Milestone One: Short-Term Personal Financial Goals

FIN 250 Final Project Milestone One Guidelines and Rubric Overview : This milestone will require you to begin establishing a personal financial plan, reflecting your learning to date in the course. Now that yo u have an appreciation for developing long -term as well as short -term financial goals, you will be able to plan appropriately and make adjustments to reflect your intentions as well as outline s teps to make necessary changes. In this milestone, you will develop and calculate a personal financial plan , an income state ment, a balance sheet, and a budget. This milestone will be submitte d in Module Three. In this milestone, c omplete the attached spreadsheets (which accompan y your textbook): Worksheet 1 : Personal Financial Goals Within this spreadsheet, you will have the opportunity to prioritize and organize your goals and expectations. Note that the est ablishment of an emergency fund and the elimination of credit card debt are listed as potential consid erations. Refer not only to Chapters 1 and 2, but also Chapters 5 and 6 and contemplate how you might prioritize use of your resources. Complete this spreadsheet and use it as the basis for your plan. Worksheet 2 : Personal Financial Plan Within this spreadsheet (located in a Word document), you will have the opportunity to document personal financial objectives, specifical ly those that are longer term plans. Noting the relevancy to most individual’s long -term plans, this document allows one to consider not only present but future anticipated requirements of resources for education, family, health, and retirement needs. Comp lete this comprehensive list and consider any relevant planning requirements that you will need to initiate today. Workshe et 3 : Personal Balance Sheet Within this spreadsheet, you will document your net worth by completing the required elements of a personal balance sheet. Yo u may refer back to Chapter 2 of your textbook for a model that mirrors this document. Include your as sets, liabilities, and assess your equity position. Complete this file and consider the necessity for change in various areas. There are two tabs, so be sure to complete both tabs. (Hint: In the future you will be revising your plan according to anticipate d changes that you have identified in Worksheet 2 or in future weeks when we consider the impact of home ownership and other major financial decisions .) Worksheet 4 : Personal Income Statement Within this spreadsheet, you will document the distribution of your take -home pay by completing the required elements of a personal income statement. You may refer back to Chapter 2 o f your textbook for a model that mirrors this document. Include your assets, liabilities, and assess your equity position. Complete this file, and consider the necessity for change in various areas. (Hint: In the future you will be revising your plan accor ding to anticipated changes that you have identified in Worksheet 2 or in future weeks when we consider the impact of home ownership and other major financial decisions .) Submit the completed spreadsheets to your instructor. In the Worksheet 2 file, append the length of the file by writing a short summary (2 –3 pages) of your observations of this exercise in identifying personal financial challenges and opportunities while completing these spreadshe ets. Mention each spreadsheet, specifically, and indic ate specific line items of concern to you. Note : If you do not wish to disclose personal financial information to your instructor, please change your information or provide a n alternative name with the information realistically portrayed. In doing so, th e experience of preparing a financial plan for another individual will prepare you to accurately complete your own plan when you are ready. Also, do not disclose the information of an individual other than yourself; remember to keep private information pri vate. Requirements of Submission: Short paper assignments must follow these formatting guidelines: double spacing, 12 -point Times New Roman font, one -inch margins, and discipline -appropriate citations. Page length requirements: 2–3 pages. Instructor Feedback : This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more in formation, review these instructions . Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value Main Elements Includes all of the main elements of the balance sheet, income statement , and budget requirements Includes most of the main elements of the balance sheet, income statement , and budget requirements Includes some of the main elements of the main elements of the balan ce sheet, income statement, and budget requirements Does not include any of the main el ements of the main elements of the balance sheet, income statement , and budget requirements 25 Inquiry and Analysis Provides in -depth analysis that demonstrates complete understanding of multiple concepts for personal financial plan Provides in -depth analysis that demonstrates complete understanding of some concepts for personal financial plan Provides in -depth analysis that demonstrates complete understanding of minimal concepts for personal financial plan Does not provide in -depth analysis for personal financial plan 20 Integration and Application All of the course concepts are correctly applied for personal financial plan Most of the course concepts are correctly applied for personal financial plan Some of the course concepts are correctly applied for personal financial plan Does not correctly apply any of the course concepts for personal financial plan 10 Critical Thinking Draws insightful conclusions that are thoroughly defended with evidence and examples for personal financial plan Draws informed conclusions that are justified with evidence for personal financial plan Draws logical conclusions, but does not defend with evidence for person al financial plan Does not draw logical conclusions for per sonal financial plan 20 Research Incorporates many scholarly resources effectively that reflect depth and breadth of research for personal financial plan Incorporates some scholarly resources effectively that reflect depth and breadth of research for personal financial plan Incorporates very few scholarly resources that reflect depth and breadth of research for personal financial plan Does not incorporate scholarly resources that reflect depth and breadth of research for personal financial plan 15 Writing (Mechanics/Citations) No errors related to organization, grammar and style, and citations Minor errors related to organization, gr ammar and style, and citations Some errors related to organization, g rammar and style, and citations Major errors rel ated to organization, grammar and style, and citations 10 Earned Total 100%