This is worth 25% of your TOTAL GRADE. It must be between 5 to 10 pages long. 5 pages of single spaced written material, All graphs, charts, budgets, etc… are NOT counted as part of the length of the WRITTEN material and should be placed in the Appendix at the very end of the paper. Explaining in detail what your plan is. The more detail and the more specific you are…the better. You will need to use all the resources that you’ve learned about Personal Finance…from projects, lectures, guest speakers, other students, etc.
You should have short term, intermediate, and long term goal and incorporate them into your financial planning.
Tell me how you plan on getting from your current situation in order to achieve your short term goals, then what you plan to do after you achieve it. Afterwards go on and tell me about your career plans.
What are your intermediate goals, how do you plan on achieving it, what obstacles are there? What are your long term goals, how are you planning on achieving it, what obstacles are there? Any alternative plans?
Are you planning to get married? Have children? How many children? Being a stay-home parent? Buy a house somewhere? A few horses instead? Retire in Florida because of taxes?
Provide a detailed explanation on your past, or current cash flow, what your future cash flow will hopefully be like. What areas do you think need improvements (e.g. increase savings, stop discretionary spending, use coupons and wait for sales more, get a second job, get better at delayed gratification, move in with my parents, etc…) and what techniques have your learned in order to accomplish that?
Use what you’ve learned in class,(and out of class…if necessary) in order to create your financial plan. Include a budget, savings plan, banking and investing, credit cards, identity theft awareness, taxes, loans, insurance (life, auto, home, disability, long term care), retirement, estate planning, things that you learned from guest speakers, classmate presentations…etc…
What are your backup plans? ( Plan alternative routes to accomplishing your goals or dealing with challenging circumstances).
Your personal analysis and conclusion.
REMEMBER I want you to be specific and detailed about your plans.
Rubric below
Personal Financial Plan (This is 25% of your overall grade)
Grading rubric
Max Possible points earned
On-time (Do not be late on your submission!)
10%
FORMAT
Option 1: 5 pages (Single spaced) or 10 pages double spaced… Minimum written material. (max font of Times New Roman 14). Saved and sent as a PDF or Microsoft Word document, no google files or links.
OR
Option 2: Create a YouTube Presentation, or Vlog, or Video presentation, or PowerPoint presentation, or Prezi (must still incorporate all Rubric requirements to earn max points). This MUST have audio.
Option 3: Live presentation (by appointment) ….must still incorporate all Rubric requirements to earn max points).
10%
Appendix: Charts, budgets, income statements or balance sheets, computations, pictures, etc… (should be located at the end of the Personal Financial Plan paper)
5%
Current situation (what is your story and how does it affect your current financial situation?) and Goals (Short term , intermediate, long term), family status current and future,
5%
Budgeting, Savings plan (It would be helpful to have charts or visuals)
5%
Banking
5%
Taxes (current and future)
5%
Personal Loans (auto, home, education, business, etc…)
5%
Credit and credit cards (managing and assessment of credit )
5%
Identity theft (awareness and preventing)
5%
Insurance (life and medical, disability… how much do you need? Supplemental insurance outside of employment)
5%
Insurance (auto and home)
5%
Healthcare planning (long term care, advance health directive)
5%
Investing (risk tolerance, asset allocation, diversification, asset classes, passive income, portfolio, timed goals, kids college fund, creating generational wealth? etc…)
5%
Retirement planning (401k, IRAs, ROTHs, life expectancy, saving for retirement, retirement income, inflation, supporting parents? Supporting children? Retiring overseas? Retiring early? Medicare, Medicaid, social security, long term care)
5%
Estate planning (Wills, trusts, power of attorney, trustees, executor, beneficiary, insurance benefits, retirement account benefits, Paid-upon-death accounts, joint tenants, exclusions of persons in Wills, probate, intestate, leaving your legacy behind…)
5%
What you learned from class and are applying to your life, guest speakers
5%
Back-up plans and overcoming future obstacles
5%
