Objectives The Personal Financial Plan Project will allow you to tie together many of the Course Obj
Objectives
The Personal Financial Plan Project will
allow you to tie together many of the Course Objectives (COs) into a single
worksheet that will be the basic foundation of your own personal financial
plan I would recommend that once you have completed the plan, you review it at
least annually to make sure that appropriate revisions are made as your life
and planning needs change
Guidelines
The plan should be divided into six
separate areas as outlined under the Personal Financial Plan section in the
Files section The six areas are as follows Personal Financial Planning Goals Balance Sheet Income Statement Annual Cash Budget Ratio Analysis Retirement Plan Analysis
Each of these sections should be
constructed using the Excel spreadsheets found in the Files section
The planning report is due at the end of
Week 7, but you should start planning your work schedule so you’ll have plenty
of time to ask your instructor questions and provide yourself with a useful and
practical plan
It is recommended that you start pulling
together as much of your personal financial information and setting your goals
as early as possible in the term so you are not forced to wait until the last minute
to construct your report
Grading Rubrics
Category
Points
%
Description
Personal
Financial Goals
35
159 Goals
must be prioritized, with cost estimates and target dates for each goal If a
goal does not have a cost,
then
you must explain why A cost savings should be shown as a negative amount At
least three goals must
be included for each category, but five
goals are recommended Goals must be achievable so that you can
make progress against them Cost estimates
are assumed to be financed with cash, unless otherwise noted
Deductions
will be made for goals that are not realistically achievable based on
presented financial data
Balance
Sheet
35
159 Good
format; date and title (is it just for you or the family?); appears to
include all components; balance
sheet
must balance; balance sheet date should be current (within time frame, of
course)
Income
Sheet
35
159
Prepare
income statement for full year in good format
Annual
Cash Budget
35
159
Monthly
projected cash budget for the next year in good format
Ratio
Analysis
40
182 Properly
calculated; relevant analysis, including minimum half-page written commentary
on how you will
improve ratios Ratios must be linked
directly to your financial statements, so it requires the use of Excel
(Ratios
should be linked so they automatically update when changes are made to the
financial statements)
Comparison must be provided of your ratios
versus benchmark ratios discussed in this course Ratios to be
calculated include liquidity, solvency,
savings ratio, debt service, and debt safety ratios
Retirement
Plan Analysis
40
182 Complete
retirement plan analysis (see template provided); assess your ability to meet
your retirement goals
based on your assumptions and analysis
(minimum half page written analysis)
Total
220
100 A
quality financial plan will meet or exceed all of the above requirements The
project must be submitted in
one
Excel workbook with each sheet appropriately labeled; it is your
responsibility to make sure the
templates are properly built Points will be
deducted for manually calculated numbers and incomplete
information
Note
The project must be submitted in one Excel
workbook Please label each sheet of the workbook appropriately (ie, first
sheet should be goals, etc) Any Word documents should also be inserted into a
sheet of the workbook and labeled appropriately
