BUS 282 - Personal Finance
Final Project – Creating a Personal Financial Plan

Your final project will integrate what you have learned throughout the course into the core elements of a financial plan. Although not comprehensive, and in fact only the beginning of what should be a living document, this project will allow you time to organize and reflect on key areas of personal finances that you will need to address throughout your financial life cycle. Assignment Requirements: * Using the following prompts, please develop a narrative explaining how you can integrate the content covered in this course into your personal financial plan. * Draft your response in MS Word, using 12-point, Times New-Roman font, double-spaced, 1-inch margins. * Provide a cover page with your name, class, assignment title, and date. * Number all pages. * Provide headings for all topics covered in your plan for easy navigation (heading outline provided below). * As always, carefully proofread and spell check before submitting your final draft. * I DO NOT GRADE ON QUANTITY BUT RATHER QUALITY OF WORK. Nevertheless; this is you FINAL PROJECT (worth 15% of your total class grade) and all points must be THOUROUGHLY addressed. * If you have questions, do not hesitate to ask me.

Please use the following prompts as the headings for your financial plan: Part 1 – 10% -Overview: Review exhibit 1-1 in your textbook (page 5) and describe your life stage. In addition, review your financial goals. If necessary, refine and/or expand your goals so that they address key issues from your current age through post-retirement age. Please make sure that your goals meet the S.M.A.R.T goal-setting guidelines in your textbook. Specifically address areas where you perceive there may be tension between current goals and longer-term goals. For example, living in the moment and purchasing what brings you immediate gratification versus long-term goals such as planning for retirement, purchasing life and/or long-term care insurance, contributing toward your children's education, etc (whatever your long term goals happen to be). Part 2 -10%- Specialized Financial Activities: Given your current life situation, what specialized financial activities should you focus on immediately, within 5 years, within 10 years, beyond 10 years? Please briefly explain how these activities fit into your overall plan. There are examples on page 5 of your textbook, but you need not limit your financial activities to those listed (nor do you have to use every activity listed). Part 3 – 10%- Planning: Determine a plan for spending and saving. How will you balance your spending and savings with short, medium, and long-term goals? Discuss your plan for balancing spending on your immediate needs with your long-term goals. Please try to avoid the common pitfall of planning to save more when you make more. Effective saving generally means living "below your means." Please describe your plan.

Part 4 – 10% - The Role of Credit: Discuss how credit fits into your financial plan. What are the pros and cons of using various types of credit? Which types of credit do you foresee using to achieve your financial goals? Part 5 – 10% - Risk Management: Assess your risk now and in the future. Given the common types of insurance available to mitigate risk, how do you plan to use the following in your financial plan? Address the cost-benefit perspectives of each. * Life Insurance * Health Insurance * Long-term care insurance * Auto Insurance * Home owner's or renter's insurance Part 6 – 10% - Retirement Planning: Briefly describe your perfect retirement. At what age would you like to retire? Describe your goals, aspirations, and desired lifestyle for your retirement years. How many years do you anticipate being retired? Does your current financial plan support your retirement goals (lifestyle and time frame)? If not, what changes (if any) do you need to make in your current lifestyle to support your retirement goals? Part 7 – 10% - Estate Planning: How do the basic estate planning tools addressed in our textbook fit into your financial plan? If not now, when do you propose to address estate-planning issues? What financially, if anything, would you like to pass on to your heirs? Part 8 – 10% - Reflection: In reflecting upon your plan, does your current spending and saving activities align with your proposed financial plan and personal mission statement (created in week 3) statement? Please explain. How can you be more deliberate with your finances in order to achieve all of your goals? Identify areas that you think will be the most challenging.

Formatting, spelling, grammar – 20% This Final project will not be accepted late.