Attached You Will Find The Budget Chart I Wish For You

Attached You Will Find The Budget Chart That I Wish For You To Use For

Attach you will find the budget chart that I wish for you to use for this project. Instructions on how to fill out the chart are inside the budget. If you have questions please feel free to ask me. Please note that the two worksheets should be completely separate from your budget. I am not looking for graphs of expenses or your income. You may include that, but that is not the worksheets that are required.

I am looking for worksheets that would help you achieve your goals.

GRADING: A. Text only (summary for each category) and no graphics/worksheets: 60-70 points; B. Text (each summary) and at least two (2) financial worksheets: 71-85 points; C. Text, at least two (2) worksheets, and the provided budget chart: 86-100 points.

Instructions: Describe your financial goals in short-answer format accordingly:

  1. List a short-term financial goal and the strategy that you will use to reach the goal.
  2. List an intermediate financial goal and the strategy that you will use to reach the goal.
  3. List a long-term financial goal and the strategy that you will use to reach the goal.

This assignment is due in week 8 on 08/22/17 by 11:59 PM. You are encouraged to use financial worksheets/spreadsheets, financial calculators (such as a mortgage calculator), and other resources that you find helpful to mapping your current and long-term financial goals. Please reference all resources that are not your own.

Paper For Above instruction

Financial planning is a vital process for achieving personal economic stability and securing a prosperous future. Setting clear, realistic financial goals across short-term, intermediate, and long-term horizons can help individuals stay focused and disciplined in their financial decisions. Effective strategies tailored to each goal can facilitate progress, whether saving for a vacation, purchasing a home, or preparing for retirement.

Short-term financial goals typically span from a few months to a year and often involve immediate savings or budget adjustments. My primary short-term goal is to build an emergency fund equivalent to three months’ worth of living expenses. This goal aims to provide financial security in case of unexpected events such as job loss or medical emergencies. To achieve this, I plan to create a detailed monthly budget, cut non-essential expenses, and direct any extra income or savings toward this fund. Using automated transfers from my checking to a dedicated savings account will help ensure consistent contributions.

Intermediate financial goals generally cover a period of one to five years and often involve larger purchases or investments. My intermediate goal is to save for a down payment on a house within three years. The strategy involves establishing a dedicated savings account, increasing my monthly savings rate, and possibly supplementing income through side jobs or freelance work. I will also research high-yield savings accounts or investment options such as certificates of deposit (CDs) to maximize the growth of my savings through interest or dividends. Tracking progress regularly and adjusting my savings plan as needed will be essential for maintaining momentum toward this goal.

Long-term financial objectives extend beyond five years and usually encompass retirement planning, wealth accumulation, and estate planning. My primary long-term goal is to be able to retire comfortably by age 65 with sufficient savings to support my lifestyle without financial stress. To reach this, I intend to contribute consistently to retirement accounts such as an IRA or 401(k), maximize employer match programs, and invest in diversified stock and bond portfolios. Additionally, I plan to periodically review and adjust my investment strategies to account for changes in market conditions and personal circumstances. Establishing a disciplined savings regimen and seeking advice from financial professionals will be vital to ensuring my long-term financial security.

Using financial worksheets and calculators can facilitate this planning by providing detailed forecasts of savings growth and projecting future values of investments. These tools help me visualize progress and identify necessary adjustments in my saving and investment strategies. Referencing credible sources like financial advisors, reputable personal finance websites, and expert authors such as Dave Ramsey offers additional insights into effective money management and goal setting.

In conclusion, establishing clearly defined financial goals across different time frames, combined with strategic actions supported by financial tools and resources, forms a strong foundation for achieving financial stability and independence. Regularly reviewing progress and adapting strategies ensures continued growth and alignment with evolving personal circumstances and economic conditions.

References

  • Davies, E. (2017). Financial Planning & Wealth Management. Pearson.
  • Dame Ramsey Solutions. (n.d.). The Total Money Makeover: Classic Edition. Thomas Nelson.
  • Investopedia. (2023). How to Set Financial Goals. https://www.investopedia.com/financial-terms/f/financial-goal.asp
  • Leonard, J. (2020). Personal Finance Essentials. Wiley.
  • Morin, A. (2022). How to Create a Budget. U.S. News & World Report. https://money.usnews.com/financial-advisors/articles/how-to-create-a-budget
  • SmartAsset. (2023). Retirement Planning Strategies. https://smartasset.com/retirement
  • Vogt, D. (2018). Financial Independence: Your Ultimate Guide. Harper Business.
  • U.S. Consumer Financial Protection Bureau. (2022). Building a Budget. https://www.consumerfinance.gov/consumer-tools/budgeting/
  • Su, T. (2019). Investment Strategies for Long-Term Goals. Financial Analysts Journal, 75(4), 55-68.
  • Financial Industry Regulatory Authority. (2021). Investing Basics. https://www.finra.org/investors/learn-to-invest

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