Financial Plan

DescriptionInstructions
This spreadsheet file contains three worksheets (Taxes, Debt, and Retirement) to assist you with completing your personal fin
Click on the tabs below to access each worksheet.
You should save this file when complete and submit it to the Dropbox folder on D2L along with your completed personal fina
ompleted personal financial plan Word document.
Taxes
This worksheet helps you estimate how much you will owe in federal income tax given the current federal income tax rates e
Individual Taxpayers
If Taxable Income is Between:
0 – $9,875
$9,876 – $40,125
$40,126 – $85,525
$85,526 – $163,300
$163,301 – $207,350
$207,351 – $518,400
$518,401+
Enter your estimated annual earnings in cell B14 below. Monthly salary, annual taxes, and monthly taxes are calculated auto
Annual salary:
$10,000.00
Monthly salary:
$833.33
Annual taxes:
$1,002.50
Monthly taxes:
$83.54
ou will owe in federal income tax given the current federal income tax rates effective 2020.
The Tax Due is:
10% of taxable income
$987.50 + 12% of the amount over $9,875
$4,617.50 + 22% of the amount over $40,125
$14,605.50 + 24% of the amount over $85,525
$33,271.50 + 32% of the amount over $163,300
$47,367.50 + 35% of the amount over $207,350
$156,235.00 + 37% of the amount over $518,400
4 below. Monthly salary, annual taxes, and monthly taxes are calculated automatically.
Debt
This worksheet helps you estimate how much you will owe each month on debt, such as credit card balances, car loans, stude
Enter the total amount of debt in cell B5 below, the payoff period in years in cell B6 below, and the annual interst rate in cell
Total Debt Balance
$10,000
Payoff Period in YEARS
10 years
Annual Interest Rate
5%
Monthly Payment
$106.07
he annual interst rate in cell B7 below. The monthly payment to payoff the debt balance within the payoff period is calculated automatica
off period is calculated automatically.
Retirement
This worksheet helps you estimate how much you can accumulate in a retirement account while working and how much you
Enter your annual salary in cell B6 below, the percentage of your salary you plan to contribute to your retirement account in
This example calculates automatically the assumption that your employer will match your contribution up to 5% of your salar
Annaul Salary:
$10,000
Your % contribution:
4%
Years of Work:
30 years
Employer Match:
0%
Enter the percentages below that you plan to allocate to each category of investments during your working life. You estimate
Employer Stock:
0%
Money Market Fund:
100%
Bond Fund:
0%
Equity Fund:
0%
Estimated Balance at Retirement
$16,424.18
Enter the number of years you plan to make equal monthly withdrawals from your retirement account.
Years of Retirement:
30 years
Enter the percentages below that you plan to maintain to each category of investments during your retirement years. Your es
Employer Stock:
0%
Money Market Fund:
100%
Bond Fund:
0%
Equity Fund:
0%
Estimated Monthly Withdrawals:
$60.71
orking life. You estimated total accumulated balance upon retirement is calculated automatically.
Personal Financial Plan
FIN 2010 Personal Financial Planning
Name: (Insert Your Name Here)
Self-Reflection
Briefly answer each of the following questions about yourself.

What are my passions, those things that I have an intense desire or enthusiasm for?

What do I do best?

What activities do I need to be a regular part of my life?

What gives me energy?

What am I willing to sacrifice for?

Whom do I want to help in life? How can I help them?

What do I love to do?
Define Your Goals
State at least three short-term, three medium-term, and three long-term personal goals.
Short-term Goals (Examples: pay off credit card debt, go on vacation)




1)
2)
3)
Medium-term Goals (Examples: get married, pay off student loans)




1)
2)
3)
Long-term Goals (Examples: pay for children’s college, retire early)




1)
2)
3)
Assess Your Current Financial Situation
Provide the details on your current financial situation.
Monthly Inflows (Examples: wages $1,000; parental allowance $500)



1)
2)
Monthly Outflows (Examples: rent $500, food $300, car payment $350)



1)
2)
Assets (Examples: car $10,000; savings $1,000; personal items $2,000)



1)
2)
Liabilities (Examples: car loan balance $12,500; student debt $35,000; credit card debt $800)



1)
2)
Describe your payment schedule and interest rate for each liability. (Examples: Equal monthly
payments due after graduation for ten years at 6% interest, equal monthly payments of $350
for 20 months remaining)



1)
2)
Assess Your Future Financial Situation
Likely your future financial situation five years after graduation will be substantially different
than your current financial situation. State your future career plans and estimate your annual
earnings. Provide the source of your estimates. Need ideas? Check out the Bureau of Labor
Statistics career exploration page: https://www.bls.gov/k12/students/careers/careerexploration.htm
Future Career Plan A:
Estimated Annual Income:
Source:
Future Career Plan B:
Estimated Annual Income:
Source:
Forecast your future monthly inflows and outflows five years after graduation based on your
career plan A. State your sources. Use the FIN 2010 ‘Personal Financial Plan’ spreadsheet file to
help you with estimating monthly expenditures on debt and taxes. Don’t forget to include
taxes, insurance, transportation, food, and utilities in your monthly outflows.
Monthly Inflows (Examples: wages $3,500; investment income $200)



1)
2)
Monthly Outflows (Examples: house payment $1,000; student debt payment $400)



1)
2)
Sources:
Preparing for the Unexpected
For each of the following life circumstances, state how you will prepare in advance to address
each situation financially.

An unexpected $300 expense

Your wallet or purse is stolen and you discover there are fraudulent charges on your
credit card

A car accident results in $5,000 in damages and six weeks out of work

Strong storms cause approximately $20,000 damage to your home

A medically necessary surgery with three days of hospitalization

Unexpected early death
Investing for the Long Run
Many employers provide a retirement benefit, such as a 401(k) account, and may provide
matching contributions into your account. State your planned choice in each situation.

Your employer provides a traditional 401(k) account; however, no matching funds are
provided. What percentage of your salary per month do you plan to contribute?

Your employer provides a traditional 401(k) account and will match your contribution up
to 5% of your salary if you put in at least 5% of your salary each month. What
percentage of your salary per month do you plan to contribute?

Your employer provides a menu of low-fee investment options for your 401(k) account
that include the employer stock, a money market fund, a mutual fund specializing in
government bonds, and a mutual fund that invests in both domestic and international
stocks. What percentage of your monthly contribution will you allocate to each option?
o
o
o
o
employer stock:
money market fund:
bond fund:
equity fund:

Your employer begins providing a Roth 401(k) account as an alternative to the
traditional 401(k) account. Will you switch your monthly contribution to a Roth
account? Why or why not?

Use the FIN 2010 ‘Personal Financial Plan’ spreadsheet file to help you with estimating
how much your retirement account will reach by the start of your retirement.
estimated retirement account balance at retirement:

Use the FIN 2010 ‘Personal Financial Plan’ spreadsheet file to help you with estimating
how much your retirement account will be able to produce in income each year of your
retirement.
estimated retirement account yearly withdrawal:

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