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Essay Available:
8 pages/≈2200 words
3 Sources
Business & Marketing
English (U.S.)
MS Word
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$ 41.76

Analyze Personal Financial Situation Using Appropriate Financial Tools (Essay Sample)


Develop a personal financial plan detailing the financial goals that you and/or your family have developed. This is a staged project.
Stage 1: Analyze your personal financial situation using appropriate financial tools.
What does this mean? We have covered housing, auto, insurance, time value of money, different banking/savings products; we looked at debt in a homework assignment, and discussed credit cards and investments. I have also attached a handy and simple budget creator, in excel, for you to use. Based on where you think you are, backing your opinion of your financial situation with articles you have read and your text for the class, analyze your financial life. You should cover all topics outlined in the syllabus.
Stage 2: 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.
What does this mean? Set a couple goals for yourself in regard to savings, retirement planning or saving for a large purchase. Think through some of the savings and investment vehicles we have gone over in class (and citing the importance of knowing that from a journaled article you read or one I provided for the class) as well as what you learned about the use of CFP professional. Set your goals, tell me why they are important and how you intend to achieve them as well as monitor your progress.
Stage 3: Consider all factors we have covered in class, including budgeting, time value of money, asset protection, debt/credit, savings, investing, and estate planning.
What does this mean? Summarize your work and plan, and open up a little about where and why you chose certain things. Different from probably most financial education classes I provided multiple opportunities for you all to learn about yourself in relation to money, the emotional factors of money and the psychological factors related to money. As such, you now have greater personal awareness as well as the know how to truly stick to a budget and hit your goals. Walk me through this section, using text and citations from class, and tell me how you know your financial plan is a good fit for you and having designed your plan in a way that fits you, what factor or factors are you helping yourself to be more aware of?
Now that content is covered, let’s talk about what I want to see in regard to APA.
First Main heading: Personal Financial Situation
Subheadings: Career planning, banking services, housing decision, automobile, and insurance
Second Main heading: Financial Goals
Third Main heading: Financial Plan
Subheadings: Investments and Monthly budget
I have also attached a budget you can use, or use one you found on your own.
Do NOT design a cover page with an interesting graphic. You DO need a cover page, but it should be APA format. No need to get creative unless you want to be.
Size 12 font, double spaced using Times New Roman
References should use APA formatting both in text and on the references page.
Headings and subsection should be used so that it is clear you have covered each section and throughly discussed the three “stages” in sections and broke the sections into subsections for what you want to consider in those sections.
The 8-12 pages does NOT include the title page or the reference page. I want to see 8-12 pages of content. In fact, many, many students end up writing more than 12 pages. This is totally fine. It is a big assignment.
I also do NOT need a table of contents nor an Abstract. If you want a table of contents, you can add one, but again…this does not count toward your 8-12 pages of required content
It’s supposed to be my personal financial plan but the writer can make up whatever numbers they want.
Just so you know the deadline is the deadline so its absolutely crucial to be finished with the work by then and tell me everything you need as soon as possible.


Financial Plan
Student’s Name
Institutional Affiliation
Financial Plan
This report uses the financial technique to present my current financial situation and illustrations of the expected directions of my choice. Future economic conditions are not determined as by now and they will change. The assumptions are used to show how the economic and market conditions will take place and are designed to make a debate of the necessary actions that will be needed to be taken in future to aid me to manage and maintain my current situation under the variable conditions
My Current Situation:
* My assets of approximately $752,000.
* My liabilities are approximately $320,000.
* My net worth is approximately $642,000.
My Goals
In intend to retire at age 63 and I have $516,000 in working assets and are adding $26,850 per year.
* Marry after 5 years with a budget of $50,000
* Have my own house after 6 years with a budget of $60,000.
* Meet my education goals by saving $10,141 annually ($845 monthly).
Asset Allocation:
* Long-term care assets at risk: $681,538
* Net Estimated Life Insurance Needs Shortage: $229,000.
It appears that money may run short before the last life expectancy of age of retirement. The range of possible options that might be considered to improve my situation includes the following:
* Increase the rate of return on my assets. Increase my annual savings by $3,500/year ($300 month). Reduce my debts.
* Extend my retirement by about 2 years.
* Combine any of the above and reduce the requirements for each.
Banking services
Personal income -The assessment of a person’s income should be focused in details when dealing with the financial plan of an individual. A person’s financial plan entirely depends on the sources of income for that particular person. A person may have different sources of income where he is earning from. The sources may be the employment income, the bonuses from a certain investment, payment of wages from an employer. This is so because the goals and objectives will require some funding .the dividends are also part of the income that should be considered in doing a detailed personal analysis for a person’s financial plan. All this sources of income create a roadmap for the plan or a budget. This is where the amount will be got from to fund the investments, to do some expenses and to pay for the insurance, and to do banking services.
Salaries-This is the amount an individual gets as payment while working for the organization or the company .The government employee may also be paid salary or wages .This payment is always paid at the end of the month or annually. This amount later is used for protection or spending as well as investments.
Dividends-This is the amount of money that is got from the returns of shares. Member buys shares in a company and at the end of the financial period after the company has recorded profits, he is paid the returns according to the investments that he so made to the company. This as well is the source of income for the individual, as he will use the same amount to send or to reinvest in other projects.
Wages is- the amount that is [paid to an individual after he has rendered services for the company or an organization. This wages may be paid in hours or it may be paid at an agreed period of time to the person who has rendered the services. This may be another source of income for a person who will later use it in investments, spending or by catering for the protection.
Pension- is the amount that is given out to an individual after he has...

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