personal finance paper

Terika Turner

Finc 330

25 August 2020

Personal Financial Plan Comment by Williams, Thomas GE.: Grade C

With determining my current situation, within the next 3 months I will be graduating with another Bachelors’ Degree in Banking & Finance. I plan on continue my education by obtaining a Masters in Accounting. I currently work full time as a general accountant at an engineering firm. I currently have $9,400 in savings, an emergency fund of $1,000, $1,500 in credit card debit, and no student loan debt. I currently rent an apartment and pay all the utilities. My car is paid off. Comment by Williams, Thomas GE.: Good start but you need to do more to fully capture your current situation. You should also clearly state your assumptions before you proceed to develop your goals

One of my financial goals includes buying a condo for $90,000 within 6 months. I will use my VA loan to buy this condo. My mortgage payments should be roughly $400 with an annual interest 3.2% for 30 years. I plan on living there for 2 years then renting it out. Another one of my financial goals is to save $50,000 in 10 years for my daughter’s college fund. I plan to put away $450 a month into a savings account. Within the next 3 months I plan on starting a class to become a CAA, which will cost me $1900. I plan on saving for my retirement, in 35 years I would like to have $750,000 saved. I currently invest 6% of my paycheck into my 401K account. Comment by Williams, Thomas GE.: A great start but you need to distinguish your goals and objectives from budget and action plan to accomplish those goals. You should read pages 4 through 6 of the course syllabus again, along with the PowerPoint handout in Module 1 before you proceed further in developing your personal financial plan for the class project.