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Name: #REF! Date: #REF'I

Setting Personal Financial Goals Purpose: To Identify personal financial goals aod create an action plan. Financial Planning Activities: Based on per.sonal and ousehold needs and values. identify spectfic goals that- require acti Suggested Websites: flnancialp{an,about,com vww.planwise.com www.36Qflnancramteracy.org Suggested App: Urge

Short-Term Monetary Goals (less than two years)

Description

Example : pay off credit card debt

Amount needed

$850

Intermediate Monetary Goals (two to five years)

Description ,Amount needed

Long-Term Monetary Goals (beyond five years)

Description

Nonmoneta Goals

Description

Example: Set up file for personal financial records and documents

Amount needed

Time frame

Next 2-3 months

What's Next for Your Personal Financial Plan?

Months to achieve

Action to be taken Priority

Use money from pay raise High

Action to be taken Priority

Actions to be taken

Locate all personal and financial records and documents; set up files for various spending, saving, borrowing categories

• Based on various financial goals, calculate the savings deposits necessary to achieve those goals . • Identify current economic trends that might influence various saving, spending, investing and borrowing decisions.

Name: #REF~ Date: #REFI

Planning Your Career Purpo11t: To become famlllaF with WDrk aetlvlUes and careen,raqµlrements for a fteld ot:employment. Financial Plannfng Actrvfflee: :Using the career Occupational Outlook Handbook and otlier Information source& Qlbrary materlale, Interviews, wel>sites) to obtain Information related ti) one or more career areas of lnfereat to you. Suggested Websites: www.monster,com www.rtleygulde.com [email protected],com Sugg0&tod App: Job Search Organizer

Career Area/Job Title

Nature of the work

General activities and duties

Working conditions

Physical surroundings, hours, mental and physical demands

Training and other qualifications

E~rnings

Starting and advanced

Additional information

Other questions that require further research

Sources of additional Information

Publications, trade associations, professional organizations, government agencies

What's Next for Your Personal Financial Plan?

• Talk with various people who have worked in the career fields of Interest to you . • Outline a pl an for long- term professional development and career advancement.

Name: ______ ....;tR=EA::.;.. ______ _ ?>ate: iRl!Fl

Creating a Personal Balance Sheet Purpose: To del1!mllne YQUr aum,nt financial polltlon. Financial Planlllng ActlVIUe1: List current valiles of the aueta: 11st amoonts owed fC!I' Nalilllfiat; subtract lOlill JlaliU,11ee f!X)m lc)tal asae1a to delennlne net WOl1h. Suggeated Websites: Wil!W klplng§l'.gom moa,y em cor 'tClt(( fifHd\d!;ll.m Suggeated App: Balance

Balance Sheet as of

Assets

UquldHHl5

Checklng account balance

Savings/money meri<et accounts, funds

Cash value of life insurance Other _____ _

February 26, 2019

$0.00

S0.00

Total I/quid assets

Household aseets & posseulona

Currant mari<et value ol home

Mari<et value of automobiles

Furniture

Storeo, video, camera equipment

·················------so=.oo ....

Jewelty Other _____ _

Other _____ _

Tolol household asHts

Investment a1aets

Savings certificates

Stocks and bonds

Individual retirement accounts

Mutual funds 01her _____ _

$0.00

I 50.~

S0.00

$0.00

S0.00

$0.00

S0.00

Total Investment auets ·- ··· -- · · · -······· ·------$0--.00-

Total Asaeta

Liabilities

Current Habllltlea

Charge account and credit card balance•

Loan balances

Other _____ _

To/al current /iabllities

Long-tenm llabllltioe

Mortgage Other _____ _

Total long-term liabilities

Total LlablUUea

Net Worth

(assets minus liabilities)

What's Nut for Your Personal Flnanclal Plan?

• Compare your net worth to previous balance sheets. • Decide hoW often you will prepare a balance sheet

S0.00

$0,00

$0.00

Name: #REF! Date: #REF/

Creating a Personal Cash Flow Statement Purpose: To maintain a record of cash Inflows and outtloW$ for a month (or three months). Financial Planning Actlvltles: Record Inflows and outflows of cash for a one- (or three-) month period. Suggested Websites: www.amerlcasaves.-0rg money.cnn.com Suggested Appr ~ensify

For month ending

Cash Inflows

Salary (take-home)

Other income :

Total Income

Cash Outflows

Fixed expenses

Mortgage or rent

Loan payments

Insurance

Other ------ Other ------

Total fixed outflows

Variable expenses

Food

Clothing

Electricity

Telephone

Water

Transportation

Personal care

Medical expenses

Recreation/entertainment

Gifts

Donations

Other ------ Other ------

Total variable outflows

Total Outflows

Surplus/Deficit

Allocation of surplus

Emergency fund savings

Financial goal savings

Other savings _____ _

Total

What's Next for Your Personal Financial Plan?

• Decide which areas of spending need to be revised. • Evaluate your spending patterns for preparation of a budget.

- _'. $0.00

$0.00

Apply any surplus to

these goals

....

Name: #REF! Date: #REF!

Developing a Personal Budget Pur:pose: To compare projected and actual ~pending for a one- (or three-') month peliod.

Financial Planning Activities: Estimate projected spending based on your cash flow statement, and maintain records for actual spending for these same budget sategories. Suggested Websites: www. b~tt!ilcbu~m~llag.QQ[!J WWW.s!i§!M:!r9 www,m~mQae~.gQ~ Suggested App: Home Budget

Bud eted Amounts Income Dollar Percent Actual Amounts Variance

Salary $10.00 50.00% $10.00 0.00%

Other $10.00 50.00% $10.00 0.00% Total income $20.00 100.00% $20.00

<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

$10.00 20.00% $10.00 0.00%

Pro ert taxes $10.00 20.00% $10.00 0.00%

Loan a ments $10.00 20.00% $10.00 0.00%

Insurance $10.00 20.00% $10.00 0.00%

$10.00 20.00% $10.00 0.00%

$50.00 100.00% $50.00 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Emergency fund $10.00 33.33% $10.00 0.00%

Savings for $10.00 33,33% $10.00 0.00%

Savings for $10.00 33.33% $10.00 0.00%

$30.00 100.00% $30.00 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Food $10.00 8.33% $10.00 0.00%

Utilities $10.00 8.33% $10.00 0.00%

Clothin $10.00 8.33% $10.00 0.00%

Trans ortation costs $10.00 8.33% $10.00 0.00%

Personal care $10.00 8.33% $10.00 0.00%

Medical and health care $10.00 8.33% $10.00 0,00%

Entertainment $10.00 8.33% $10.00 0.00%

Education $10.00 8.33% $10.00 0.00%

Gifts/donations $10.00 8.33% $10.00 0.00%

Miscellaneous $10.00 8.33% $10.00 0.00%

Other $10.00 8,33P/o $10.00 0.00%

Other $10.00 8.33% $10.00 0.00%

Total variable ex enses $120.00 100.00% $~20.00

Total ex enses $170.00 100.00% $170.00

What's Next for Your Personal Financial Plan?

* Evaluate the appropriateness of your budget for your current life situation. * Assess whether your budgeting activities are helping you achieve your financial goals.

C: a -a.. 0 u C: 0 C: ·-LL -C, C: 0 V) t... ~

a.. L ::, 0 >

Name: Sample Student Date: February 28, 2019

Forecasting Retirement Income Purpose: To detennlne the amount ne-eded to save each year to hav.e the necessary:tun~s to cover r,etirement lfvlng cost$. Financial Planning Activities: Estimate the Information requested below. Suggested Websites: YfM'l,psa.aov W\Wf.pensionplanners.com www.choosetosave.org Suggested App: RellrePlan

Estimated annual retirement living expenses

Estimated annual living expenses if you retired today >>>>>>>>>>>>>>>>>> $48,000

Future value of living expenses assuming you will retire in 40.00 years

and your living expenses will rise al an annual rate of 3.00% X 3,262038

Projected annual retirement living

expenses adjusted for i~flation ----------------------

Estimated annual Income at retirement

Social Security income: http://www.ssa .gov/estimator/ >>>>>>>>>>>>>

Company pension and personal retirement account income >>>>>>>>>>>>>

Investment and other income >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

$18,000.00

$16,500.00

$7,800.00

Total retirement Income------------------------

Annual shortfall of Income after retirement (subtract B from A)---·------

Additional amount required to fund the income shortfall at retirement

Expected annual rate of return on invested funds before retirement »>>>>»

Expected years in retirement>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Expected annual rate of return on invested funds after retirement >>>>>>>>>

8.00%

5.00%

... This "future value fl\ctor" can be estimated using the tables in (:xhlbit 1 ·A oi the

Chapter 1 Appendix.

(A)

(8)

(C)

This rate

must be greater than

this rate.

Additional amount needed at retirement to fund the shortfall ------·-······--- (D) $2,507,,533.94

Annual deposit required to achieve needed investment fund

The future annuity factor for a series of deposits for

•This ''future value annuity factor" can be estimated using the tables In Exhibit ~-B of the

Cha~r 1 ~~=- -------

years

at interest equals -

Annual deposit required to accumulate the amount needed ( D + E) ----------

What's Next for Your Personal Financial Plan?

(E)

• Survey retired individuals or people close to retirement to obtain information on their main sources of retirement Income.

• Make a list that suggests the best investment options for an individual retirement account.

$9,679.49