Assignment Problem 1: Creating a Plan
A financial plan is essentially a road map for achieving personal financial goals. It is a strategy that shows individuals how to achieve their goals in line with their financial resources. Creating a plan requires four steps, including
- Gather and organize all relevant information
- Analyze the information
- Align financial resources and goals
- Make recommendations for achieving goals and improving financial management.
Planning Steps in Detail:
Step 1: Gather and organize relevant information
Determine the financial resources that are available to help activate the plan and achieve the goals.
Step 2: Analyze the information
This step is a two-tiered process. On one level, the financial information contained in the balance sheet and income statement will be evaluated using the ratios and techniques identified and discussed in the course. On another level, all relevant financial information will be assessed with a view to identifying issues that could be better managed. The issues to be considered are related to the general areas of tax planning, debt and cash management, risk management, investment management, retirement planning, and estate planning.
Step 3: Align financial resources and goals
Create a budget to support and accompany your plan. Forecast expected income, expenses, and surplus cash. Insert the costs of goals into the budget in the proper time frame. If the goals throw the budget out of balance, adjustments must be made. Another approach is to prioritize goals and to limit oneself to a subset of the entire wish list.
Step 4: Make recommendations
The last step is to bring all identified problems, opportunities for improvement, and a proposed budget together in the form of a recommended strategy. The resulting plan outlines the things that can be done to achieve the individual's goals and better manage tax, investment, cash, debt, insurance, retirement, and estate issues. In the context of an actual financial planning relationship between a client and a planner, both parties will work at the strategy and fine-tune until it is acceptable and feasible.
Assignment Problem 2: The Allen Family Scenario
Cash and Debt Management
Risk Management and Insurance Issues
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Attachment:- Personal Finance.rar