Financial Planning: Assignment 2: Financial Planning
2. Describe one long-term goal that you have and at least two things you will need to do in order to accomplish that goal. (2-4 sentences. 1.0 points)
One of my long term goals is to go to college and I will accomplish this by getting good grades and also working hard in track, so it that I could get as much financial as possible. I would also apply for scholarships that are available to me.
3. Describe two of your long-term financial goals, and explain why these goals are important to you. List at least three steps that might help you accomplish this goal. (4-6 sentences. 2.0 points)
I want to buy my own car, and I would do this by saving up a percentage of my money and control what I spend. I would also like to be able to live on my own. In order to do so I would first have to get a job that would cover the cost of living, that includes, food, rent, utilities, and the basic necessities of living. I would also have to find an apartment, which fits my needs. I would also have to know how to manage on my …show more content…
Paying for utilities is a type of an expense, when you have to pay for things like water, electrical, and heating. A debt is something when you owe money to another party after taking out a loan, debts you pay after a long period of time.
5. Describe a real or made up but realistic example of earned income that you or someone you know has received. What type of work was the income from? Was the income in the form of a salary or wages? (1-2 sentences. 1.0 points)
My parents receive an earned income, meaning they work for it, unlike unearned income like child support and disability. My mom works as a Human Resources Director; she over sees all investigations in her facility and hires and fires people. My dad works as an Operations Sales Manager, so he over sees all of the different sales. They both have salary wages, so their income isn’t based on hours.
6. Describe a real or made up but realistic example of unearned income that you or someone you know has received. (1-2 sentences. 1.0