...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
...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...
Words: 4396 - Pages: 18
...FINANCIAL PLANNING AGREEMENT This Financial Planning Agreement (“Agreement”) is entered into by and between Alpha Global Investments, LLC (“The Adviser”) a registered investment adviser and (“Client”), whereby Client desires to receive financial planning services as outlined below. 1. SERVICES AND FEES The Adviser provides personal financial plans consistent with a client’s financial status, investment objectives and tax status. The Adviser will obtain the necessary financial data from the Client to prepare the financial plan. The financial plan may include information regarding retirement planning, education planning, planning for major purchases, life and disability insurance needs, longterm care needs, and estate planning issues. Client will receive a written financial plan from The Adviser. The financial plan will not include information or analysis with respect to liability risks or tax planning. Fees for the financial planning services referenced above are as stated below. Client may elect to pay the fee upon execution of this Agreement, upon delivery of the written financial plan, or a combination of upfront and arrears. Client may choose to periodically update his/her personal financial plan through The Adviser. Such updates may be conducted at the election of the Client and a new agreement disclosing the services and fees will be required between The Adviser and the Client. FEES: Hourly Fees are billed at $150 per hour and are paid in full at the completion of the Financial...
Words: 1108 - Pages: 5
...As best you can, comment on yur organization's application of the Corporate Financial Systems depicted in Figures I and IV of Assesing a Firm's Future Financial Health. Do the general principles, if not the exact steps, seem to be evidence? If so, which step(s) seem to be the strongest at your organization? Which step(s) have the most room for improvement? If the principles aren't in place, which step(s) do you believe are most crucial for your organization to implement? What specific problems exist because the principles are missing? How could you influnce the decision-makers at work that the principles should be in place? The steps that are strongest in our orginization are Mission, Managment Goals, Product-market choices, Outlook for sales through future revenues and cost structures, Investment in assests, Finances and Financial planning. We have a clear Mission, that is, to better serve our customers with a commpetivie edge while contiuing to grow our business to be fincialy stabile over the years to come. Management goals are set by each market type within our business. Each market within our business consits of Party, Construction (Big Equipment) and (Home owner), L.P. Gas and Storage including outside stroage. These goals are set on how they are going to grow through past proformance. And where that market is headed in the future and the risk that it carries to grow that market within our orginization. Along with the profit that it is...
Words: 594 - Pages: 3
...fin 1060 Budget Killer Quiz My main budget killer is spending money without a plan. Although I am usually tight with spending, I sometimes buy wants rather than necessities. My budget calculations from last week proves my weakness of unnecessary expenses such as Entertainment Expenses, going out to eat and the movies. If I plan to start now, rather than holding off financial planning which is another budget buster relevant to my case, my budget will improve. I can also work on my lack of discipline and not eat out as much, which will reduce my expenses. By creating a financial plan now rather than holding off and improving my lack of discipline, my budget will remain stable. My main budget killer of unplanned spending is similar to my friend Sesen's budget killer problem. We both share the same budget issues, possibly because we are under similar financial circumstances. We are both students receiving support from our parents and loans for financial help, so we don't always realize what exactly we're spending our money on. I think the tracking spending lessons from the Cash Course will aid both of us most in improving our financial planning. Deciphering small amounts spent throughout a couple weeks’ time will show us where exactly our money is going. For me, I can be able to see how much going out to eat and movie tickets add up. I can then use this information in my budgeting, and possibly develop a control system to reduce my expenses. For Sesen, she will...
Words: 323 - Pages: 2
...reduce workforce, which resulted in leaving highly educated people without a job. Some of the unemployed people are considered to be over-qualified for jobs where employers are not able to offer high salary, leaving the unemployed jobless for a long time. The issue has caused a negative effect on the economy. The unemployment issue is blamed for the high rate in mortgage foreclosure. When a property is mortgaged, the bank holds the property as collateral on the loan. If the homeowner fails to pay the loan, the bank can take legal action to claim ownership of the home. This action is referred to as a foreclosure. Many homeowners depended on two incomes to manage the monthly bills. The lost wages from an unemployed spouse can create extreme financial hardship, which affects holding on to a home mortgage. With limited choice, these families are forced to walk away from their homes. These once highly skilled workers spend many months, even over a year looking for employment. Usually a bank will give the homeowners a little time to catch up on the missed payments. Eventually, the lender of the home mortgage will step in and foreclose the property after the home owners default on their payments. My proposal will provide a mathematical modeling analyzing the unemployment rate in the state of Florida with relationship to mortgage foreclosure. This model will provide a linear equation that expresses the relationship between the unemployment rate and mortgage foreclosure in Florida. In addition...
Words: 326 - Pages: 2
...Personal finance Final paper In my paper I will summarize everything I learned in this course about personal finance, talk about the steps to a healthy financial life and discuss the basics of personal finance. What is personal finance? Personal finance is the study of personal and family resources considered important in achieving financial success. It involves how people spend, save, protect, and invest their financial resources. It includes making financial decisions, developing and achieving financial goals, financial planning, budgeting, tax management, money management plan , use of credit cards, borrowing, saving plans, major expenditures, risk management, managing debts, investments, retirement planning, and estate planning. Personal financial planning is the process of managing your money to achieve personal economic satisfaction. Why is financial planning important? A good financial plan can enhance the quality of your life, the planning process allows you to control your financial situation; Increased effectiveness in obtaining, using, and protecting your financial resources throughout your life, Increased control of your financial affairs by avoiding excessive debt, bankruptcy, and dependence on others, Improved personal relationships resulting from well-planned and effectively communicated financial decisions. A sense of freedom from financial worries obtained by looking to the future, anticipating expenses, and achieving personal economic goals. Financial...
Words: 2631 - Pages: 11
...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
...FIS 210 Entire Course (UOP) For more course tutorials visit www.tutorialrank.com FIS 210 Week 1 DQs part 1 of 2 FIS 210 Week 1 DQs part 2 of 2 FIS 210 Week 1 CheckPoint: Financial Goal Planning FIS 210 Week 2 Assignment: Budget to Behavior FIS 210 Week 3 DQs part 1 of 2 FIS 210 Week 3 DQs part 2 of 2 FIS 210 Week 3 CheckPoint: Credit Card Financing FIS 210 Week 4 CheckPoint: Banking Scorecard FIS 210 Week 4 Assignment: Personal Savings Strategy FIS 210 Week 5 DQs part 1 of 2 FIS 210 Week 5 DQs part 2 of 2 FIS 210 Week 5 CheckPoint: Credit Fitness Examination FIS 210 Week 6 CheckPoint: Buy or Lease Analysis FIS 210 Week 6 Assignment: Castillo Lefébrve Case Study FIS 210 Week 7 DQs part 1 of 2 FIS 210 Week 7 DQs part 2 of 2 FIS 210 Week 8 Assignment: Personal Tax Strategy FIS 210 Week 8 CheckPoint: Ziggler’s Tax-Planning Interview FIS 210 Capstone Discussion Question FIS 210 Final Project: Personal Financial Plan __________________________________________________ FIS 210 Week 1 CheckPoint: Financial Goal Planning (UOP) For more course tutorials visit www.tutorialrank.com CheckPoint: Financial Goal Planning Complete Appendix C using your personal data. __________________________________________________ FIS 210 Week 2 Assignment: Budget to Behavior (UOP) For more course tutorials visit www.tutorialrank.com Assignment: Budget to Behavior Resources: Appendixes D & E Write your paper according to APA standards. Write a paper, between...
Words: 604 - Pages: 3
...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...
Words: 571 - Pages: 3
...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
...PERSONAL INVESTMENT Personal investment is defined as an individual invest and manage their own financial instrument, such as, stocks, bonds, property and others. This personal investment is in aims of improve the liquidity and efficiency of the equity and capital of the individual. Basically, the individual investors have to develop their own investment plan and framework based on different characteristics of the individual investors. This is because the personal investment is very subjective, whereby it is totally based on the characteristics and the degree of risk tolerance of the individual investors. However, before investing into the financial instruments, the individual investors should develop an investment plan and strategy. This investment plan is included the risk tolerance and personal constraints which can related to the allocation of the financial assets. Inside the investment plan, the individual investors also have to state down what will do, what will not do, how to invest and include the investment guidelines. The investment plan also included the investment framework for making wise the investment choices, and also can help the individual investors’ reason through the decisions which may have the major impacts on the future financial goals. Furthermore, the investment plan also divided into few categories in order to understand more about the personal investment. The first part is risk and return objectives, which meant are depend on the individual investors...
Words: 706 - Pages: 3
...Evaluate a Financial Plan To Buy This material Click below link http://www.uoptutors.com/FIN-420/FIN-420-Week-5-Learning-Team-Assignment-Evaluate-a-Financial-Plan FIN 420 Week 5 Learning Team Assignment Evaluate a Financial Plan Your team is a Personal Finance Planning team. The head of your firm has asked you to create a draft of certain sections of a new company training manual relating to evaluation of a financial plan, including determining personal insurance needs, comparing loan options, adjusting asset allocation relative to personal financial goals, and calculating the present and future value of money saved. Write a 1200- to 1,500-word paper using MS Word® in which you explain how to evaluate a financial plan and conduct a personal financial analysis using relevant financial tools and data. Include in your paper the following (each bullet should be a separate APA section header): • Determining personal insurance needs of clients in different situations; justify your reasoning. • Comparing elements of fixed-rate and adjustable-rate loans, including benefits and risks of each. • Making a recommendation as to which loan is most appropriate based on the personal financial goals of clients in different situations; justify your reasoning. • Adjusting asset allocation relative to the personal financial goals of clients in different situations; provide your rationale. • Calculating the present and future value of money saved based on a Financial Planner’s...
Words: 262 - Pages: 2
...1 FIN4901EF Managing Personal Finances Unit 2 Analysing and Evaluating Personal Information FIN4901EF.Unit 2 2 FIN4901EF.Unit 2 Learning Outcome 1. Explain the interlocking network of financial plans and statements. 2. Prepare a personal balance sheet. 3. Draft a personal income and expense statement. 4. Develop a good record-keeping system and calculate ratios to interpret personal financial statements. 5. Construct a cash budget and use it to monitor and control spending. 6. Apply time value of money concepts to put a monetary value on financial goals. 3 FIN4901EF.Unit 2 Table of Content • The role of financial statements in financial planning • Personal balance sheet: assets, liabilities and net worth • Personal income and expense statement • The budgeting process • Tracking financial progress: ratio analysis • Time value of money 4 FIN4901EF.Unit 2 The Role of Financial Statements in Financial Planning • Financial plans, financial statements, and budgets provide direction by helping you toward specific financial goals. ▫ Financial plans are road may that show you the way. ▫ Financial statements let you know where you stand. ▫ Budgets allow you to monitor and control expenses and purchases in a manner that is consistent with your financial plans. • All three tools are essential to sound personal financial management and the achievement of goals. 5 FIN4901EF.Unit 2 The Role of Financial Statements in Financial Planning • Planning tools that provide an up-to-date...
Words: 2564 - Pages: 11
...Personal Finance: Turning Money into Wealth, 6e (Keown) Chapter 1 The Financial Planning Process 1.1 Facing Financial Challenges 1) Once a sound financial plan is in place, there should be no need to ever change it. Answer: FALSE Diff: 1 Topic: The Financial Planning Process AACSB: 3. Analytical skills 2) When comparing two different investment opportunities the investor should always choose the investment that minimizes the total amount of taxes paid. Answer: FALSE Diff: 2 Topic: Minimization of Taxes AACSB: 3. Analytical skills 3) Being financially secure involves balancing what you earn with A) your investments. B) what you spend. C) your retirement plans. D) your current level of debt. Answer: B Diff: 1 Topic: Financial Planning AACSB: 3. Analytical skills 4) In order for your financial plan to be realistic and attainable it needs to be based upon your A) budget. B) income level. C) number of tax deductions, exemption, exclusions, and credits. D) balance sheet. E) none of the above Answer: B Diff: 2 Topic: Financial Planning AACSB: 3. Analytical skills 5) Personal financial planning can help you to A) deal with unplanned health issues. B) minimize your tax payments to Uncle Sam. C) minimize your chances of personal bankruptcy. D) have enough money for a comfortable retirement. E) all of the above. Answer: E Diff: 2 Topic: Financial Planning AACSB: 3. Analytical skills 6) What are common factors found...
Words: 5004 - Pages: 21
