Long-Term Personal Financial Goals

FIN 250 Milestone Two Guidelines and Rubric Overview : This milestone will require you to r evise your personal financial plan to reflect your long -term financial goals and learning to date in the course. Now that you have expanded your knowledg e regarding long -term financing for a home or vehicle purchase —as well as any regulatory or recommended insurance requirements —consider the purchase of a new home, vehicle, or both. You may even contemplate the future purchase of a vacation home, or a recreatio nal veh icle. How would these changes affect your financial plan? Complete the attached spreadsheet(s) (which accompany your textbook). Choose one or both ; a home mortgage calculator spreadsheet and a rent versus buy analysis are included.  Worksheet 5: Maximum Mortgage  Worksheet 6: Lease or Buy Submit the completed spreadsheets to your instructor. In a separate Microsoft W ord file, indicate your intentions in completing the exercise. In 1 –2 pages, mention each spreadsheet, specifically, and indicate how t he purchase of these new assets will affect your prior plan submitted during Module Three . Describe the change. This milestone will be submitted in Module Five. Note: If you do not wish to disclose personal financial information to your instructor, please note to change your information or provide an alternative name with the information realistically portrayed. In doing so, the experience of preparing a financial plan for another individual wil l prepare you to accurately complete your own plan when you ar e 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 T imes New Roman font, one -inch mar gins, and discipline -appropriate citations . Page length requirements: 1 –2 pages . Instructor Feedback : This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information, 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 mortgage and /or vehicle purchase analysis Includes most of the main elements of the mortgage and /or vehicle purchase analysis Includes some of the main elements of the mortgage and /or vehicle purchase analysis Does not include any of the main elements of the mortgage and /or vehicle purchase analysis 25 Inquiry and Analysis Provides in -depth analysis that demonstrates complete understanding of multiple concepts for mortgage and /or vehic le purchase Provides in -depth analysis that demonstrates complete understanding of some concepts for mortgage and /or vehicle purchase Provides in -depth analysis that demonstrates complete understanding of minimal concepts for mortgage and /or vehicle purchase Does not provide in -depth analysis for mortgage and /or vehicle purchase 20 Integration and Application All of the course concepts are correctly applied for mortgage and /or vehicle purchase anal ysis Most of the course concepts are correctly applied for mortgage and /or vehicle purchase anal ysis Some of the course concepts are correctly applied for mortgage and /or vehicle purchase anal ysis Does not correctly apply any of the course concepts for mortgage and /or vehicle purchase anal ysis 10 Critical T hinking Draws insightful conclusions that are thoroughly defended with evidence and examples for mortgage and /or vehicle purchase anal ysis Draws informed conclusions that are justified with evidence for mortgage and /or vehicle purchase anal ysis Draws lo gical conclusions, but does not defend with evidence for mortgage and /or vehicle purchase anal ysis Does not draw logical conclusions for mortgage and /or vehicle purchase anal ysis 20 Research Incorporates many scholarly resources effectively that ref lect depth and breadth of research for mortgage and /or vehicle purchase anal ysis Incorporates some scholarly resources effectively that reflect depth and breadth of research for mortgage and /or vehicle purchase anal ysis Incorporates very few scholarly resources that reflect depth and breadth of research for mortgage and /or vehicle purchase anal ysis Does not incorporate scholarly resources that reflect depth and breadth of research for mortgage and /or vehicle purchase anal ysis 15 Writing (Mechanics/ Cit ation s) No errors related to organization, grammar and style, and citations Minor errors related to organization, grammar and style, and citations Some errors related to organization, g rammar and style, and citations Major errors related to organization, grammar and style, and citations 10 Earned Total 100%