Question

The Final Project will be a compete Personal Financial Plan Outline.

Your outline should include approx 6-8 steps. Example: Goals, Taxes, etc.

The Textbook, internet or Power Points are a great source of information for this paper.

The outline will list the steps in a Financial Plan with a brief description for each.

Answer 1

1. Income first earned then saved and balance is Expenses

Earn first, then determine what to save. Balance you can spend

2. Budgeting

Monthly budget of all cash inflows and outflows helps in managing daily and monthly cash needs and plan for emergency

3. Limiting expenses

reducing expenditure helps in reaching financial goals

4. Insure your family

Plan for the unseen circumstances. Your family should not suffer in case anything happens to you in future.

5. Investments tracking

Keep a check on your investments and manage your short term and long term goals

6. Tax Planning

Tax planning helps in managing your finances better and achieving your desired goals in planned manner

7. Keep your Debt in control

Debt can create lot of stress and should be managed efficiently.

8. Retirement planning

Once retired, new income does not generate and you spend on what you have built in your entire life.