Fin Plan
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financial_plan.docxPersonal Financial Plan (8–12 pages)
Develop a personal financial plan detailing the financial goals that you and/or your family have developed. This is a staged project.
· Stage 1: Analyze your personal financial situation using appropriate financial tools.
· Refer to Career Planning section for pertinent details to complete this section.
· Stage 2: Identify short-term, mid-term, and long-term goals. Rank your goals in order of importance as they relate to the financial resources available and expected. Estimate the financial commitment for each goal.
· Refer to Financial Goals & Banking Services section for pertinent details to complete this section.
· Stage 3: Consider all factors we have covered in class, including budgeting, time value of money, asset protection, debt/credit, savings, investing, and estate planning.
Incorporate the first two stages to complete the development of the financial plan.
Personal Financial Plan Rubric
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Cover Page |
Contains graphic/illustration, name of project, your name, course name, and semester; creativity is evident |
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Table of Contents |
Heading, sections clearly labeled with leaders and page numbers
I. Summary of Goals & Resources Personal Information (Career Planning) Financial Goals and Objectives II. Asset Options Banking Services Housing Auto III. Risk Management Insurance Needs Analysis Investments IV. Monthly Budget & Summary Re-Cap
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Career Planning |
Describe life situation providing details related to marital status, children, occupation, and income. Investigate career. Determine annual salary. If married, provide spouse’s. Include job advertisement.
Status: Married Children: 6 Occupation - Spouse: USAF (Active Duty) / Trade - Electrician Self: IT Business Specialist II Income – Spouse: 72,585.00 Self: $87,963.00
Retirement Age – Spouse: 61 (Eligible to retire from military in 2 years; however plans to join the civilian workforce as an electrician.) Self: 64
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Financial Goals
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Summary of Financial (Short & Long Term) Goals: · Needs · Retirement – Living Expenses (long-term) · College Tuition – 3 (short-term) · Wants · Re-establish Emergency Cash Fund (short-term) · Home Improvements (short-term) · Increase stock investments (short-term) · Wishes · Travel: re-occurring twice every year after retirement for life (long-term) · Paying off all personal student loans within 5-yrs of graduation (long-term)
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Banking Services |
Well written, clearly explain services provided at various institutions (noted below), materials provided (from at least one), institution and services you will use are identified, justification is provided for choice of institution and services
· PNC (savings account) · SunTrust (personal checking) · EFCU (checking/savings) · Capitol One 360 (investment/college funds)
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Housing Decision |
Information and materials provided on investigation of housing options available, choice is explained in detail, sources of credit are explained and your selection is identified and explained in detail, monthly expenses related to your decisions are provided
· Location: PG County, MD · Minimum 5 Bedroom / 3 Bath Single Family Home · Source of Credit: Credit Union
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Automobile |
Information and materials provided on investigation of auto options available, choice is explained in detail, sources of credit are explained and your selection is identified and explained in detail, monthly expenses related to your decisions are provided
· Requiring seating for 6+
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Insurance |
Detailed description of types of insurance you need, materials provided, explanation of types and providers and why you made these choices, monthly expense related to your decisions are provided
· Life Insurance · Property Insurance (i.e. Auto, House, etc.) · Long Term Care and/or Disability Insurance
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Investments |
Detailed explanation and investigation materials of different types of investments, justification for your selection of at least two types of investments, detailed explanation of expenses and risk associated with the investments selected
· 401K Allocations
· General Stock Options · Lockheed Martin Corp · Qualcomm Inc · AT&T · Home Depot
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Monthly Budget |
Detailed monthly budget which includes income and expenses (reduce income for taxes using the following: 33%: $148,701 - $321,200 ,), detailed explanation of whether budget will allow you to meet your financial goals (see above), explanation as to whether or not you had to make changes to have a zero or positive balance
· Monthly Expenses · Mortgage: 2,300.00 (26 years remaining) · Utilities: 675.00 · Cable & Phone: 250.00 · Cell Phones: 300.00 · Education: 1,040.00 · Credit Card: 250.00 · Life Insurance: 260.00 · Groceries: 600.00 |
