Personal Financial Plan - 1391 Words

Personal Financial Plan FIS 210 Personal Finance Axia College of the University of Phoenix As I begin my personal financial plan, I will start with my goals for different points in my life. This will outline the overall plan for getting my finances in order. Even though I may not have enough time to complete my goals, completing my goals are important because of financial well-being and being able to retire comfortably. I will start with my long-term goals for my future. One long-term goal is that I need to pay off high interest credit cards. The second long term-goal is that I need to pay off school loans that I and my son have acquired while going to college. An extremely important long-term goal is to pay off my home†¦show more content†¦The program is very helpful and I can look up questions that I might have. I hope to use my refund to add to my savings plans. Retirement is a big part of the reason for every plan that I have in place. Retirement is on everyone that works mind. Almost everything that I am saving for at this point is for my retirement. I have a couple of retirement plans already. I just have not had much extra money to place in them. Now that I have a budget that I did not have before, I can after the first of the year start adding to them. A strong budget and savings can help me enter retirement and not have to struggle. As I get older and look toward retirement I have realized that I need to make sure my family is taken care of in the event of my death. I have a $150,000 term life insurance policy in place. In doing my assignments I realize that this amount might not be enough to take care of everything. In retirement my plan is to sell my home and buy a piece of property to build a smaller home, for my husband and me. We will not need a big house and can use the equity from the sale to pay for the new place. I want to be debt free, car payment and mortgage free in retirement. Until my retirement I intend to finish school and look for a new job. I hope to working in a bank or possibly in an office doing something in the accounting department. At the present time I have had an interview at our local Work One. I hope to hear something fromShow MoreRelatedPersonal Financial Plan1082 Words   |  5 PagesPersonal Financial Plan Part 1 Laura Grundowski Abstract This paper will discuss the beginning of my personal financial plan. It will also outline said plan into a budget that will be put to use throughout the next few months. Budgeting is a vital part of managing one’s personal finances. When beginning to budget one must pinpoint the sources of cash inflows and cash outflows. Having knowledge of your personal financial situation is also necessary in managing personal finances. If doneRead MorePersonal Financial Plan2798 Words   |  12 Pagesï » ¿Financial Plan Project By ADM 3445 E. Otuteye March 31st, 2010 1. 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I pay for all the rest of my expenses, including rent, foodRead MoreQ1 T1977 Words   |  4 Pagesï » ¿ (TCO 1) A(n) _____ summarizes your current financial situation, analyzes your financial   needs, and recommends a direction for your financial activities.    Student Answer:   insurance prospectus      statement      budget      investment forecast      financial plan    Instructor Explanation: Chapter 1, page 24    Points Received: 0 of 1    Comments:   2. Question : (TCO 1) In financial planning, a major activity component involves the    Student Answer:   allocation of current resources forRead MoreA personal financial plan is essentially important for any person and their loved ones to minimize1600 Words   |  7 PagesA personal financial plan is essentially important for any person and their loved ones to minimize future hardships and difficult financial situations. Short and long-term financial freedom and stability is something an individual wants to have through to the end of his or her life. Financially planning for one’s retirement years is vital so a person does not sustain major unhappiness or unnecessary pain in what is supposed to be the reward for working so hard in their younger years. DevelopingRead MorePersonal Investment692 Words   |  3 PagesPERSONAL INVESTMENT Personal investment is defined as an individual invest and manage their own financial instrument, such as, stocks, bonds, property and others. This personal investment is in aims of improve the liquidity and efficiency of the equity and capital of the individual. Basically, the individual investors have to develop their own investment plan and framework based on different characteristics of the individual investors. This is because the personal investment is very subjective,Read MorePersonal Financial Goals And Objectives Essay1044 Words   |  5 PagesFinancial Plan is a written financial goal with define action plans that will help you to achieve such goals. Planning is important to set deliberate actions that will guide you in reaching your goals. It is even necessary when you are further from the set goal. When it comes to money, most individuals would love to manage their personal finances so that they achieve maximum satisfaction from each available currency. To achieve this goal, you must first identify the financial goals and set priorities