Question

In: Finance

Develop your own Financial Plan by covering the following Steps: 1. Establish your financial goals. What...

Develop your own Financial Plan by covering the following Steps:

1. Establish your financial goals.

What are your short-term financial goals?
What are your intermediate-term financial goals?
What are your long-term financial goals?

2. Consider your current financial position.

How much money do you have in savings?
What is the value of your investments?
What is your net worth?

3. Identify and evaluate alternative plans that could achieve your goals.

How can you obtain the necessary funds to achieve your financial goals?
Will you need to reduce your spending to save more money each month?
Will you need to make investments that generate a higher rate of return?

4. Select and implement the best plan for achieving your goals.

What are the advantages and disadvantages of each alternative plan that could be used to achieve your goals?

Expert Solution

1. Financial Goals

As i am 22 right now and still studying, my short term goal is to secure a permanent job in some stable company with a steady income. With this I can finance my expenses and keep my family happy and satisfied.
Intermediate term goals would be to grow in the company and be at a very responsible position with income enough for me and my family. I may be married to someone so I need to satisfy every needs. So for that need to earn that much.
Long Term Financial Goals would be to earn as much that my family and my kids should be more than happy. I have my retirement plans intact. I should have enough to travel the world around many times and with my kids and family.

2. Current Financial Position

In savings, I have around 500K
My investments are around 200K
My net worth will be around 800K

3. Plans

I need to have steady job and growing income. I should grow each day with raise in my salaries.
I need not stop spending but need to spend smartly. Only spend to whats necessary
Investments should me made keeping in mind the risk involved. The returns should obviously be there, but risk is more important

4. Advantages and Disadvantages

There is always some pros and cons in whatever you do. You just need to take proper decisions and move ahead.

jeff jeffy answered 1 year ago

1) What are the 5 steps to the selling process and how will you develop your...

1) What are the 5 steps to the selling process and how will you develop your selling skills as an entrepreneur?

1) Setting goals is one of the steps of the financial planning process. Provide some examples...

1) Setting goals is one of the steps of the financial planning process. Provide some examples of financial goals that may be important for a family. Select one goal that is important to you and briefly discusses how this goal will influence your future financial planning. 2) Describe some common money management mistakes that can cause long-term financial concerns. Discuss how a budget might be changed if a household faced a decline in income. What spending areas might be reduced...

John is 37 years old and would like to establish a retirement plan. Develop a spreadsheet...

John is 37 years old and would like to establish a retirement plan. Develop a spreadsheet model that could be used to assist John with retirement planning. Your model should include the following input parameters: John’s current age = 37 years, Johns current total retirement savings = $259,000, Annual rate of return on retirement savings = 4 percent, Johns current annual salary = $145,000, Johns expected annual percentage increase in salary = 2 percent, Johns percentage of annual salary contributed...

develop a teaching plan for an adolescent: based on the following questions: 1. Objectives (what...

develop a teaching plan for an adolescent: based on the following questions: 1. Objectives (what do you want the parents to learn?) 2. Content (what specific topics will you teach/reinforce?) 3. Methods and Materials (How will you teach the content/reinforce teaching? What materials will you use?) 4. Evaluation (How will you evaluate client understanding?)

Develop a Financial Risk Management plan for a Professional Consultancy firm in your respective field of...

Develop a Financial Risk Management plan for a Professional Consultancy firm in your respective field of study, for instance, if you are studying Banking and Finance, your selected firm should be in the Banking and Financial services industry.

Please answer the following: 1. Should you develop your own personal value proposition? Explain 2. What...

Please answer the following: 1. Should you develop your own personal value proposition? Explain 2. What is an SBU? 3. What does SWOT stand for and how do companies use a SWOT analysis. 4. Explain the BCG matrix

If you were to develop an e-waste plan for YOUR organization: 1. What would be its...

If you were to develop an e-waste plan for YOUR organization: 1. What would be its key components? 2. How would you go about promoting your plan? 3. What do you think would be the response from management and from the workforce?

I have to develop my own experimental procedure for my lab covering cell culture. We’re using...

I have to develop my own experimental procedure for my lab covering cell culture. We’re using HEK932T cells and I wanted to test the affect salt has on the cells. I know how to culture cells but I’m not sure how to test the cells with the salt. We’re using a 12 well plate and each well is 1 mL. I know how to count the cells but I don’t know how many microliters to add to each well. How...

Organizations use budgets to reach their financial goals. A planning budget is a detailed financial plan...

Organizations use budgets to reach their financial goals. A planning budget is a detailed financial plan that shows future income and expenses. For example, all of us sometimes create household budgets that plan projected income and expenses for food, clothing, housing, etc. At the end of the budgeting period, we compare what we earned and our expenses to the planning budget to make sure we followed the plan. For example, if we buy a boat and didn’t budget for that...

1. What kind of Performance Improvement Plan would you develop for your healthcare facility and why?...

1. What kind of Performance Improvement Plan would you develop for your healthcare facility and why? - Describe the function of project management in performance improvement programs - Identify specific knowledge and skills required for team leadership - Describe project life cycles and the group dynamics of team life cycles - Identify the steps a team leader should follow to successfully implement and complete a project 2. Describe the areas that should be addressed in the development of a healthcare...