Personal Finance Project

Personal Finance Project - Personal Finance Plan for Hayden...

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Unformatted text preview: Personal Finance Plan for Hayden Jones Age 21 Student Personal Finance Anna Kwong 11/29/09 Part A My current client Hayden Jones asked me to prepare a personal finance project for her. She currently is a 21-year-old college student who has taken a sudden inertest in taking control of her finances. She currently is attending a personal finance class and realized she needed to get her finances in order. Once she looked at her expenses and money she has on cash, she knew she needed to make a difference in her life. That was when she contacted me. She knew she needed help in understanding the importance of self finance and has taken into consideration many possibilities about saving and investing. She is a little nervous when it comes to investing her money because she sees that some months she barely has enough for rent, let alone money to invest. She understands that she wants to have some financial plan for after she graduates from college in the next few years. She currently works part time (15-25 hours) at a local restaurant near her college. She currently lives in a small cottage and her rent and utilities equal $800 a month. Her interests include visiting family when she has extra money, running, tanning at the beach and playing tennis at the local park. She doesnt own any pets since she is constantly working or in school. Listed below are her short term mid-term and long-term goals Short term goals Buy a new television Buy new carpet Buy a new bed Save $400 for a weekend trip Buy new wardrobe Midterm Goals Increase net worth Pay off credit card debt Afford new speakers in her current car Redecorate room with new furnishings Spend less money on personal items Long term goals Own a home Buy a new car Move into a new apartment Travel to Europe Start an IRA Part B Current Financial Position Hayden is a college student who is able to receive financial aid from the government to help her with her expenses. As seen in the income statement, the most money that is spent is on rent itself. Since Hayden lives a large college city, rent will be more expensive. As seen, many of her other expenses are very set in stone when it comes to how much money needs to be spent on daily life and the money it takes to live life. When Hayden first noticed her financial position in September of 2009, and saw how much money she had in her balance sheet, she immediately...
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Personal Finance Project - Personal Finance Plan for Hayden...

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