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answer the questions related to your financial goals and plan.
STEP 2: Think through the productivity strategies you have learned in your coursework and make a plan for how you will break down creating your financial plan into smaller steps to help you stay organized and be productive.
STEP 3: Identify an annual income as a starting point for your financial plan and insert the value in the budget table at the top of the Excel template as needed. Use an annual income value that you feel comfortable using for this assignment. You may use one of the following:
The sample annual income of $50,000 provided in the template
Your current annual income
The average/median income of a career field that you would like to be working in at some point in the future. Check out O*Net or CareerOneStop for more information on income for career fields you are interested in.
STEP 4: Identify a financial goal you would like to save towards – this can be a short-term (1-2 years) or long-term (3+ years) goal and determine how quickly you want to save for it (Question 2 in Template).
Select one of the following goals:
Create an emergency fund of $1000
Save up for a vacation that will cost $2000
Save up to buy a $15,000 vehicle
Save for a down payment of $40,000 to buy a house
Save $50,000 for education (personal, child, family, etc.)
STEP 5: For the goal selected, set a timeframe for reaching that goal (1 to 10 years is the recommended range) (Question 3 in Template). Explain why that time frame is realistic to achieve your goal.
figuring out how much to save for your plan would be to divide your goal by the number of years you plan to be saving for it.
Put this number into the “Savings” cell of the budget table in the Assignment 2 Financial Plan Budget Excel Template.