Please do a financial planning

rtlcgvnafghq
timer Asked: Dec 12th, 2014

Question Description

Objectives

The Personal Financial Plan Project will allow you to tie together many of the Terminal Course Objectives (TCOs) into a single worksheet that will be the basic foundation of your own personal financial plan. I would recommend that once you have completed the plan, you review it at least annually to make sure that appropriate revisions are made as your life and planning needs change.

Guidelines

The plan should be divided into six separate areas as outlined under the Personal Financial Plan section in Doc Sharing. The six areas are as follows.

Personal Financial Planning Goals

Balance Sheet

Income Statement

Annual Cash Budget

Ratio Analysis

Retirement Plan Analysis

Each of these sections should be constructed using the Excel spreadsheets found in Doc Sharing.

The planning report is due at the end of Week 7, but you should start planning your work schedule so you’ll have plenty of time to ask your instructor questions and provide yourself with a useful and practical plan.

It is recommended that you start pulling together as much of your personal financial information and setting your goals as early as possible in the term so you are not forced to wait until the last minute to construct your report.

Grading Rubrics

CategoryPoints%Description

Personal Financial Goals Goals must be prioritized, with cost estimates and target dates for each goal. If a goal does not have a cost, then you must explain why. A cost savings should be shown as a negative amount. At least three goals must be included for each category, but five goals are recommended. Goals must be achievable so that you can make progress against them. Cost estimates are assumed to be financed with cash, unless otherwise noted. Deductions will be made for goals that are not realistically achievable based on presented financial data.

Balance Sheet      Good format; date and title (is it just for you or the family?); appears to include all components; balance sheet must balance; balance sheet date should be current (within time frame, of course)

Income Sheet   Prepare income statement for full year in good format

Annual Cash Budget  Monthly projected cash budget for the next year in good format

Ratio Analysis     Properly calculated; relevant analysis, including minimum half-page written commentary on how you will improve ratios. Ratios must be linked directly to your financial statements, so it requires the use of Excel. (Ratios should be linked so they automatically update when changes are made to the financial statements.) Comparison must be provided of your ratios versus benchmark ratios discussed in this course. Ratios to be calculated include liquidity, solvency, savings ratio, debt service, and debt safety ratios.

Retirement Plan Analysis   Complete retirement plan analysis (see template provided); assess your ability to meet your retirement goals based on your assumptions and analysis (minimum half page written analysis)

Total   A quality financial plan will meet or exceed all of the above requirements. The project must be submitted in one Excel workbook with each sheet appropriately labeled; it is your responsibility to make sure the templates are properly built. Points will be deducted for manually calculated numbers and incomplete information.

FIN580 Course Project - Retirement_Plan_Worksheet.xlsx

FIN580 Course Project - Balance_Sheet_Template.xlsx

 FIN580 Course Project - Income_Statement_Template (1).xlsx 

FIN580 Course Project - Cash_Budget_Template.xlsx FIN580 Course Project - 

Goals_Worksheet.xlsx PFP_-_Rev_07-08_Grading_Rubric.xlsx 


User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

This question has not been answered.

Create a free account to get help with this and any other question!

Related Tags

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors