Week 2 Assignment

1. Financial Goals

· As I am 21 right now and still studying, my short-term goal is to secure a permanent job in some stable company with a steady income. With this I can finance my expenses and keep my family happy and satisfied.

· Intermediate term goals would be to grow in the company and be at a very responsible position with income enough for me and my family. I may be married to someone, so I need to satisfy every need. So, for that need to earn that much.

· Long Term Financial Goals would be to earn as much that my family and my kids should be more than happy. I have my retirement plans intact. I should have enough to travel the world around many times and with my kids and family.

2. Current Financial Position

· In savings, I have around 700K.

· My investments are around 200K.

· My net worth will be around 900K.

3. Plans

· I need to have steady job and growing income. I should grow each day with raise in my salaries.

· I need not stop spending but need to spend smartly. Only spend to what is necessary.

· Investments should me made keeping in mind the risk involved. The returns should obviously be there, but risk is more important.

4. Implementing the plan

· Start with first phase to get a job. Try applying in companies with relevant profile I am looking for and prepare for the interviews and get a job.

· Once I get the job learn and earn as much as I can and make investment rather than spending a lot.

· Try to excel in my work and learn more which will stimulate me to achieve my goal to reach in a reputed position where I can have more income and make my family and myself happier beyond what I expected to be.

5. Evaluating the plan

· I need to check whether I am earning enough to achieve my goal and savings are sufficient to back up the post retirement life.

· In this phase I need to evaluate whether the actual results coming out of ongoing actions are in line with my stated goals and evaluate the result with planned result.

6. Revising the plan

· Once I evaluate the plan, I will know if I am on the right path to getting my goal. If I am not, then I need to bridge the gap by making alterations in my plan.

· If I do not get a promotion at my work, then I must do necessary things which contribute to perform well and upskill myself thereby get recognition and promotion.

· If my savings are not reaching my target, then I need to manage my expenses to the minimum and cut down unnecessary expenses. Get a good investment plan from professionals.

· Be realistic to the plan and do the things to bridge the gap between desired result and actual result.