Personal Financial Plan Project.docx - PERSONAL FINANCIAL PLAN PROJECT Table of Contents Introduction 2 Plan Summary 3 Goal Planning 4 Financial

Personal Financial Plan Project.docx - PERSONAL FINANCIAL...

This preview shows page 1 - 7 out of 19 pages.

PERSONAL FINANCIAL PLAN PROJECT
Image of page 1
Table of Contents Introduction ................................................................................... ................................ 2 Plan Summary ....................................................................................... ........................ 3 Goal Planning ........................................................................................ ........................ 4 Financial Statements .................................................................................... ................ 5 Taxes ............................................................................................. ................................. 6 Savings .......................................................................................... ................................ 7 1
Image of page 2
Consumer Credit ............................................................................................ ............... 8 Auto Purchase ........................................................................................ ...................... 9 Housing ......................................................................................... .............................. 10 Auto Insurance ....................................................................................... ..................... 11 Health Insurance ....................................................................................... .................. 12 Life Insurance ....................................................................................... ...................... 13 2
Image of page 3
Investing Basics ............................................................................................ ............. 14 Stocks ........................................................................................... ............................... 15 Mutual Funds ............................................................................................ .................. 16 Retirement Planning ........................................................................................ ........... 17 Introduction Michelle Smith ° 3 Personal Information DOB: 11/21/1990 (Age 29) Marital Status: Single Address: 111 Morgan Street, Stamford CT 06901 Phone: 845-656-0480 Email: [email protected] SSN: 086-01-1234 Employment: Full-Time Other: Part-Time Student Business Information VP, Business Banking Relationship Manager People’s United Bank 350 Bedford Street, Stamford, CT 06901 203-359-6026
Image of page 4
Biography Michelle Smith, age 29, lives in Stamford, Connecticut where she is a Vice President, Business Banking Relationship Manager at People’s United Bank. She is newly engaged with no dependents and is currently planning a wedding and honeymoon with her fiancé. Michelle is also pursuing her MBA degree at University of Connecticut and is enrolled as a part-time graduate student there. She is studying finance and management and expects to graduate in spring of 2022. Michelle rents a one-bedroom, one-bathroom, 1,100 square foot apartment in downtown Stamford, Connecticut and would like to purchase a house in the next few years. She splits all living expenses with her fiancé and has been diligent about putting a portion of her paycheck into a savings account every two weeks. Michelle is young but very financially perceptive due to her career in banking. As such, she has no debt and believes that she has aligned herself to succeed financially. This financial plan reviews Michelle’s current financial situation and presents specific recommendations to help her achieve her family’s future financial goals. Plan Summary 1. Goal Planning – Short-term, intermediate, and long-term monetary goals a. Recommendation: Execute the financial plan and revise as needed 2. Financial Statements - Personal balance sheet shows assets of $223k, liabilities of $5k, and net worth of $218k a. Recommendation: Adjust spending habits to allow for excess cash flow to be allocated to emergency and financial goal funds 3. Taxes – Correct tax forms have been used for the 2018 tax year a. Recommendation: Practice tax avoidance to reduce future tax burden 4. Savings – Various factors should be investigated before choosing a cash management provider a. Recommendation: Utilize online savings institution that provides high rates of return, no fees, and good customer service 5. Consumer Credit – The use of credit for personal needs a. Recommendation: Apply for a credit card that provides travel benefits 4
Image of page 5
6. Auto Purchase – Purchase or lease new SUV a. Recommendation: Purchase the vehicle by financing it over 4 years at 4.61% 7. Housing – Purchase home in next 4 to 5 years a. Recommendation: Make one extra payment annually to cut down on term and interest owed 8. Auto Insurance – Review current policy coverages and premiums a. Recommendation: Compare quotes from multiple providers and obtain home
Image of page 6
Image of page 7

You've reached the end of your free preview.

Want to read all 19 pages?

  • Spring '08
  • gia
  • Credit card

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes