My Current Financial Situation (provide detailed information about your financial situation in terms of your sources of

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) THIS INFORMATION IS PERSONAL AND WILL NOT

BE DIVULGED TO ANYONE. YOU CAN CREATE A HYPOTHETICAL

CURRENT BUDGET.

2. Banking (visit your local bank branch and find out more about savings accounts, checking

accounts and 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: http://owl.english.purdue.edu)

 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.

• Prepare a minimum of 8 PowerPoint slides