Essay about Financial Planning Assignment
1. From the goal setting sheet choose two monetary goals – one that will be achieved during this school year and one that is intermediate term (2 to 5 years). Reproduce the goals you chose – include the amount needed, months to achieve, action to be taken, and priority. For each goal, identify one constraint or reason why you may not reach the goal. (2 marks)
A short term monetary goal that will be achieved during this school year is for me to save enough money to purchase an iPhone and have enough money to not only pay for the purchase price of the iPhone, but some money to cover a couple of monthly plan fees. The amount that will be needed to accomplish this goal will be around $600, which will be …show more content…
3. Analyze your financial progress and net worth. What concerns do you have? What should you change? How will you try to improve your net worth? (3 marks) My concern after evaluating the current ratio and taking into account all potential investments and savings, is that the proportion is closer to 1:1 than desired or that is economically viable for me. Other concerns include the uncertainty behind my employment contract being extended. A change I will initiate is to consider the possibility of additional part time employment to supplement funds. I will improve my net worth by spending less on misc items, prioritizing spending and developing and following a budget consistently.
4. Outline your emergency plan. What types of financial emergencies can you foresee (need at least two)? What would you estimate these emergencies to cost? What would you do if