ECO 110 Taking Charge of Your Economic Future Assignment

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Reference no: EM132705045

ECO 110 Taking Charge of Your Economic Future Assignment - Strayer University, USA

Assignment - Developing Your Personal Financial Plan

Skill(s) Being Assessed: Productivity

Criteria for Success: In this assignment, you will:

Create a budget for a financial plan using Excel to ensure that the financial information is organized, accurate, and complete.

Identify a personal savings goal and a time frame for reaching that goal.

Explain your choice of housing option in the context of how it will help you achieve your selected financial goal.

Align expenditures to reflect your selected financial goal.

Reflect on how creating a step-by-step and organized approach to the assignment helped you to adjust your financial priorities and financial plan.

Your goal for this assignment is to: Build your productivity skill by creating a plan for reaching a specific financial goal within an identified time frame. You will use productivity strategies to break financial planning into manageable, organized steps, and you will use Excel to develop a realistic plan that is aligned to your financial goal and considers economic drivers, requirements, and resources.

Steps to complete: Submit your assignment by following these steps:

STEP 1: Review the following scenario for this assignment. Additionally, review the Assignment 2 Financial Plan Explanation Word Template and Assignment 2 Financial Plan Budget Excel Template.

Context: Imagine that you are in a position where you need to move - this could be because of a change in job or dissatisfaction with your current living arrangement, or something else entirely. Besides needing to find different housing, you also want to begin saving for a specific financial goal.

Scenario: Imagine that you are in a position where you need to move-this could be because of a change in job, dissatisfaction with your current living arrangement, or something else entirely. Besides needing to find different housing, you also want to begin saving for a specific financial goal.

You will use the Assignment Financial Plan Budget Excel Template to create your financial plan.

Need to do below step -

In the Assignment 2 Financial Plan Explanation Word Template, identify the savings goal and the time frame you determined for reaching your goal. Why is the time frame you identified realistic?

Explain why you chose the housing option you did and how it will help you achieve your selected financial goal.

Explain your choices for non-rent expenditures and how they will help achieve your savings goal within the time frame. In other words, how do your expenditures align with the financial goal you selected?

Reflect on the productivity strategies you used to break down your financial plan into smaller steps to help you stay organized and productive. How closely did you follow the plan you thought through in Step 2 on these instructions? How did a step-by-step and organized approach help you to adjust your financial priorities and financial plan?

Assignment - Financial Plan Explanation Word Template

Questions -

1. Identify the savings goal and the time frame you determined for reaching your goal. Why is the time frame you identified realistic?

2. Explain why you chose the housing option you did and how it will help you achieve your selected financial goal.

a. What considerations, if any, did you give to the following when selecting your housing option?

i. Time frame for savings goal.

ii. Familial situation.

iii. Quality of life.

iv. Trade-off decisions.

v. Other considerations.

3. Explain your choices for non-rent expenditures and how they will help achieve your savings goal within the time frame.

a. How did you make the choices you did regarding non-rent expenditures?

b. How do your expenditures align with the financial goal you selected?

4. Reflect on the productivity strategies you used to break down your financial plan into smaller steps to help you stay organized and productive.

a. How closely did you follow the plan you thought through earlier in the assignment instructions?

b. How did a step-by-step and organized approach help you to adjust your financial priorities and financial plan?

c. How did the approach you use draw upon productivity strategies that you had previously learned?

Instructions for Excel Sheet -

1. Identify an annual income. This can be the $50,000 already in the ""Income"" cell, or you can use an income of your choice. If you use a different annual income, remember to change your income number.

2. Choose one of these five financial goals (remember to set a timeline for yourself that ranges from 1 year to 10 years). The number you put in the ""Savings"" cell of the budget table should be the cost of the goal you are saving for divided by the number of years you plan to be saving for it.

a. Create an emergency fund of $1,000.

b. Save for a vacation that will cost $2,000.

c. Save to buy a $15,000 vehicle.

d. Save for a down payment of $40,000 to buy a house.

e. Save $50,000 for education (personal, child, family, etc.).

3. Choose one of these three housing options. Put the dollar number in the budget table above for ""Housing.""

a. Rent a house. Cost is $15,000 per year.

b. Rent an apartment. Cost is $12,000 per year.

c. Rent a room only. Cost is $9,000 per year.

4. Fill in dollar values for the rest of your expenditures. This can be based on either a hypothetical ideal or what you might typically spend on these categories.

5. Use formulas to calculate the sum for your ""Total"" cell in the ""Dollars"" column and to fill in the ""Percent"" column.

6. Check to make sure your ""Total"" dollars is equal to the annual income you chose and that your ""Total"" percent is 100%."

Note - Need 600 words. + title page + references.

Attachment:- Taking Charge of Your Economic Future Assignment Files.rar

Reference no: EM132705045

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