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Personal Financial Data (1) Name: Sample Student Date: September 29, 2021 1 Personal Financial Data Purpose: To create a directory of personal financial information. Financial Planning Activities:...

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Personal Financial Data (1)
    Name:    Sample Student                Date:    September 29, 2021                1
    Personal Financial Data
    Purpose: To create a directory of personal financial information.
    Financial Planning Activities: Complete the information request to provide a quick reference for vital household data.
    Suggested Websites:
    Name            Sample Student                            Your Personal Financial Plan
    Birth Date
    Marital Status
    Social Security Number            xxx-xx-xxxx
    Driver's License Numbe
    Place of Employment
    Length of Service
    Checking Account Numbe
    Financial Institution
    Dependent Data
    Name            Birth Date        Relationship        Social Security Numbe
    What's Next for Your Personal Financial Plan?
    * Identify financial planning experts (insurance agent, banker, investment advisor, tax preparer, others) you might
    contact for financial planning information or assistance.
    * Discuss with other household members various financial planning priorities.
Setting Personal Fin Goals (2)
    Name:    Sample Student                Date:    September 29, 2021            2
    Setting Personal Financial Goals
    Purpose: To identify personal financial goals and create an action plan.
    Financial Planning Activities: Based on personal and household needs and values, identify specific goals that require action.
    Suggested Websites:
    Suggested App:        Urge
                                        Your Personal Financial Plan
    Short-Term Monetary Goals (less than two years)
    Description            Amount needed    Months to achieve    Action to be taken        Priority
    Example : pay off credit card debt            $850    12    Use money from pay raise        High
    Intermediate Monetary Goals (two to five years)
    Description            Amount needed    Months to achieve    Action to be taken        Priority
    Long-Term Monetary Goals (beyond five years)
    Description            Amount needed    Months to achieve    Action to be taken        Priority
    Nonmonetary Goals
    Description            Time frame    Actions to be taken
    Example: Set up file for personal financial records and documents            Next 2-3 months    Locate all personal and financial records and documents; set up files for various spending, saving, bo
owing categories
    What's Next for Your Personal Financial Plan?
    * Based on various financial goals, calculate the savings deposits necessary to achieve those goals.
    * Identify cu
ent economic trends that might influence various saving, spending, investing and bo
owing decisions.
TVM Calculations (3)
    Name:    Sample Student                September 29, 2021                    3
    Achieving Financial Goals Using Time Value of Money
    Purpose: To calculate future and present value amounts related to financial planning decisions.
    Financial Planning Activities: Calculate future and present value amounts related to specific financial goals using time value of money tables, a financial calculator, spreadsheet software, or an online calculator.
    Suggested Websites:
    Suggested App:        CF Financial Calculato
                                            Your Personal Financial Plan
    Future Value of a Single Amount
    Exhibit 1-A: Future Value (Compounded Sum) of $1 after a Given Number of Time Periods
    Years    1.00    Interest Rate    1.000%
ent amount        future value factor        future value amount
    1. To determine future value of a single amount                times        equals
    2. To determine interest lost when cash purchases are made
    (Use Exhibit 1-A for future value factor)            $0.00    X    1.010    =    $0.000
    Future Value of a Series of Deposits
    Exhibit 1-B: Future Value (Compounded Sum) of $1 Paid at the End of Each Period for a Given Number of Time Periods (an Annuity)
    Years    1.00    Interest Rate    1.000%
    1. To determine future value of regular savings deposits            regular deposit amount        future value of annuity factor        future value amount
    2. To determine future value of regular retirement deposits                times        equals
    (Use Exhibit 1-B for future value of annuity factor)            $0.00    X    1.000    =    $0.000
    Present Value of a Single Amount
    Exhibit 1-C: Present Value of $1 to Be Received at the End of a Given Number of Time Periods
    Years    1.00    Interest Rate    1.000%
    1. To determine an amount to be deposited now that will grow to a desired amount            future amount desired        present value factor        present value amount
                    times        equals
    (Use Exhibit 1-C for present value factor)            $0.00    X    0.990    =    $0.000
    Present Value of a Series of Deposits
    Exhibit 1-D: Present Value of $1 Received at End of Each Period for a Given Number of Time Periods (an Annuity)
    Years    1.00    Interest Rate    1.000%
    1. To determine an amount that can be withdrawn on a XXXXXXXXXXregular basis            regular amount to be withdrawn        present value of annuity factor        present value amount
                    times        equals
    (Use Exhibit 1-D for present value of annuity factor)            $0.00    X    0.990    =    $0.000
    What's Next for Your Personal Financial Plan?
    * Describe some situations in which you could use time value of money calculations for achieving various personal financial goals.
    * What specific actions are you taking to achieve various financial goals?
Career Area Research Sheet (4)
    Name:    Sample Student                September 29, 2021                4
    Planning Your Caree
    Purpose: To become familiar with work activities and career requirements for a field of employment.
    Financial Planning Activities: Use the Career Occupational Outlook Handbook and other information sources (li
ary materials, interviews, websites), obtain information related to one or more career areas of interest to you.
    Suggested Websites:
    Suggested App:        Job Search Organize
                                        Your Personal Financial Plan
    Career Area/Job Titles
    Nature of the work
    General activities and duties
    Working conditions
    Physical su
oundings, hours, mental and physical demands
    Training and other qualifications
    Starting and advanced
    Additional information
    Other questions that require further research
    Sources of additional information
    Publications, trade associations, professional organizations, government agencies
    What's Next for Your Personal Financial Plan?
    * Talk with various people who have worked in the career fields of interest to you.
    * Outline a plan for long-term professional development and career advancement.
Fin Documents and Records (5)
    Name:    Sample Student                Date:    September 29, 2021                5
    Financial Documents and Records
    Purpose: To develop a system for maintaining and storing personal documents and records.
    Financial Planning Activities: Indicate the location of the following records, and create files for the eight major categories of financial documents.
    Suggested Websites:
    Suggested App:        Manilla
                                            Your Personal Financial Plan
    Item            Home File        Safe Deposit Box        Other (specify location - computer file, online)
    1. Money management records
    * budget, financial statements
    2. Personal/employment records
    * cu
ent résumé, Social Security card
    * educational transcripts
    * birth, ma
iage, divorce certificates
    * citizenship, military papers
    * adoption, custody papers
    3. Tax records
    4. Financial services/consumer credit records
    * unused or canceled checks
    * savings, passbook statements
    * credit card information, statements
    * credit contracts
    5. Consumer purchase, housing, and automobile records
    * wa
anties, receipts
    * owner's manuals
    * lease or mortgage papers, title deed, property tax info
    * automobile title
    * auto registration
    * auto service records
    6. Insurance records
    * insurance policies
    * home inventory
    * medical information (health history)
    7. Investment records
oker statements
    * dividend reports
    * stock
ond records
    * rare coins, stamps, and collectibles
    8. Estate planning and retirement
    * will
    * pension, Social Security info
    What's Next for Your Personal Financial Plan?
    * Select a physical or online program for storing your financial documents and records.
    * Decide if various documents may no longer be needed.
Personal Balance Sheet (6)
    Name:    Sample Student                Date:    July 3, 2012            6
    Creating a Personal Balance Sheet
    Purpose: To determine your cu
ent financial position.
    Financial Planning Activities: List cu
ent values of the assets; list amounts owed for liabilities; subtract total liabilities from total assets to determine net worth.
    Suggested Websites:
    Suggested App:        Balance
                                        Your Personal Financial Plan
    Balance Sheet as of                September 29, 2021
    Liquid assets
    Checking account balance                $0.00
    Savings/money market accounts, funds                $0.00
    Cash value of life insurance                $0.00
    Other                $0.00
    Total liquid assets                    $0.00
    Household assets & possessions
ent market value of home        $0.00
            Market value of automobiles        $0.00
    Furniture                $0.00
    Stereo, video, camera equipment                $0.00
    Jewelry                $0.00
    Other                $0.00
    Other                $0.00
    Total household assets                    $0.00
    Investment assets
    Savings certificates                $0.00
    Stocks and bonds                $0.00
    Individual retirement accounts                $0.00
    Mutual funds                $0.00
    Other                $0.00
    Total investment assets                    $0.00
    Total Assets                    $0.00
ent liabilities
    Charge account and credit card balances                $0.00
    Loan balances                $0.00
    Other                $0.00
    Other                $0.00
    Total cu
ent liabilities                    $0.00
    Long-term liabilities
    Mortgage                $0.00
    Other                $0.00
    Total long-term liabilities                    $0.00
    Total Liabilities                    $0.00
    Net Worth                    $0.00
    (assets minus liabilities)
    What's Next for Your Personal Financial Plan?
    * Compare your net worth to previous balance sheets.
    * Decide how often you will prepare a balance sheet.
Personal CashFlow Statement (7)
    Name:    Sample Student                Date:    July 3, 2012                    7
    Creating a Personal Cash Flow Statement
    Purpose: To maintain a record of cash inflows and outflows for a month (or three months).
    Financial Planning Activities: Record inflows and outflows of cash for a one- (or three-) month period.
    Suggested Websites:
    Suggested App:        Expensify
        For month ending                                        Your Personal Financial Plan
        Cash Inflows
        Salary (take-home)
        Other income :
        Other income :
        Total Income                            $0.00
        Cash Outflows
        Fixed expenses
        Mortgage or rent
        Loan payments
        Total fixed outflows                            $0.00
        Variable expenses
        Personal care
        Medical expenses
        Total variable outflows                            $0.00
        Total Outflows                            $0.00
        Surplus/Deficit                            $0.00
        Allocation of surplus
        Emergency fund savings                                Apply any surplus to these goals
        Financial goal savings
        Other savings
                Total        $0.00
    What's Next for Your Personal Financial Plan?
    * Decide which areas of spending need to be revised.
    * Evaluate your spending patterns for preparation of a budget.
Personal Budget (8)
    Name:    Sample Student                Date:    July 3, 2012                8
    Developing a Personal Budget
    Purpose: To compare projected and actual spending for a one- (or three-) month period.
    Instructions: Estimate projected spending based on your cash flow statement, and maintain records for actual spending for these same budget categories.
    Suggested Websites:        www.bette  
    Suggested App:        Home Budget
    Income        Budgeted Amounts                                Your Personal Financial Plan
            Dollar        Percent    Actual Amounts        Variance
    Salary        $10.00        50.00%    $10.00        0.00%
    Other        $10.00        50.00%    $10.00        0.00%
    Total income        $20.00        100.00%    $20.00
    Fixed expenses        
    Mortgage or rent        $10.00        20.00%    $10.00        0.00%
    Property taxes        $10.00        20.00%    $10.00        0.00%
    Loan payments        $10.00        20.00%    $10.00        0.00%
    Insurance        $10.00        20.00%    $10.00        0.00%
    Other        $10.00        20.00%    $10.00        0.00%
    Total fixed expenses        $50.00        100.00%    $50.00
    Emergency fund/savings        
    Emergency fund        $10.00        33.33%    $10.00        0.00%
    Savings for        $10.00        33.33%    $10.00        0.00%
    Savings for        $10.00        33.33%    $10.00        0.00%
    Total savings        $30.00        100.00%    $30.00
    Variable expenses        
    Food        $10.00        8.33%    $10.00        0.00%
    Utilities        $10.00        8.33%    $10.00        0.00%
    Clothing        $10.00        8.33%    $10.00        0.00%
    Transportation costs        $10.00        8.33%    $10.00        0.00%
    Personal care        $10.00        8.33%    $10.00        0.00%
    Medical and health care        $10.00        8.33%    $10.00        0.00%
    Entertainment        $10.00        8.33%    $10.00        0.00%
    Education        $10.00        8.33%    $10.00        0.00%
    Gifts/donations        $10.00        8.33%    $10.00        0.00%
    Miscellaneous        $10.00        8.33%    $10.00        0.00%
    Other        $10.00        8.33%    $10.00        0.00%
    Other        $10.00        8.33%    $10.00        0.00%
    Total variable expenses        $120.00        100.00%    $120.00
    Total expenses        $170.00        100.00%    $170.00
    What's Next for Your Personal Financial Plan?
    * Evaluate the appropriateness of your budget for your cu
ent life situation.
    * Assess whether your budgeting activities are helping you achieve your financial goals.
Federal Income Tax Estimate (9)
    Name:    Sample Student                Date:    September 29, 2021                    9
    Federal Income Tax Estimate
    Purpose: To estimate your cu
ent federal income tax liability.
    Financial Planning Activities: Based on last year's tax return, estimates for the cu
ent year, and cu
ent tax regulations and rates, estimate your cu
ent tax liability.
    Suggested Websites:
    Suggested Apps:        TaxCaster    TaxSlaye
                                                Your Personal Financial Plan
            Tax Return for        Sample Student
    Gross income (wages, salary, investment income, and other ordinary income)                                $0.00
    Less Adjustments to income (see
Answered 11 days After Apr 06, 2022


Prince answered on Apr 18 2022
94 Votes

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