Personal Financial Plan FIN 2010 Personal Financial Planning Name: (Insert Your Name Here) Self-Reflection Briefly answer each of the following questions about yourself. What are my passions, those things that I have an intense desire or enthusiasm for? To work so much now so that my kids won t have to. Along with being truthful and not a fake person. Also, just learning more about myself, and my religion. What do I do best? At being a great mother, daughter, wife, sister and friend. What activities do I need to be a regular part of my life? Working out, cooking, cleaning, and hanging out with families. What gives me energy? My Family What am I willing to sacrifice for? My time and sleep Whom do I want to help in life? How can I help them? My family members making sure my brothers are at least stable, because back home its not a easy life. I also want to be able to help my mother so she wont have to work anymore and can rest. What do I love to do? Love to cook, clean, travel, being with my family and just relax.
Define Your Goals State at least three short-term, three medium-term, and three long-term personal goals. Short-term Goals (Examples: pay off credit card debt, go on vacation) 1) Finish my last two semester of University 2) Have a monthly budget 3)Eliminating my credit Medium-term Goals (Examples: get married, pay off student loans) 1) Purchasing a house 2)Get a Job based on my major Economics 3)Change my car Long-term Goals (Examples: pay for childrens college, retire early) 1) Having a third child 2) Working with my husband 3) Living healthy Save up for retirement
Assess Your Current Financial Situation Provide the details on your current financial situation. Monthly Inflows (Examples: wages $1,000; parental allowance $500) 1) Work $3,600 Monthly Outflows (Examples: rent $500, food $300, car payment $350) 1)Rent $1250 2)Car Insurance $96 Food $500 Assets (Examples: car $10,000; savings $1,000; personal items $2,000) 1) Car $8,000 2) Savings $5000 Liabilities (Examples: car loan balance $12,500; student debt $35,000; credit card debt $800) 1) Credit Card $5,800 2) Car Loan $3,000 Describe your payment schedule and interest rate for each liability. (Examples: Equal monthly payments due after graduation for ten years at 6% interest, equal monthly payments of $350 for 20 months remaining) 1) 2)
Assess Your Future Financial Situation Likely your future financial situation five years after graduation will be substantially different than your current financial situation. State your future career plans and estimate your annual earnings. Provide the source of your estimates. Need ideas? Check out the Bureau of Labor Statistics career exploration page: Future Career Plan A: Estimated Annual Income: Source: Future Career Plan B: Estimated Annual Income: Source: Forecast your future monthly inflows and outflows five years after graduation based on your career plan A. State your sources. Use the FIN 2010 Personal Financial Plan spreadsheet file to help you with estimating monthly expenditures on debt and taxes. Dont forget to include taxes, insurance, transportation, food, and utilities in your monthly outflows. Monthly Inflows (Examples: wages $3,500; investment income $200) 1) 2) Monthly Outflows (Examples: house payment $1,000; student debt payment $400) 1) 2) Sources: Preparing for the Unexpected For each of the following life circumstances, state how you will prepare in advance to address each situation financially. An unexpected $300 expense Your wallet or purse is stolen and you discover there are fraudulent charges on your credit card A car accident results in $5,000 in damages and six weeks out of work Strong storms cause approximately $20,000 damage to your home A medically necessary surgery with three days of hospitalization Unexpected early death
Investing for the Long Run Many employers provide a retirement benefit, such as a 401(k) account, and may provide matching contributions into your account. State your planned choice in each situation. Your employer provides a traditional 401(k) account; however, no matching funds are provided. What percentage of your salary per month do you plan to contribute? Your employer provides a traditional 401(k) account and will match your contribution up to 5% of your salary if you put in at least 5% of your salary each month. What percentage of your salary per month do you plan to contribute? Your employer provides a menu of low-fee investment options for your 401(k) account that include the employer stock, a money market fund, a mutual fund specializing in government bonds, and a mutual fund that invests in both domestic and international stocks. What percentage of your monthly contribution will you allocate to each option? employer stock: money market fund: bond fund: equity fund: Your employer begins providing a Roth 401(k) account as an alternative to the traditional 401(k) account. Will you switch your monthly contribution to a Roth account? Why or why not? Use the FIN 2010 Personal Financial Plan spreadsheet file to help you with estimating how much your retirement account will reach by the start of your retirement. estimated retirement account balance at retirement: Use the FIN 2010 Personal Financial Plan spreadsheet file to help you with estimating how much your retirement account will be able to produce in income each year of your retirement. estimated retirement account yearly withdrawal:

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