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Personal financial planning report for Ms Lucy Hargreaves - Essay Example

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Personal financial planning report for Ms Lucy Hargreaves Table of Contents 1) Introduction 4 2) Goals & Objectives 4 2.1) Immediate Objectives 4 2.2) Long-term Goals 5 3) Current Scenario Analysis 6 3.1) Total Assets Analysis 7 3.2) Total Liabilities Analysis 7 3.3) Income and Expenditure Analysis 8 4) Personal Risk Management & Insurance 9 5) Retirement Planning 10 6) Investment Analysis 11 7) Inheritance Tax 11 8) Insurance Planning 12 9) Summary and Conclusion 12 References 15 Appendices 20 Table 1 – Statement of Income & taxation 20 Table 2 – Statement of Expenditures 21 Table 3 – Statement of Total Assets 21 Table 4 – Statement of Total Liabilities 22 1) Introduction Subsequent …
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Personal financial planning report for Ms Lucy Hargreaves
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Download file to see previous pages The report further plans to develop and implement an appropriate action plan so that all objectives are achieved at most optimum utilisation and allocation of scarce resources. Considering the fact that the system is composed of both systematic and unsystematic risks and also that the future is uncertain, it will be logical to make some important assumptions in the report so that the outcomes appear more realistic. The report is sub-divided into separate sections highlighting specific aspects related to financial plan. For your convenience, all calculations are included and confined to the Appendices section of this report to maintain clarity of presentation. The report begins with a summary of your priorities and objectives, followed by an outline of your probable attitude towards risk. Then the report makes an assessment of your current financial situation based on the objectives and assumptions and finally the report concludes with recommendations on how you will be able to achieve your goals. 2) Goals & Objectives 2.1) Immediate Objectives The most apparent immediate objectives are as follows: Protection of your current investments Prioritise financial security for yourself and your family considering the fact that your brother is currently unemployed and lives with your parents Prepare a coherent investment plan for investments in OEIC as the stocks are not performing well currently Protect the capital invested by investing in less risky assets as you have low appetite for risk You are concerned that you might end up paying higher taxes to authorities on your savings and investments and hence you need proper tax planning 2.2) Long-term Goals To save towards a deposit scheme on flat at some time in the near future You are also interested to join a pension scheme so as to achieve financial security even after your retirement (Age UK, 2013) Both your parents are teachers and are planning to retire in 5 years implying that investment in a pension scheme is must for future financial security (Standard Life, 2013) Your father has minor health issues but it would be safe to plan proper health insurance scheme in advance so that during situations of emergencies your family is protected Tax savings from incomes and investments In order to achieve the above mentioned objectives, it is important that the report considers aspects of personal retirement planning, risk management, education funding, mortgage planning, and tax planning. It is also important to remember that financial risk arise from debt obligations and hence a part of saving s and investments must also be channelled towards payment of existing liabilities or debts (like use of credit cards and unsecured debts). 3) Current Scenario Analysis On our first appointment I came to know about the fact that you have already purchased Gilt securities worth ?1,500, shortly after your graduation. The primary reason that you have invested in this type of asset class is that you consider Gilts as less risky investment. It was also given that a couple of years ago you purchased OEIC ...Download file to see next pagesRead More
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