Why is the time frame you identified realistic

Assignment Help Other Subject

Reference no: EM132807360

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

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.

STEP 1: You will use the Assignment 2 Financial Plan Budget Excel Template to create your financial plan and budget table. You will use the Assignment 2 Financial Plan Explanation Word Template to answer the questions related to your financial goals and plan.

STEP 2: Think through the productivity strategies you have learned in your coursework and make a plan for how you will break down creating your financial plan into smaller steps to help you stay organized and be productive.

STEP 3: Identify an annual income as a starting point for your financial plan and insert the value in the budget table at the top of the Excel template as needed. Use an annual income value that you feel comfortable using for this assignment. You may use one of the following:

The sample annual income of $50,000 provided in the template

Your current annual income

The average/median income of a career field that you would like to be working in at some point in the future. Check out O*Net or CareerOneStop for more information on income for career fields you are interested in.

STEP 4: Identify a financial goal you would like to save towards - this can be a short-term (1-2 years) or long-term (3+ years) goal and determine how quickly you want to save for it (Question 2 in Template).

Select one of the following goals:

Create an emergency fund of $1000

Save up for a vacation that will cost $2000

Save up to buy a $15,000 vehicle

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

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

STEP 5: For the goal selected, set a timeframe for reaching that goal (1 to 10 years is the recommended range) (Question 3 in Template). Explain why that time frame is realistic to achieve your goal.

Remember a good start to figuring out how much to save for your plan would be to divide your goal by the number of years you plan to be saving for it.

Put this number into the "Savings" cell of the budget table in the Assignment 2 Financial Plan Budget Excel Template.

STEP 6: Select a new housing option and fill in the cost in the Budget table. Choose one of the following (Question 4 in Template):

Rent a house for $15,000 per year

Rent an apartment for $12,000 per year

Rent a room only for $9,000 per year

STEP 7: Fill in the other dollar expenditures in the budget table of the Assignment 2 Financial Plan Budget Excel Template, according to your preferences. Use the entire $50,000 (or whatever value you used for your annual income).

STEP 8: Use formulas to calculate the sum for your "Total" cell of the "Dollars" column and to fill in the "Percent" column of the budget table.

STEP 9: 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?

STEP 10: Explain why you chose the housing option you did and how it will help you achieve your selected financial goal.

STEP 11: 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?

STEP 12: 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?

STEP 13: After completing all questions in the Assignment 2 Financial Plan Explanation Word Template and the budget table in the Assignment 2 Financial Plan Budget Excel Template, save your responses.

Note - Excel part is already done and attached. Now only step 9 to 12 need to be done. Need 500 words (answers) + references with in-text citations.

Attachment:- Economic Future Assignment & Template Files.rar

Reference no: EM132807360

Questions Cloud

Promote the quality patient of care : What are the requirements for (NIH) to have a happy patient and what promote the quality patient of care? Cited paged.

Determining the social loafing and social laboring : What experiences do you have with social loafing and social laboring?

Find out relative performance goals : Would you feel differently if this company outperformed every other company by a wide margin? What's in the best interest of the shareholders?

Components of personal financial planning : What are the main components of personal financial planning? Identify and explain each

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

Compute the? bond yield to maturity : The market price of the bonds is ?$1,140 and the? market's required yield to maturity on a? comparable-risk bond is 9 percent.

Respective rights and obligations of the banker : Discuss the view that "The respective rights and obligations of the banker and its customer are not symmetrical under the debtor-creditor relationship.

Identify two potential causes of conflicts : -Identify two potential causes of conflicts between NPV and IRR when ranking mutually exclusive investment projects. Include references

What is the market value of the assets now : Last year, a company was formed by selling 200,000 shares of stocks (each $7) and issuing 300 bonds (each $3,000).

User Account

All Pages