Personal Financial Plan Assignment

Personal Financial Plan Assignment
Your assignment is to think through the things you want to accomplish in life. This is not a short-term assignment, and it will require you to work and contribute to it during the course of this Fall II session. Your final Personal Financial Plan is due in two parts:
It should be at least 5 pages long (double-spaced, 12-point font, 1-inch margins). It will include concepts from Chapters 1-7 only.
It should be at least 5 pages long (double-spaced, 12-point font, 1-inch margins). It will include concepts from Chapters 8-16 only.
The purpose of this assignment is to write down your goals for your future and determine where you want to be. Be very specific with the goals you set. Your goals may include graduating with your MBA, having children, investing in their college funds, buying a home/vacation home, retiring with $1 million, taking a round-the-world vacation, etc.
As you think through your goals, recognize that there are many different ways to organize them.
You can organize them by time frame: short/medium/long-term. You can organize them by responsibility: family, work, education, church, and so on. Or you can organize them by priorities, with your highest-priority goals first.
As you read through each chapter in the text, think of how you can apply your newly acquired knowledge to further develop your personal financial plan. If you need some help with applying the concepts you come across to your personal life, look at the end of chapter Action Plans. Each chapter closes with an Action Plan that should help you put your knowledge into action.
For example, in Chapter 1 we talk about choosing a career, preparing for the unexpected (as with economic downturns) etc. As you look over your previously listed goals, you may want to include information about your career path that may impact your goals, as well as contingency plans should you find yourself in another 2008 or 2020 economic situation. In Chapter 2 we discuss the use of personal financial statements as well as budget development. After you read Chapter 2, you may decide to add elements of certain financial statements or a working budget to your personal financial plan.
The objective is to add/modify your personal financial plan as you acquire more tips/suggestion/recommendations given your newly acquired knowledge base throughout the semester. By the time you reach the end of Fall II, you should have a well thought out and developed Personal Financial Plan.
The first part will cover concepts from Chapters 1-7.
The second part will cover concepts from Chapters 8-16.
Side note: I understand that divulging personal financial information is intimidating, so please do not feel that you must do so for this assignment. If you want to, you may, but if you feel more comfortable developing a hypothetical salary/hypothetical budget and using these numbers to develop your personal financial plan, you may do so. For example, I may decide that I will use the hypothetical example that my annual salary is $60,000. Everything I plan in my
Personal Financial Plan will be developed on the assumption that that is my salary.
If at any time you need more clarification, please do not hesitate to contact me via email, but please be sure you do not leave any questions to right before your assignments are due. Not only does it put you in a precarious position, but it also informs the professor that you probably haven’t put as much time/effort into your assignment as you should have.
The following are key things to consider as you develop your financial plan:
I’m not overly specific on the style I’m looking for (first person vs. third person, inclusion of graphs, preparation of videos, etc.) because I want students to develop their plans as they best see fit. In the past, I’ve had students simply put together a 10-page write-up (not the best – I would advise using some tables and charts be included), I’ve had others include appendices with tables and charts to help explain their plans, and I’ve even had a student develop a short video to go along with their financial plan. You have free reign with regard to how you want to develop this.
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