This is a benchmark assignment. The purpose of this assignment is to provide you the opportunity to critically think through the goals you seek to accomplish in life and to use these goals as vital components of a personal financial plan. Students should begin working on this assignment early in the course as it involves introspection on life goals and financial strategies to meet them. As the course progresses, students are encouraged to use the information covered in each topic in order to begin developing the related sections of their Personal Finance Plan. Think about your life goals, determine where you want to be in the next year, 5 years, 10 years, and on into retirement, and plan the building and distribution of your estate. There are several methods you may use to organize your goals: categories related to responsibilities (including family), time frames, and priorities are examples of organizational methods. These life goals will serve as a template you will utilize in developing your personal financial plan. Your Personal Finance Plan There are six major components of a financial plan. These include: 1. Planning Tools 2. Managing Liquidity 3. Financing (Loans Large and Small) 4. Protecting Your Wealth (Assets and Income – Insurance Options) 5. Investing Your Money 6. Planning Your Retirement and Estate For this assignment, complete Part I and then Part II, focusing on your expected situation (financial vis-à-vis life goals) in 10 years, assuming you have already set your 1-year and 5-year financial goals. Review your personal financial position and set realistic goals that accurately portray your situation, but personal financial data should not be included. Part I: Analysis and Goal Setting Conduct a life goals analysis as a basis for setting meaningful financial goals for accomplishing them. Once you have an idea of where you want to go, you will be in a better position to plan how to get there. In 250-500 words, identify what major life goals you want to accomplish and why, including the degree to which you expect to have them accomplished 10 years from now. Again, assume you have already set your 1-year and 5-year financial goals. Next, evaluate, but do not present, your current financial position by assessing your income, expenses, assets, and liabilities. Using the information you have gathered so far, write a 500-750 word analysis explaining how you determined your personal financial goals. Your analysis should accomplish the following: 1. Identify those parts of the financial plan that fit your goals (e.g., Liquidity, Retirement). 2. Identify two to five financial goals that are specific, measurable, attainable, realistic, and timely. Include the factors you considered to set your goals. For example, describe the role your personal financial statement and balance sheet played in informing your goals. Include specific terminology and concepts from your classroom readings, such as factors affecting cash flows, forecasting, budgeting, etc. Support your analysis and goals by citing three to five references, including the textbook. Part II: Implementation Plan and Rationale Write a 500-750 word summary in which you describe the practices you will implement to manage your personal financial plan and meet your goals. Provide a description of practices for all of the six major components of a financial plan: 1. Planning Tools 2. Managing Liquidity 3. Financing (Loans Large and Small) 4. Protecting Your Wealth (Assets and Income – Insurance Options) 5. Investing Your Money 6. Planning Your Retirement and Estate Provide an explanation of why your implementation plan for managing the six components and meeting your personal finical goals will be effective. Discuss ways to assess whether or not your goals have been met. Include specific terminology and concepts from your classroom readings, such as timeline, law code, loss prevention, etc. Support your implementation plan by citing three to five references, including the textbook. General Requirements This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion. Prepare this assignment according to the guidelines found in the APA Style Guide.
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