Create A Financial Plan: Pre-Plan Development

I’m working on a business exercise and need support to help me learn.

Create A Financial Plan: Pre-Plan Development. Now that we have learned about the “in’s and out’s” of financial decisions and budgets, let’s put it all together to develop a financial plan for post-graduation. This week, we’ll start with a pre-plan that will involve researching wants, needs, and goals. Please complete the assignment which is in the file below

Career I am choosing is a police officer

Pre-Plan Worksheet

The goal of the pre-plan is to put all your work from the semester into one, usable, document so that you can develop a ten year financial plan (due next week). Many of the answers below you already addressed in weekly discussion posts, assignments, and lectures. Complete the following questions:

Career
1. What career(s) are you interested in post-graduation? _________________________
1. Find an example of this career on a job-search website (including ProfJobs). How much salary does that position offer annually? ______________________
1. How much money do you expect to make per year immediately after graduation? ___________________
1. Do you think there is room for you to grow in that field or at that position? _________________________. Why? ________________________________________________________________________________________________________________________________
1. How much money do you expect to make (per year) five years after graduation? _____________ Ten years after graduation? _______________________
1. What resources (websites, databases, articles) did you use to develop these answers? ________________________________________________________________________________________________________________________________
Debts
1. What type and amount of student loan debt do you anticipate leaving school with? __________________
1. What will your monthly payment be? ________________________
1. Will you need to borrow money for graduate school within the next ten years? ______________
1. If so, how much money will you need to borrow for graduate school? You can look up the cost of graduate degrees on University and program websites: _______________________________________
1. Do you have other loans? ________ If so, what are the monthly payments on those loans and how much longer do you need to pay them back? ________________________
Goal 1: Car ownership^{^[1]}
1. What car would you like to purchase over the next ten years? _______________________
1. What is the current cost of a new version of that car? _______________________
1. Using https://www.cars.com/car-loan-calculator/, assuming you apply for a car loan for the new car at 5.01% interest rate and 5 years to pay off the loan, how much money will you owe each month? _______________________
Goal 2: Home ownership
1. Find a listing for a home you would like to purchase on www.zillow.com. Describe the attributes you find appealing about this home: ________________________________________________________________________________________________________________________________
1. What are the total yearly taxes on that home? ________________ Is there an HOA fee? _________
1. What would be a 20% down payment on that home?_______________
1. Using https://www.mortgagecalculator.org/, assuming you pay 20% as a down payment and receive a 30-year conventional fixed-rate loan of 3.5%, with $1000/year towards insurance, what would be your monthly payment? ________________
Anticipated expenses
1. How much money per month would you anticipate dedicating to gas and tolls (or public transportation) from your selected home to your selected job? _______________________
1. How much money do you plan to spend on food each month? _______________
1. Do you have any children or dependents? ___________ Do you plan on having any over the next ten years? If so, how many? _________ Based on https://www.usda.gov/media/blog/2017/01/13/cost-raising-child, which suggests the average cost of raising a child in America is $12980/year, how much will you need to spend each year? __________________
1. Do you have any pets or plan on adopting any pets over the next ten years? _________________ Using https://www.credit.com/personal-finance/cost-of-owning-a-dog-or-cat/#:~:text=New%20pet%20owners%20can%20expect,the%20size%20of%20your%20dog., calculate the cost each year of pet ownership each year: _______________________________
1. List out any other expenses that you anticipate incurring over the next ten years (use the budgeting project from earlier this semester to help you identify your expenses): ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
1. Using the budgeting project from earlier in the semester, calculate how much money you need to save in order to have the money equal to 6 months worth of living expenses. _____________________

^[1] While many people do not aim to own a car or home within ten years of graduation, it is important to know the financial implications of these items, even if you plan to rent or use public transit.

If you need answers to this assignment, WhatsApp/Text to +1 646 978 1313

or send us an email to admin@shrewdwriters.com and we will reply instantly. We provide original answers that are not plagiarized. Please, try our service. Thanks

Leave a Reply Cancel Reply