With
personal financial planning we learn to acquire, use, and control our financial
resources more efficiently. You are asked to prepare a roadmap to outline
your financial plans for the future. By creating this roadmap, you will be
able to monitor and control your finances better to achieve your goals.
Your report MUST include the following side
headings and details:
1. My Current Financial Situation (provide
detailed information about your financial situation in terms of your sources of
income, expenses, debt to create a clear picture of where you are financially)
2. Banking (visit your local bank branch
and find out more about savings accounts, checking accounts and certificates of
deposit (CDs). What are the requirements for opening each account, interest
rate, fees and other charges? Which of these accounts do you need and why?
3. Credit (how many credit cards do you
have? If you dont have any, explain the benefits and drawbacks of having
credit cards. What are the major credit reporting agencies in the U.S.? What is
a FICO score? Explain how your credit may impact your financial future and what
the best way to use credit cards is.
4. Insurance (explain the different types
of insurance coverage you need including health, life, auto, homeowners, etc.
With each type of insurance coverage explain how to select the appropriate
amount of insurance and the benefits/costs of such coverage)
5. Buying a Car (explain the different car
ownership optionscash payment, financing, leasing and list the advantages and
disadvantages of each. Which option is most appropriate for your situation and
why? What are some of the steps you need to take before making the decision to
buy a car? What are the expenses associated with car ownershipSpecify total
yearly expenses)
6. Buying a House (research your local
real estate market and specify the different types of house ownership options available.
Are there any government programs available for first time home buyers? What
are the requirements to take advantage of these government programs? What are
the steps necessary to take to help you make a decision about buying a house?
How much down payment do you need to make? What is a mortgage and what are the
different types available? When do you plan to buy a house and how do you
intend to finance it?)
7. Investing (discuss the difference
between saving and investing. Give three different options to invest. Explain
the difference between investing in stocks, bonds, mutual funds, IRAs, and 401
Ks. How do you plan to invest for your retirement? when should you start
planning for retirement?)
8. My Financial Plan (this is your
opportunity to indicate your detailed
financial plan for the future. List your financial goals for the future, in
terms of the next five years, ten years, and thirty years. What are the steps
you plan to take to achieve these goals? Based on what youve learned so far,
how do you assess your financial situation? What would you do differently and
why?)
9. References (be sure to include all sources
of information you may have used-minimum 5 different sources-and format your
references page in APA style; click on the following link for help formatting
your references page: http://owl.english.purdue.edu)
Your research project must be TYPED,
double-spaced, use Times New Roman size 12 font for body of report (8-10 pages
minimum excluding cover page and references page). Number all pages in your
report.
Your report MUST include the following side
headings and details:
1. My Current Financial Situation (provide
detailed information about your financial situation in terms of your sources of
income, expenses, debt to create a clear picture of where you are financially)
2. Banking (visit your local bank branch
and find out more about savings accounts, checking accounts and certificates of
deposit (CDs). What are the requirements for opening each account, interest
rate, fees and other charges? Which of these accounts do you need and why?
3. Credit (how many credit cards do you
have? If you dont have any, explain the benefits and drawbacks of having
credit cards. What are the major credit reporting agencies in the U.S.? What is
a FICO score? Explain how your credit may impact your financial future and what
the best way to use credit cards is.
4. Insurance (explain the different types
of insurance coverage you need including health, life, auto, homeowners, etc.
With each type of insurance coverage explain how to select the appropriate
amount of insurance and the benefits/costs of such coverage)
5. Buying a Car (explain the different car
ownership optionscash payment, financing, leasing and list the advantages and
disadvantages of each. Which option is most appropriate for your situation and
why? What are some of the steps you need to take before making the decision to
buy a car? What are the expenses associated with car ownershipSpecify total
yearly expenses)
6. Buying a House (research your local
real estate market and specify the different types of house ownership options available.
Are there any government programs available for first time home buyers? What
are the requirements to take advantage of these government programs? What are
the steps necessary to take to help you make a decision about buying a house?
How much down payment do you need to make? What is a mortgage and what are the
different types available? When do you plan to buy a house and how do you
intend to finance it?)
7. Investing (discuss the difference
between saving and investing. Give three different options to invest. Explain
the difference between investing in stocks, bonds, mutual funds, IRAs, and 401
Ks. How do you plan to invest for your retirement? When should you start
planning for retirement?)
8. My Financial Plan (this is your
opportunity to indicate your detailed
financial plan for the future. List your financial goals for the future, in
terms of the next five years, ten years, and thirty years. What are the steps
you plan to take to achieve these goals? Based on what youve learned so far,
how do you assess your financial situation? What would you do differently and
why?)
9. References (be sure to include all sources
of information you may have used-minimum 5 different sources-and format your
references page in APA style
Your research project must be TYPED,
double-spaced, use Times New Roman size 12 font for body of report (8-10 pages
minimum excluding cover page and references page). Number all pages in your
report.