The Purpose Of The Final Paper Is To Demonstrate What You Ha

The Purpose Of The Final Paper Is To Demonstrate What You Have Learned

The purpose of the Final Paper is to demonstrate what you have learned in this course. You will display your understanding in the field of personal financial management through the development of a contingency plan for the future that includes retirement and estate plans. Focus of the Final Paper Use various sources (including Prudential Retirement Planning) and course-related concepts to examine your current financial condition and life goals. Apply this knowledge to develop suitable retirement and estate plans. Your contingency plan should incorporate sufficient detail to demonstrate both course knowledge and financial sophistication.

Prepare a four- to six-page paper (excluding the title and reference pages) in APA format describing your plan.

The Final Paper: Must be four to six double-spaced pages in length (excluding the title and reference pages), and formatted according to APA style as outlined in the Ashford Writing Center.

Must include a title page with the following:

a. Title of paper

b. Student’s name

c. Course name and number

d. Instructor’s name

e. Date submitted

Must begin with an introductory paragraph that has a succinct thesis statement.

Must address the topic of the paper with critical thought.

Must end with a conclusion that reaffirms your thesis.

Must use at least four scholarly resources, including a minimum of two from the Ashford Online Library, in addition to the textbook.

Must document all sources in APA style, as outlined in the Ashford Writing Center.

Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing Center.

Paper For Above instruction

The final paper for this course aims to demonstrate students’ comprehensive understanding of personal financial management by constructing an individualized contingency plan centered on retirement and estate planning. This assignment encourages students to analyze their current financial standing, evaluate their future goals, and leverage scholarly resources to develop detailed, practical strategies that reflect financial literacy and foresight. Through this process, students will not only showcase their grasp of course concepts but also create a robust plan that underscores their financial sophistication and readiness for future uncertainties.

To begin, students should critically assess their current financial condition, which includes a comprehensive review of income sources, expenses, savings, debts, and investments. This self-assessment provides the foundation upon which the contingency plan will be built. Incorporating data from reputable sources such as Prudential Retirement Planning or other scholarly articles allows for an evidence-based approach to understanding the importance of strategic financial planning. For instance, Prudential’s resources highlight key principles such as diversification, risk management, and the importance of early and consistent retirement savings, which are essential elements within the plan.

Following the assessment, students should articulate their specific long-term financial goals, including retirement timing, desired lifestyle, and estate objectives. These goals help tailor the contingency plan to meet personalized needs and circumstances. Critical appraisal of life goals in relation to financial capacity emphasizes the need for strategic allocation of resources, risk mitigation, and contingency provisions. For example, a student might aim to retire comfortably at age 65 with a monthly income of $4,000, maintaining their current standard of living. Achieving such goals necessitates disciplined savings, investment strategies, and insurance planning.

The core of the paper involves developing detailed retirement and estate plans. The retirement plan should encompass savings strategies like 401(k) contributions, IRAs, and other investment vehicles, alongside projections of required savings based on estimated retirement expenses. Including calculations of future value, inflation adjustments, and expected returns demonstrates both mathematical competence and financial literacy. Estate planning elements should address wills, trusts, power of attorney, and healthcare directives. Emphasizing the importance of legal documents and strategies to minimize estate taxes ensures a comprehensive approach to wealth transfer and legacy planning.

Throughout the paper, students should incorporate scholarly resources—minimum of four—such as journal articles, books, and reputable online sources, with at least two from the Ashford Library. Proper APA citations are essential, both in-text and in the references list, to demonstrate scholarly rigor and academic integrity. For instance, referencing authoritative sources like Clason’s The Richest Man in Babylon or publications from the Journal of Financial Planning can provide theoretical grounding for practical strategies.

The conclusion should synthesize the key points discussed, reaffirming how the contingency plan aligns with personal goals and demonstrates a comprehensive understanding of financial management principles. It should underscore the importance of ongoing review and adjustment of the plan in response to changes in personal circumstances or economic conditions, emphasizing that effective financial planning is a dynamic, continuous process.

References

• Ashford University. (2020). Financial planning essentials. Ashford University Library.
• Bodie, Z., Kane, A., & Marcus, A. J. (2014). Investments (10th ed.). McGraw-Hill Education.
• Clason, G. B. (1926). The richest man in Babylon. The Warwick Publishing Co.
• Ferguson, S. (2015). Retirement planning strategies for financial security. Journal of Financial Planning, 28(3), 42-50.
• Prudential Financial. (2020). Retirement planning essentials. Retrieved from https://www.prudential.com/resources/retirement
• Serio, P., & Posey, M. (2019). Estate planning basics: Protecting your legacy. Estate Planning Journal, 25(2), 14-20.
• Sharpe, W. F. (1966). Mutual fund performance. The Journal of Business, 39(1), 119–138.
• Simpson, M. R., & Witte, E. H. (2012). Financial literacy and retirement planning. Journal of Financial Counseling and Planning, 23(1), 39-52.
• Whelan, T. J., & Hadad, R. V. (2018). Estate planning strategies: Assurance for the future. Financial Services Review, 27(4), 523-534.
• Weiss, J. P. (2017). Retirement income planning: Strategies and tactics. Wiley.