Personal Financial Plan

**Before starting please reach out to me to better understand my appropriate short/long term goals to be used in this paper**

Personal Financial Plan (8–12 pages)

Develop a personal financial plan detailing the financial goals that you and/or your family have developed. Include:

  • Analyze your personal financial situation using appropriate financial tools.
  • Identify short-term, mid-term, and long-term goals. Rank your goals in order of importance as they relate to the financial resources available and expected. Estimate the financial commitment for each goal.
  • Consider all factors we have covered in class, including budgeting, time value of money, asset protection, debt/credit, savings, investing, and estate planning.

Incorporate the first two stages to complete the development of the financial plan. This is the capstone assignment of this class, so careful preparation is needed to illustrate concept understanding and application.

The personal financial plan is worth 20 percent of your final grade.

Personal Financial Plan Rubric

Exceptional

Acceptable

Minimum Effort

Cover Page

Contains graphic/illustration, name of project, your name, course name, and semester; creativity is evident

Contains name of project, your name, course name, and semester

Contains some of the following: name of project, your name, course name, and semester

Table of Contents

Heading, sections clearly labeled with leaders and page numbers

Heading, sections labeled with page numbers

Missing sections, not clear

Career Planning

Describe life situation providing details related to marital status, children, occupation, and income. Investigate career. Determine annual salary. If married, provide spouse’s. Include job advertisement.

Describe life situation providing details related to marital status, children, occupation, and income. Provide annual salary. If married, provide spouse’s.

Identify marital status, children, occupation, and income. Determine annual salary. If married, provide spouse’s.

Financial Goals

Clearly written; contains at least two short-term financial goals and three long-term financial goals

Clearly written; contains at least one short-term goals and two short-term goals

Goals are not clearly written, contains only one short-term and one long-term financial goal

Banking Services

Well written, clearly explains services provided at various institutions (at least three), materials provided (from at least one), institution and services you will use are identified, justification is provided for choice of institution and services

Well written, clearly explains services provided at various institutions (at least two), institution and services you will use are identified, justification is provided for choice of institution and services

Well written, explains services provided at institution you will use, identifies services you will use, explanation is provided for choice of institution and services

Housing Decision

Information and materials provided on investigation of housing options available, choice is explained in detail, sources of credit are explained and your selection is identified and explained in detail, monthly expenses related to your decisions are provided

Information provided on investigation of housing options available, choice is explained in detail, sources of credit are explained and your selection is identified and explained in detail, monthly expenses related to your decisions are provided

Housing options available are identified, choice is explained, sources of credit and your selection are identified, monthly expenses related to your decisions are provided

Automobile

Information and materials provided on investigation of auto options available, choice is explained in detail, sources of credit are explained and your selection is identified and explained in detail, monthly expenses related to your decisions are provided

Information provided on investigation of auto options available, choice is explained in detail, sources of credit are explained and your selection is identified and explained in detail, monthly expenses related to your decisions are provided

Auto options available are identified, choice is explained, sources of credit and your selection are identified, monthly expenses related to your decisions are provided

Insurance

Detailed description of types of insurance you need, materials provided, explanation of types and providers and why you made these choices, monthly expense related to your decisions are provided

Description of types of insurance you need, explanation of types and providers and why you made these choices, monthly expense related to your decisions are provided

Identify types of insurance you need, explain types and providers, monthly expense related to your decisions are provided

Investments

Detailed explanation and investigation materials of different types of investments, justification for your selection of at least two types of investments, detailed explanation of expenses and risk associated with the investments selected

Detailed explanation of different types of investments, justification for your selection of at least one type of investment, detailed explanation of expenses and risk associated with the investment you selected

Explanation of different types of investments, justification for your selection of at least one type of investment, identify expenses and risk associated with the investment you selected

Monthly Budget

Detailed monthly budget which includes income and expenses, detailed explanation of whether budget will allow you to meet your financial goals (see above), explanation as to whether or not you had to make changes to have a zero or positive balance

Detailed monthly budget which includes income and expenses, detailed explanation of whether budget will allow you to meet your financial goals (see above)

Monthly budget which includes income and expenses, explanation of whether budget will allow you to meet your financial goals (see above)

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