Assignment 8: Make me a MillionaireMake me a millionaire.Assume that you are a financial advisor. I have come to you because I want to develop a plan for retiring early.I am currently 24 years old an

Assignment 8: Make me a Millionaire

Make me a millionaire.

Assume that you are a financial advisor.  I have come to you because I want to develop a plan for retiring early.

I am currently 24 years old and I want to retire by age 55.  That gives me 31 years to build wealth.  I have just graduated from college and obtained my first job as an urban planner with a local city, earning $32,000 per year.  People in this field usually top out at about $60,000 after 10-15 years.  I have student loans totaling $43,000 at 5% interest, and a credit card balance of $3,600 at 24% interest.  The city I work for has a 401K retirement program which allows me to invest part of my paycheck each month, pre-tax.  I own an older car outright, and it runs okay for now.  I just signed a one year lease on a modest apartment.  I am not married yet.  I have practically no savings.

Write me a brief plan for achieving my goal of early retirement.  Write no more than one page in a Word document.  When complete, submit through the dropbox titled "Financial Plan."

Your plan must address the issues of:

1. living below your means (frugality)
2. avoiding (and paying off) credit card debt
3. buying a house (that is easily affordable)
4. saving at least 10% (or more) of my income and investing in mutual funds

To receive full credit for this assignment:

1. Prepare a financial plan as instructed above.
2. Address in some way each of the four rules to becoming a millionaire, bulleted above.
3. Use facts from the information to calculate specifics for your report.
4. Be very thorough in your advice to the client.  Less thorough equals less credit.
5. Use professional spelling, grammar, and formatting.
6. Submit via the Assignment 8 dropbox by the week 8 submission deadline.

Email your professor with any questions.