In this assignment, you will demonstrate your mastery of the following course outcomes:
• Comprehend at a practical level the importance and benefit of applying theoretical principles to individual and family financial planning techniques
• Calculate and present basic short-term financial analyses which complement the lifelong support of individuals and families
• Compare and apply various long-term planning strategies for assessing successful retirement, estate, and investing choices, including basic tax effects
• Examine basic economic theory and apply to consumer spending and investment decisions for lifelong financial success
This assignment will require you to establish a personal financial plan, reflecting your learning to date in the course. Now that you have an appreciation for designating long-term and short-term goals, you will be able to plan appropriately and make adjustments to benchmark your intentions for an objective view of your present status, as well as outline steps to make necessary changes to achieve your goals.
Your completed financial plan will consist of all prior submissions completed in Parts One and Two. Part One detailed short-term planning and day-to-day financial needs as Part Two detailed long-term planning and future financial needs for assets such as a personal residence. As part of the final submission, you will also include any long-term retirement needs. This includes filling out and submitting the Retirement Planning and Personal Financial Goals Summarized worksheets.
In the Retirement Planning worksheet, you will plan for retirement. You will likely identify a gap between your personal financial goals for a home, vehicle, and retirement planning versus the availability of your present resources. The objective is to develop an investment strategy, as a suggestion, with stocks of your choosing and/or mutual funds, which support your future financial needs.
If any of the prior spreadsheets or files require updates as per your recognition of dynamics in your personal financial plan or suggestion by your instructor, incorporate those changes and revise your spreadsheets.
In order to measure the amount required to fund a future mortgage, vehicle purchase, and retirement plan, the net present value of these amounts will have to be summarized. You will then need to take account of your present net assets from your personal balance sheet; include the values of any retirement accounts you presently have, such as a 401(k). This will allow you to determine the gap between your present wealth and your future needs.
Next, select five mutual funds, including at least one U.S. stock mutual fund, one bond mutual fund and one international mutual fund, along with two others of your choosing. In an Excel spreadsheet, collect the following information on these funds: Fund name, ticker symbol, objective category, fund family, and 5-year average return. Presume you would invest 20% equally in these mutual funds and find the average annual return on this portfolio over the previous5 years.(Related reminder: Past results are no guarantee of future returns.)
You will also complete a new Personal Financial Goals spreadsheet. Finally, you will summarize and describe your analysis and intentions. Mention each spreadsheet specifically, and indicate how the purchase of these new goals will affect your prior plan submitted in parts one and two. Describe your opportunities and challenges. Will you have to make changes? Indicate how you might revise your plans.
Requirements of Submission: Submit a final encompassing all prior submissions from Parts One and Two, plus the Mutual Funddataand Retirement Analysis. The total submission will includeall completed spreadsheets plus three to five pages of commentary for the qualitative review and observations of your plan.
You will submit the spreadsheets and mutual fund information on Blackboard as before. You will submit the final analysis and commentary on Chalk & Wire.
Note: If you do not wish to disclose personal financial information to your instructor, please change your information or provide an alternative name with the information realistically portrayed. In doing so, the experience of preparing a financial plan for another individual will prepare you to accurately complete your own plan when you are ready. Also, do not disclose the information of an individual other than yourself; remember to keep private information private.
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