Summary Personal Financial Planning University of the People
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Module
FINANCE
Institution
FINANCE
At whatever point we choose to start a process of a Financial Plan, we should as a matter of first importance sort out precisely where we are available, where we need to be, and in particular how to arrive (bytestbankap, 2020)
As we stroll on a strong solid establishment, we may not understand tha...
Written Assignment Unit 1: Personal Financial Planning
Written Assignment Unit 1: Personal Financial Planning
University of the People
BUS 2204: PERSONAL FINANCE
11th April 20121
Introduction:
At whatever point we choose to start a process of a Financial Plan, we should as a matter of first
importance sort out precisely where we are available, where we need to be, and in particular how
to arrive (bytestbankap, 2020)
As we stroll on a strong solid establishment, we may not understand that the Smart Goal was
carried out to accomplish the objective that solid adjusts into a strong mass. All together for that
structure to be effective, a thoroughly examined science plan was planned and instrumented
through the SMART Goal achievement. To make your objective S.M.A.R.T., it needs to adjust to
the accompanying rules: Specific, Measurable, Attainable, Relevant, and Timely (bytestbankap,
2020) When carrying out Smart Goals your brain should be clear and your reasoning cap should
be on and prepared to investigate and accomplish the result (bytestbankap, 2020). Brilliant
objectives give one method for joining discipline in the arranging cycle. I will set up a Financial
Plan for a possibility named Alice utilizing the Smart Goals strategy to investigate her obligation
to proportion spending plan toward her future funds.
The S.M.A.R.T. planning model is a framework used for setting and organizational goals. Each
letter refers to a different criterion.
S: Specific: A specific goal that addresses as many descriptor questions as possible
M: Measurable: What measurable factors determine a goal has been met
A: Attainable: Possessing necessary skills to achieve goals
, Written Assignment Unit 1: Personal Financial Planning
R: Realistic: A goal that you are willing and able to work towards
T: Timely: Setting time frames to achieve goals
First we need to know what Alice’s current financial situation is.
ALICE FINANCIAL SITUATION
ANNUAL EXPENSES
Annual rent $ 10,800.00
Annual living expense $ 14,400.00
Annual car loan payment $2,400.00
Annual student loan payment $7,720.00
TOTAL: $ 35,320.00
ANNUAL INCOME
Income after tax $ 35,720.00
TOTAL: $ 35,720.00
Annual Savings: $400.00
Now we start the S.M.A.R.T. planning model
Goals
Short term Long term Question
Pay off student loan Retire
Buy a house Travel in a sailboat What are your specific goals in
Specific Accumulate assets the? short and long term?
Pay children education
Timing Goal Source Question
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