Your Financial Plan

I’m studying for my Accounting class and don’t understand how to answer this. Can you help me study?

The best time to start thinking about what to do to get your financial affairs in order is now. Devising and implementing a financial plan will have a significant impact on your finances today and the future for years to come.

A financial plan is not a 100-page document you put together and let it sit on a bookshelf; it is a living document that should be reviewed periodically to reflect your current and future needs, wants, and wishes. At a minimum, that plan should include your budget, investment strategies, debt management, risk management, emergency fund strategies, retirement and estate planning.

You decide to meet with Jeff, your financial planner, to go over your finances. Jeff understands that you have a good understanding of personal finance, but you also have questions. To get started, he asks you to put together a comprehensive financial plan as a PowerPoint presentation.

In your PowerPoint presentation, you will need to explain the following:

  • Foundations of Financial Planning
    • Provide an example family budget
    • Create 3 short- and 3 long-term financial goals
  • Managing Credit
    • Explain the credit score and where you can find it
    • Explain why the score is important
    • Demonstrate how you can protect the score
  • Asset Management
    • Examine debts including credit cards and loans and their impact on your budget
    • Describe savings and the different types of savings accounts
    • Explain bankruptcy, categorize types of bankruptcy, and formulate ways to avoid it
  • Tax Planning
    • Examine the types of taxes which affect budgeting
    • Create your tax strategies to cut your tax bills
  • Investment Planning
    • State your risk tolerance and your rationale
    • Compare investment options
    • Examine the merits of diversification
  • Insurance
    • Explain types of insurance policies
    • Explain steps to calculate your insurance coverage needs
  • Retirement and Estate Planning
    • Compose a list of tasks you can implement today to prepare for retirement
    • Explain how trusts are used in estate planning
  • List of questions you want to go over with Jeff during the meeting

Instructions for the presentation:

  • Use the notes area on each slide and include citations.
  • Include links to 10-12 resources for anyone wanting more information at the end of the presentation, before the reference slide.
  • Your final slide(s) should be the reference page for sources cited in the Notes.

NOTE – APA formatting for the reference list and proper grammar, punctuation, and form are required.

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