APA 8-9 pages
There is a note from the teacher along with assignment details attached
Financial Plan Project,
Part V
Points:
200
This part of the personal financial planning
project is where you put everything together. In this part you construct your
personal financial plan. Specifically address the following required elements:
Complete a personal financial analysis of your
situation, which includes personal financial statements (these can be the
ones you submitted in Part I, updated).
Use working knowledge of personal finance to construct
a financial plan considering life-stage adjustments.
Use technology to help establish a personal financial
plan (describe what you used, why and how helpful it was, importance of
protecting personal financial information).
Examine financial resources to help you make financial
decisions (explain your steps and what you examined).
Identify your short-, intermediate-, and long-term
financial goals.
Explain your personal risk tolerance and how that
impacts your financial plan.
Explain your time horizon and how that impacts your
financial plan.
Construct a retirement plan as part of your personal
financial plan (explain how time value of money impacts this part of the
plan).
Situations in our lives change all the time and our financial
plan must adapt with us: requirements for items like insurance, retirement
funds, credit management, taxes, and saving/investing; therefore, our
financial plan needs to adjust through these changes. Assume you are
ten years away from retirement. What would your financial plan look like?
What adjustments do you need to consider between now and full
retirement age? Once you are retired and living on a fixed income,
what adjustments will you have to make at that time? From where you are at
this point in your life, how long can your funds last? Explain.
Following the 5-step critical thinking problem
solving process, determine what you would do in the situation outlined above:
Step 1: I – IDENTIFY the Problem
and Set Priorities
Step 2: D – DEEPEN Understanding and Gather Relevant Information
Step 3: E – ENUMERATE Options and Anticipate Consequences
Step 4: A – ASSESS the Situation and Make a Preliminary Decision
Step 5: S – SCRUTINIZE the Process and Self-Correct as Needed
Step 1: You are to identify your problem and set priorities. As you
begin to examine the characteristics of the problem, you will be able to begin
to clarify the priorities. You need to describe the problem in at least a
paragraph and establish priorities in a separate paragraph. Along with
the problem, you need to write a problem statement. A problem statement
describes what is currently going on and why the problem needs to be resolved.
You should include how long the problem has existed and what measurable
item(s) are affected. A problem statement is something that is written in the
Lean Six Sigma Process. We won’t spend time in this class learning this
process, but if you are interested in investigating Lean Six Sigma, click on
the following YouTube video on an introduction to Lean and Six Sigma concepts: http://www.youtube.com/watch?v=ACmkVb_BtgU
Step 2: For the 2nd step of the critical thinking problem-solving
process, “D”, you
will deepen your understanding as you gather relevant information about your
own financial situation. As you deepen your understanding about any problems
you may have, it will help you to determine what information might be relevant
in coming up with a solution. You
need to gather several reliable sources for this step. Listen to both sides –
both the pros and the cons before you evaluate the situation. If new
information arises about the company’s problem(s), you need to consider those
as well. Once it is time to evaluate, you need to do it with an open mind. –
set your biases aside as you move through this process.
Step 3: For Step 3 of the critical thinking problem-solving process, “E”,
you will enumerate options and anticipate the consequences. You need to
enumerate (detail or list) genuine options because they will help you to focus
on the possible consequences that could be likely to occur. You need to
be very realistic in this stage. Being practical or realistic will help
you eliminate wasted time and energy. Have the courage to ask the hard
questions even if they lead to additional problems. Be sure to include both
your options and possible consequences in your summary.
Step 4: For Step 4, “A”, you will assess your financial situation and
make a preliminary decision. By taking a good look at the entire
situation, you should be able to make a tentative decision that will help you
determine what steps may need to be taken to resolve the problem. You may
need to seek informed and unbiased opinions/information from other sources. You
need to treat all of the options equally before making your preliminary
decision.
Step 5: For the final step of the critical thinking problem-solving
process, “S”, you will scrutinize the process and self-correct as needed.
Scrutinizing the whole process enables us
to see possible flaws and gaps in our thinking so that we can correct ourselves
before we make a mistake. In turn, self-correcting can lead us to necessary
reconsiderations of any aspect of our problem-solving process: We may realize
that we should reassess the nature of the problem, rework our priorities,
gather more information, identify a new option, more carefully anticipate
likely consequences, reassess our expectations, and, in the end, make a better
decision. This final step is our assurance that the problem has been resolved
sufficiently for the current time and circumstances. (Facione, Gittens
p.47)
Be sure that you are reflecting on the entire
process – were you partial or fair-minded? Did you look at both sides?
Did you gather enough relevant information? Did you completely think through
the entire process? Did you make the best decision under the
circumstances? Did you make a timely decision? Are you willing to make adjustments
or revise your decision if outcomes are not attained?
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