of the student’s background and followed by the current financial position. Continued by the long term financial goals using the smart goal setting guideline which is important for the financial plan to be on track and achieved it in the future. Then, an environmental scanning and analysis on the politics, economy, social, and technology which is relevant to the goal. In addition, an analysis on opportunity cost have been done by comparing personal and financial opportunity cost. Followed by action plan regarding how the financial plan is carried out. In addition, contingency measure on the action plan. Finally, a conclusion on the whole financial goal. Personal Data Name: Farah Dheeba E-mail: f.dheeba@yahoo.com Current Financial Position Currently a college student, not taking up any part time job either. Presently being fully financially support by parents. They paid for all the fees and gave allowance too. In order to lessen their burden they are few things that I do. Nowadays, it is impossible to live without laptops and smartphones; it is a necessity. But these types of gadgets have their own brands and prices range from affordable to expensive. Therefore, it is important to bear in mind that I’m a college student and I don’t need to keep on updating to a new device on every new release. I just need to pick...
Words: 2221 - Pages: 9
...Axia College Material Appendix B Personal Financial Planning Worksheet Directions: Based on your readings and discussions in class this week, answer the following questions completely. 1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called: a. Developing goals. b. Personal financial planning. c. Collecting financial information. d. Personal finance. The answer is B, It prepares you for the future and your financial needs. This includes in it developing goals, and more so the answer is B. 2. Which of the following is not one of the five major steps of the financial planning process? a. Analyze your current finances. b. Establish and implement your plan. c. Collect and organize your financial information. d. Reevaluate and revise your plan as needed. The answer is C, this is not a major step of the financial planning process. 3. Which phase in life is commonly associated with focus on marriage, family, purchasing a home, and career development? a. Teenage years b. Between your 50s and 60s c. Late 20s through your 40s d. During retirement The answer is C, This is where everything most of the time begins. At this age more things start to happen in our lives and we start to think about or focus on all of these things. 4. Which of the following are some benefits of having...
Words: 772 - Pages: 4
...Personal Financial Plan Part 1 Laura Grundowski Abstract This paper will discuss the beginning of my personal financial plan. It will also outline said plan into a budget that will be put to use throughout the next few months. Budgeting is a vital part of managing one’s personal finances. When beginning to budget one must pinpoint the sources of cash inflows and cash outflows. Having knowledge of your personal financial situation is also necessary in managing personal finances. If done right, personal financial statements provide information on current financial positions and help pave the way for financial success. Goal setting is most successful for me when I begin with short term goals. For short term, one of my goals is to establish a short vacation fund with which I can go on a birthday weekend vacation somewhere up north. I estimate that I will need roughly $400 by January 1st, and that I will need to save $34 per week for the next few months to achieve this goal. A second short term goal is to save pay off my $400 credit card balance on my Capital One. I estimate that I can make payments of about $80 per month for the next 5-6 months to pay the balance in full with additional interest that will accumulate. My intermediate goal is to begin saving for a wedding. Once my credit card bill is paid off, I can switch the $80 payment from the credit card to this goal. At the time of purchase, I expect to have saved $4,800. Although I will have some help from my parents...
Words: 1067 - Pages: 5
...Personal Financial Plan A personal financial plan needs to look at all aspects of spending, as well as income. Looking over my spending in comparison to my income leaves me with a surplus at the end of each month to save or invest. My personal financial goals are mainly to pay off my debts quicker and not paying as much in interest to the debtors. My initial financial plan is to pay more each month to my unsecured creditors and get them paid off quicker and save on interest. Getting these credit card paid off will help with cash flow because I will not be paying as much out and able to save more. I have cash flow coming from both my full time job and from the Montgomery GI Bill through the Veterans Affairs. With both of these incoming cash flows it makes my monthly income look to be greater than it is going to be when I graduate from school. This is because the GI Bill will no longer pay me a monthly stipend after I have graduated from school. Without this stipend, my monthly income will drop by $1700. A $1700 monthly decrease will put a serious hurt on my ability to pay more on my unsecured credit. My plan is to pay as much of that unsecured credit off while still receiving the GI Bill payments of $1700 a month. Like most people in school, I am hoping that my college degree will assist me in making a greater income. Looking to the future if I pay off as much of the unsecured credit as I can with my extra monthly money I will be left with only my secure credit, one...
Words: 430 - Pages: 2
...for Personal Success Yesenia Osle Introduction to graduate study in health sciences/nursing/HCS504 10/07/2014 Michelle Dorin The Graduate Study Challenges and Strategies for Personal Success The price of success is hard work, dedication the job at hand,and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand” (“Success,” 2004, para. ). Sometimes, we considered a successful person when he or she is millionaire, or has the car of the year or own a beautiful big house. I know a person that do not have the car of the year because they are using that money to pay the college for their children. I also know people that do not have a big house because their goal is to have two vacations time every year with all their family. Success is more than a beautiful house, is achieved all your goals and put hard work into them. Success is more than the car of the year, is having wisdom of getting up every time we fall. Personal and professional goals On January 2014, one of my goals was to go back to school and start a master in Nursing Education. Since I was a teen, I was in the debate between being a nurse or a teacher. I decided to be a nurse because I can do both things at the same time. It has been eight years since I graduated and loved it, but I think that it is time to the pursuit my other dream witch is being an educator. Also, with the Master in nursing education, I will improve the way that I teach my patients...
Words: 1349 - Pages: 6
...2/09/07 02:23am Page 1 1 PERSONAL FINANCIAL PLANNING IN ACTION Developing a Personal Financial Plan Starting Point Go to www.wiley.com/college/bajtelsmit to assess your knowledge of developing a personal financial plan. Determine where you need to concentrate your effort. What You’ll Learn in This Chapter ▲ Personal financial planning and decision-making strategies ▲ Factors that influence financial planning ▲ The stages of successful financial planning After Studying This Chapter, You’ll Be Able To ▲ ▲ ▲ ▲ List the five steps in the personal financial planning process Examine the factors that influence personal financial planning decisions Begin to construct a comprehensive financial plan Consider opportunity costs and marginal effects in making personal finance decisions baj01275_c01_001-021.qxd 2/09/07 02:23am Page 2 2 PERSONAL FINANCIAL PLANNING IN ACTION INTRODUCTION Knowing how to manage your finances can help you be more successful in life. In this chapter, we first look at the five-step financial planning process and then the factors that influence it, and we discuss the elements of a comprehensive financial plan. Finally, we explore strategies for making effective financial decisions. With this framework, you will be able to gain the tools for successful personal financial management. 1.1 The Personal Financial Planning Process In your life, you’ve probably already faced some financial challenges. For example, maybe you’ve...
Words: 7519 - Pages: 31
...Confirming Pages chapter 1 Personal Finance Basics and the Time Value of Money kap61647_ch01_002-033.indd 2 16/10/13 1:40 PM Confirming Pages Learning Objectives What will this mean for me? LO1-1 Analyze the process for making personal financial decisions. Every person has some money. However, the amounts and individual needs and choices are diverse. You now have the opportunity to learn about varied financial paths for avoiding common money mistakes. Your knowledge and actions will move you toward financial security. Despite economic uncertainty, you will be able to use wise financial strategies in every stage of your life to achieve your personal goals. LO1-2 Assess personal and economic factors that influence personal financial planning. LO1-3 Develop personal financial goals. LO1-4 Calculate time value of money situations associated with personal financial decisions. LO1-5 Identify strategies for achieving personal financial goals for different life situations. my life e HOW DO I START? One day, you may receive news that your aunt has given you a gift of $10,000. Or you might find yourself with an extensive amount of credit card debt. Or maybe you desire to contribute money to a homeless shelter or a hunger-relief organization. Each of these situations involves financial decision-making that requires, first, planning and then taking action. The process you use should be carefully considered so no (or only a few) surprises ...
Words: 14637 - Pages: 59
...This short paper will speak about personal financial goals such as, short term and long term financial goals, personal financial plans, personal balance sheets and personal income statements. Although I chose to not release my financial information, I will be speaking about a character named John Devens whom is a project manager, although has some debt, he makes decent money. Short term goals are goals that can be achieved within one to two years and can be items such as purchasing furniture for your home or even a minor repair to your home (Financial Engines, 2016). A long-term goal is a goal can take more than 5 years to achieve. Items that can be related to long term goals saving for your child’s college, a down payment for a new house or even a retirement plan (Financial Engines, 2012)....
Words: 612 - Pages: 3
