personal finance paper

Prepared by: Dr. Thomas G. E. Williams, Broadwell College of Business and Economics, Fayetteville State University, Fayetteville, NC 28301

“Outline for Personal Financial Plan Report”

“Cover Page”

Title of Report

Course Title and Number

Student Name

Date

1 Prepared by: Dr. Thomas G. E. Williams, Broadwell College of Business and Economics, Fayetteville State University, Fayetteville, NC 28301

Table of Contents

Page

I. Assessment of Current Situation

II. Assumptions

III. Goals and Objectives

IV. Monthly Budget

V. Action Plan

VI. Six Principles Used In My Financial Plan

2 Prepared by: Dr. Thomas G. E. Williams, Broadwell College of Business and Economics, Fayetteville State University, Fayetteville, NC 28301

I. Assessment of Current Situation Provide a complete and clear assessment of your situation (personal and financial), which will

form the basis for realistic goals. Before you prepare the assessment you must first layout your

current situation – balance sheet, income and expenditure statement, and personal circumstances.

The assessment must include everything that could realistically affect your financial future that

you are currently aware of.

II. Assumptions Provide clearly stated assumptions as necessary for your situation.

III. Goals and Objectives Clearly stated goals and objectives; must be measureable and include time horizon.

Example: My financial goal is to provide for my children’s education and a comfortable

retirement. To meet these two financial goals, my objectives are to accumulate $100,000 over 15

years to cover my children’s college expenses and $1,500,000 in 30 years to provide for my

retirement.

IV. Monthly Budget Present a monthly budget consistent with financial goals and objectives, and action plan. The

budget should follow the format used in the textbook or the one provided on Canvas. (It is not

acceptable for you to copy a budget from online or any other source.)

V. Action Plan Describe, justify, and explain the series of actions that you will take to accomplish your financial

goals and objectives.

VI. Six Principles Used In My Financial Plan List six relevant principles or concepts covered in the course that you use in your financial plan.

Provide accurate and complete explanation of each principle or concept and then give clear

accurate explanation of relationship between principles and your plan.

3 Prepared by: Dr. Thomas G. E. Williams, Broadwell College of Business and Economics, Fayetteville State University, Fayetteville, NC 28301

* The report should be in narrative form that consists of sentences and paragraphs that describe and explain. Tables

and graphs may be used as deemed appropriate to improve the quality of the report. The report must be typed,

double-spaced with 1-inch margins, include page numbers, and use 12-point Times New Roman font.