7-1 Personal Financial Plan Create a completed personal financial plan. It will incorporate my detailing short- and long-term financial goals. I realized that my emergency fund is insufficient. It should cover 3-6 months of living expenses. I have outstanding credit card debt that is accumulating interest. This is similar to the concern of having high-interest credit card debt, which can grow faster than it can be paid off. There are opportunities to increase my income through side jobs or freelance work, which could help in building my emergency funds. I need to save at least $9,000 to have a sufficient emergency fund. This is in line with the goal of having an emergency fund that covers several months of expenses, which is crucial for financial security. The high-interest rate is causing my debt to grow faster than I can pay it off. This is a common issue where high-interest rates can impact debt repayment efforts. Aim to save $9,000 over the next 12 months. Save $750 each month by cutting back on non-essential expenses. Set up an automatic transfer to a high-yield savings account each payday. Allocate any extra income or savings from budgeting towards credit card payments. I chose to perform a vehicle lease vs. purchase analysis because it directly impacts my long-term financial goals. Depending on whether I choose to lease or purchase, I may need to adjust my budget. I will prioritize building it to cover 3-6 months of living expenses. This may involve cutting back on vehicle-related expenses. Automating savings can help ensure consistent contributions to the emergency fund. I will need to allocate more funds towards debt repayment, if I choose to purchase a vehicle, with a larger upfront payment. This aligns with my goal of saving at least $9,000 over the next 12 months. To achieve my goals, I will implement, $9,000 for the emergency fund over the next 12 months. Save $750 each month by cutting back on expenses. Write a short paper (24 pages). Do not submit a copy and paste of your Milestones One and Two short papers. The short paper for the final project should be a new submission, although it may include relevant information from Milestones One and Two papers. Include the following rubric criteria. Based on your income available for savings and investment from your Simplified Income Statement, are you able to save enough annually to fund your personal financial goals, including retirement? Provide supporting details. What changes may be required to your plan? Considerations may include. Finding another career position and increasing income Purchasing a smaller home Curtailing retirement funds Deriving savings elsewhere Explain the investment decisions that will support your personal financial goals, including retirement. Considerations may include. Your personal level of risk tolerance Diversification Identify estate planning documents that you will put in place. Consider which of the following documents apply to your specific situation and explain why. Will Codicil Letter of last instructions Living will