Financial Planning Project
9473Financial Planning Project
Description of Project: The students can utilize their personal situation or a family member, business associate, etc. The primary goal is to develop a plan encompassing the following topics. First, develop a monthly budget tracking expenses over one to two months. Compare the monthly expenses to monthly income and forecast out into the future in a general way. Second, discuss setting up an emergency fund covering six months of expenses. Describe in detail how you plan on achieving this goal. Third, describe a plan for repaying student loan debt, credit card debt, auto debt etc. Fourth, Describe personal income and career goals over the short and long term. Lastly, describe your retirement planning strategy with specific goals of monthly amounts of savings, general types of investments and estimated rates of return. Describe how much you estimate you will accumulate over the long term based on your underlying assumptions.
Learning Outcomes: You are welcome to use outside sources, websites, retirement calculators, industry professionals, etc. in developing the overall plan. Analyze and discuss what you learned from doing the plan and the benefits for your future.
Assessment: The key will be covering the major areas – budget, emergency fund, debt repayment and retirement strategy. The report should be a minimum of 7 pages including graphs, charts, etc. The plan must be submitted prior to taking the final exam.
Please include the monthly budget tracking expenses in a separate file.
Attached is an example of a financial plan and a students sample.
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