How close to reality do you think your estimated cash

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Reference no: EM133791730

FINANCIAL PORTFOLIO ASSIGNMENT

The purpose of this assignment is to set up basic financial documents for the tracking and management of personal financial decisions.
Review both of the following options for approaching assignments in this course:

Option A: As this is a personal finance course, students are encouraged to utilize their actual personal financial data, related circumstances, and decisions throughout this course.

Option B: However, instead of using your current situation, you have the option of researching what you think your starting salary will be upon graduation from your degree program. In this situation, you may base your financial details on the assumptions of the job you will be doing. In this case, you will determine what you think your expenses will be and create a budget from there.

If you choose Option B, note that you are highly encouraged to also track and apply the principles in this course to your current financial situation.

After selecting Option A or Option B, address the following using the attached "Balance Sheet and Cash Flow Workbook" and "Daily Spending Log" resources:

Using the "Personal Balance Sheet" tab in the "Balance Sheet and Cash Flow Workbook," create your own personal balance sheet with your assets, liabilities, and net worth.

Next, set up your daily expenses using the attached "Daily Spending Log." Make plans to track your expenses for the next 30 days. You will need this information to help complete the Topic 6 Benchmark - Personal Finance Plan assignment.

Finally, using the "Personal Cash Flow" tab in the "Balance Sheet and Cash Flow Workbook," create your own estimated personal cash flow statement with what you estimate you will have as cash inflows, cash outflows, and surplus for the next 30 days.

Write a 150-250-word summary discussing the following items.

What were your thoughts and observations as you created your own balance sheet?

How might the balance sheet help you in future financial planning?

How close to reality do you think your estimated personal cash flow statement will be compared to when you track your actual income and expenses for a month?

Reference no: EM133791730

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