There is no doubt that financial wellbeing is a key component of human happiness. Financial planning could help us to enhance our financial well-being through the set-up of financial goals and associated strategies to achieve these goals. When I propose my financial goals in the future fifteen years, I have to make trade-offs among so many life events. This financial narrative includes ten main aspects of my financial positions in the future fifteen years.
Family Status and Job/Salary/ Benefits
On 22 October 2031, I would have been in the marriage for ten years and have a five-year-old child. Fifteen years later, I would be in the middle management position of a regional investment firm, with a basic salary of $ 70,000. Compared to the salary, …show more content…
In order to better prepare my retirement life and maintain my quality life (fifteen years later from now), I should actively engage in the investment in the capital market. To be honest, I have a moderate risk tolerance. In other words, I can bear the risky investment and the fluctuations in my investment values. In addition, as a financial professional, I have a solid knowledge and background of investment and finance. Thus, I can invest in a set of financial products, such as stocks, bonds, futures, options and so forth, and the real estate market. On 22 October 2031, I would hold an investment portfolio with a total value of $19,800 and have two houses: one for self-residence and one for the investment purpose, and one cottage for the vacation purpose. The investment portfolio is with average annualized return of 6 percent. More importantly, in order to deal with some emergencies occurred life, there are around $ 20, 000 savings in my bank account. These investments and savings could make a contribution to my financial stability and increase the ability of my entire family to deal with the unexpected …show more content…
Today, good education could be very costly. A clear education planning for children is very necessary not only for my family, but also for others. I want my child to attend the schools and colleges with good reputation. It is evident that the resources for public schools are competitive with the private schools. I have a preference towards private schools. The education costs of my child from elementary school to colleges account for a significant proportion of our income. On 22 October 2031, my planning for my child education is that every year we save $5,000 for his college education until he reaches his eighteen. This could much better release the financial burden of our family when my child goes to
Family Status and Job/Salary/ Benefits
On 22 October 2031, I would have been in the marriage for ten years and have a five-year-old child. Fifteen years later, I would be in the middle management position of a regional investment firm, with a basic salary of $ 70,000. Compared to the salary, …show more content…
In order to better prepare my retirement life and maintain my quality life (fifteen years later from now), I should actively engage in the investment in the capital market. To be honest, I have a moderate risk tolerance. In other words, I can bear the risky investment and the fluctuations in my investment values. In addition, as a financial professional, I have a solid knowledge and background of investment and finance. Thus, I can invest in a set of financial products, such as stocks, bonds, futures, options and so forth, and the real estate market. On 22 October 2031, I would hold an investment portfolio with a total value of $19,800 and have two houses: one for self-residence and one for the investment purpose, and one cottage for the vacation purpose. The investment portfolio is with average annualized return of 6 percent. More importantly, in order to deal with some emergencies occurred life, there are around $ 20, 000 savings in my bank account. These investments and savings could make a contribution to my financial stability and increase the ability of my entire family to deal with the unexpected …show more content…
Today, good education could be very costly. A clear education planning for children is very necessary not only for my family, but also for others. I want my child to attend the schools and colleges with good reputation. It is evident that the resources for public schools are competitive with the private schools. I have a preference towards private schools. The education costs of my child from elementary school to colleges account for a significant proportion of our income. On 22 October 2031, my planning for my child education is that every year we save $5,000 for his college education until he reaches his eighteen. This could much better release the financial burden of our family when my child goes to