Personal Financial Plan - Assignment Example

Personal finance 50 goals Education/School Complete education with an A.S in Business Management in spring 2020 Time Money A.S= 15 units per semester 12X 2= 24 hour learning every week 20 weeks X 4 semester = 100 weeks 100 week X 24 hour/ learning = 2400 $ 500 Tuition $ 700 Books $ 150 Miscellaneous costs $1,350 2. Take and pass my government board licensing exam for my Business Management license in Spring 2017 Time Money 21 units outstanding X 2 hours learning= 42 hours 20 weeks X 4 semesters= 100 weeks 42 hours X 100 weeks = 4200 learning hours $ 90 Books $ 100 Kit rental $ 80 Exam Fee +$ 30 Application fee $ 220 3. Attend CPA program and finish it by Spring 2021 Time Money Course 500 hours 20 weeks X 3 semesters= 66 weeks 25 units X 2 hours learning= 50 hours 50 hours X 66 weeks= 3,300 learning hours $ 400 Tuition $ 700 Books $550 Supplies $170 Uniforms $720 4. Take and pass my government board licensing exam for my SPPS license in Spring 2017 Time Money Course 500 hours 20 weeks X 3 semesters= 66 weeks 25 units X 2 hours learning= 50 hours 50 hours X 66 weeks= 3,300 learning hours $ 90 Books $ 100 Kit rental $ 80 Exam Fee +$ 30 Application fee $ 220 5. Family 5 open a saving account for my children and have at least $700 every year Time Money I will take a day’s 2 dollars of lunch consumption per week for 1 decade 30 minutes day/lunch X 4 weeks= 120 hrs .120 hrs X 52 weeks= 62.40 hrs exhausted to make a one day every week for one year. &700 6. Save adequate funds to sent my child to red cross club in May 2022 Time Money $ 3per red cross equipments X 6 items= $18 $18 X 10 days= $ 180 .20 minutes practice per item X 6 items=1.2 hrs 1.2 hrs X 10 days= 12 hrs spend doing practice $ 180 7. Save enough money for my daughter in wedding party in Dec 2025 Time Money $ 9 hour X 20 hrs= $180 $9 hour X 12 hour per week= 108 5 hours extra X 4 weeks = 20 hours overtime $ 400 8. Put aside $ 600 to take my family on holiday to go to the beach for enjoyment Time Money $ 200 for every suit X 3 heads= $600 15 hours X 5 days= 75 days 3 heads X 3 hours for every application= 9 hours of suit fitting for over a 5 day span $200 lodge $150 for entertainment expenditures $250 food all vacation $600 9. Buy children suits in 25 months to come for $2000 Time Money $2000/25 months=$ 80 for extra month 2 suits= $ 40 for 5 hours 2 shoes=$40 for 6 hours $80 for 11 hours $80 X 25 months= $2000, 11 hours x 25= 225 extra hours $2000 10. Clear the debt of my fourth grade son within one year Time Money $ 12 X 10 hours= $120 X 3 days= 360 $360 X 10m weeks= $ 3600 20 hours X 10 weeks= 200 hours extra time $ 3600 6. Personal 9. Repay Coca-Cola’s balance of $160 in 6 months Time Money $ 40 month x 4 months=$ 160 1 suit color= $10= 1hrs 1 pair of shoe= $10= 1hrs 20 2hrs $20 X 2=$40 X 4= $160 3 hours X 3 days= 9 days X 4= 36 hours extra work $ 160 11. Pay off bank overdraft of $450 for 3 months Time Money $450 X 3= $15 each month $ 16 X 3 hours=$48 X 10= $480 $ 450 12. Set aside $ 600 for myself for visit in US for vacation for 3 months Time Money $600/3months = $200 per month Hair style= $ 30 for 3 hours= $90 Manicure= $ 25 for 2 hours= $50 140 X 5 =$ 700 14.0 at 5 hours = 70 extra hours $ 600 Current income and balance sheets Income and expenditure statement Name______________ For the 2/05/2015 ending 29/05/2015 Name $ 500 Name $700 Name Self-employment income Bonuses Pension Investment income Interest received, Dividends Rent received Sale of securities Other $50 Total income $ 1,250 Expenditures Housing $ 200 Food $ 400 Taxes $ 240 Water and electricity bills $ 400 Total expenditures $ 1240 Cash deficit $ -10 Balance sheet For the year ending 29 May 2015 Assets Liabilities and net worth Current assets capital $450 Cash $200 current liabilities Debtors $250 Housing $200 Stock $100 Food $400 Total $ 650 Taxes $240 Long- term assets Water and electricity bills $400 Car $ 500 long term liabilities Computer $ 300 Loan $ 200 Land $ 450 Total $1250 Total assets $1900 Total liabilities and capital $1900 Overview I have numerous short-term objectives as well as the long term objectives which are very significant to me. My short- term goals are to take mu children for holiday for 5 gays where they can relax and have fun after they have closed school. Another short-term goal is to me for a holiday in the New York City where I can have a personal relaxation of my mind and also see the wonders of the world. Other short goals including opening a saving account for my offsprings to cater for their education as well as wedding functions. On the other hand, my long term goals include securing employment in my professional work that is the reason I am going to school. My goals are sensible concerning my course of Business Administration degree which will take for years for completion. My expectation is to be a part-time employee of an average pay bracket for the duration of three years I am studying. Ultimately, at the span of 7 years from now, I anticipate to be full time employee getting more that average salary. This salary will used it to complete additions of CPA sp that I can become certified Public accountant. After my education and four years of work I will be married and will have a maximum of three children which will make me purchase a better and large van. I will also purchase a family computer within one 2 years so that my children can learn computer. Equally, after 10 years of working, I will buy big land for my family where I will settle and built a better house. All I have included all the costs or printout of the finance plan in the above analysis Works cited Hallman, G. Victor, and Jerry S. Rosenbloom. Personal Financial Planning. 7th ed. New York: McGraw-Hill, 2003. Print. Read More