Personal financial planning assignment

Personal financial planning assignment

Title: Personal financial planning assignment

Term Project Instructions

With personal financial planning we learn to acquire, use, and control our financial resources more efficiently. You are asked to prepare a ‘roadmap’ to outline your financial plans for the future. By creating this ‘roadmap’, you will be able to monitor and control your finances better to achieve your goals. The purpose of this assignment is to help you take a closer look at your own personal financial situation and to make necessary decisions to achieve your financial goals. This assignment is based on YOUR own financial situation; therefore, each project is unique and different.

Your report MUST include the following side headings and details:
1. My Current Financial Situation (provide detailed information about your financial situation in terms of your sources of income, expenses, debt to create a clear picture of where you are financially)

2. Banking (visit your local bank branch and find out more about savings accounts, checking accountsand certificates of deposit (CDs). What are the requirements for opening each account, interest rate, fees and other charges? Which of these accounts do you need and why?

3. Credit (how many credit cards do you have? If you don’t have any, explain the benefits and drawbacks of having credit cards. What are the major credit reporting agencies in the U.S.? What is a FICO score? Explain how your credit may impact your financial future and what the best way to use credit cards is.

4. Insurance (explain the different types of insurance coverage you need including health, life, auto, homeowners, etc. With each type of insurance coverage explain how to select the appropriate amount of insurance and the benefits/costs of such coverage)

5. Buying a Car (explain the different car ownership options—cash payment, financing, leasing and list the advantages and disadvantages of each. Which option is most appropriate for your situation and why? What are some of the steps you need to take before making the decision to buy a car? What are the expenses associated with car ownership—Specify total yearly expenses)

6. Buying a House (research your local real estate market and specify the different types of house ownership options available. Are there any government programs available for first time home buyers? What are the requirements to take advantage of these government programs? What are the steps necessary to take to help you make a decision about buying a house? How much down payment do you need to make? What is a mortgage and what are the different types available? When do you plan to buy a house and how do you intend to finance it?)

7. Investing (discuss the difference between saving and investing. Give three different options to invest. Explain the difference between investing in stocks, bonds, mutual funds, IRAs, and 401 Ks. How do you plan to invest for your retirement? When should you start planning for retirement?)

8. My Financial Plan (this is your opportunity to indicate your detailed financial plan for the future. List your financial goals for the future, in terms of the next five years, ten years, and thirty years. What are the steps you plan to take to achieve these goals? Based on what you’ve learned so far, how do you assess your financial situation? What would you do differently and why?)

9. References (be sure to include all sources of information you may have used-minimum 5 different sources-and format your references page in APA style; click on the following link for help formatting your references page:

• Your research project must be TYPED, double-spaced, use Times New Roman size 12 font for body of report (8-10 pages minimum excluding cover page and references page). Number all pages in your report.


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