Assignment Breakdown Some resources are available in the Course Project folder. Week Assignment Additional Instructions Points Part 1 Planning You will create and presentation: 1) Monthly budget 2) Financial Goals (see pg 29 in text) 3) Methods to build an Emergency fund and money in savings 40 Part 2 Managing Credit Managing your credit score is vital in achieving favorable interest rates. It can also affect your ability to find a good job. Methods to building credit Ways to manage your credit score (include tracking) Comparing credit cards (what to look for, what's important to you) 20 Part 3 Major purchasing decisions Appliance Car Home Prepare a complete analysis (and show the analysis) on purchasing a major appliance, a car or a home. Determine if buying is the right choice or is renting or leasing. Must include comparison shopping and budgeting. Use the examples from the textbook. (you only need to choose 1(appliance, car or home)) 30 Part 4 Insurance Build an Insurance Plan for yourself: review chapters 8, 9 and 10 for the different types of insurance 10 Part 5 Investing Explain methods of investing What investment choices will you make? Explain your investment philosophy and explain how it will change over time. What investment "vehicles" will you look into? 20 Part 6 Retirement Planning Explain your retirement goal(s). Be sure to include where you would live and tell me why you selected this location. Determine your retirement expenses, income sources, and your income shortage. Health Care and Long Term Care plans Show how you will make up the income gap to ensure you reach your financial retirement goal. 30 Total Final Project Points 150 Part 1: If you are just starting out and you still live at home, I recommend creating a friend or family members Monthly Budget. You will not gain much value if you have limited monthly expenses. You must cover normal expenses such as; housing, utilities, debt, vehicles, food, insurance, etc. Review project rubric.

Course Project

Criteria

Ratings

Pts

This criterion is linked to a Learning OutcomePart 1: Planning (Monthly budget)20pts

20 to >15.0 pts Full Marks All normal monthly expenses are defined and values seem reasonable

15 to >4.0 pts 20 - 75% 1 or 2 expected monthly expenses are missing but values seem reasonable

4 to >0.0 pts 0-20% Expenses listed do not seem reasonable / 3 or more expected expenses are missing

0 pts 0 Section missing

20 pts

This criterion is linked to a Learning OutcomePart 1: Planning (Financial Goals)10pts

10 to >8.0 pts Full Marks Short term, intermediate and long term goals are clearly defined with dollar amount needed, months to achieve, actions to be taken and prioritization (3 goals per category)

8 to >0.0 pts 0-75% Goals are not clearly defined and some may be missing

0 pts 0 Section missing

10 pts

This criterion is linked to a Learning OutcomePart 1: Planning (Emergency Fund)10pts

10 to >8.0 pts Full Marks Establish emergency fund needs and develop a clear plan to achieve an emergency fund. Establish a dollar value goal of a savings account with a plan to achieve it. Ensure both seem reasonable in amount and time to achieve the goal.

8 to >0.0 pts 0-75% Plan is not clearly defined or achievable.

0 pts 0 Section missing

10 pts

This criterion is linked to a Learning OutcomePart 2: Managing Credit (Building)10pts

10 to >8.0 pts Full Marks Clearly explain methods to building credit

8 to >0.0 pts 0 Methods are not clearly explained

0 pts 0-75% Section missing

10 pts

This criterion is linked to a Learning OutcomePart 2: Managing Credit (Manage)5pts

5 to >3.0 pts Full Marks More than 2 ways to manage your credit score are discussed

3 to >0.0 pts 0-75% Ways to manage credit score are not clear or would end in personal credit score disaster.

0 pts 0 Section missing

5 pts

This criterion is linked to a Learning OutcomePart 2: Managing Credit (Comparison)5pts

5 to >3.0 pts Full Marks Explain what to look for when looking to open a credit card account. Provide at least 4 things to look for.

3 to >0.0 pts 0-75% Less than 4 things to look for were provided.

0 pts 0 Section missing

5 pts

This criterion is linked to a Learning OutcomePart 3: Major Purchasing Decision30pts

30 to >23.0 pts Full Marks 1) Clearly defined what you where purchasing. 2) Provided all financials (cost, interest rate, term, price comparison of no less than 3 comparable items, provide purchasing sources, interest rates) 3) Explain how you'll afford it given your monthly budget from Part 1 of the project. 4) Is buying or renting/leasing a better option? Clearly show the cost benefit of this analysis

23 to >6.0 pts 20-75% 1) Gave an idea of what you were purchasing but didn't provide specifics. (ex. Model, features, sq. footage and household amenities) 2) Don't provide a plan on how you'll afford the purchase. 3)Analysis is lacking a clear cost benefit analysis

6 to >0.0 pts 0-20% Doesn't provide any of the financial details. Or based on the financials provided, I can't figure it out.

0 pts 0 Section misisng

30 pts

This criterion is linked to a Learning OutcomePart 4: Insurance (Home and Auto)4pts

4 to >3.0 pts Full Marks Demonstrates an understanding of home and automobile insurance. Provides a clearly defined plan for both insurance types.

3 to >1.0 pts 20-75% Demonstrates a degree of knowledge based on defined plan, but is lacking some needed insurance protection.

1 to >0.0 pts 0-20% Understanding of insurance needs are lacking and can spell personal doom for the individual/family.

0 pts 0 Section misisng

4 pts

This criterion is linked to a Learning OutcomePart 4: Insurance (Health and Disability)3pts

3 to >2.0 pts Full Marks Clearly defines coverage needed; health insurance, long-term care, disability. Provides details for each.

2 to >1.0 pts 20-75% Needs more details and a more clearly defined plan for each of the three types of insurance covered in Chapters 8, 9 and 10.

1 to >0.0 pts 0-20% Understanding of insurance needs are lacking and can spell personal doom for the individual/family.

0 pts 0 Section misisng

3 pts

This criterion is linked to a Learning OutcomePart 4: Insurance (Life)3pts

3 to >2.0 pts Full Marks Created a plan that fully explains the different types of life insurance and developed a plan that would provide for their family should something unfortunate befall them..

2 to >1.0 pts 20-75% While there is some understanding of life insurance. The plan laid out could be more detailed and provide for a better sense their family or beneficiaries are going to be cared for should something unfortunate happen to them.

1 to >0.0 pts 0-20% Well, hopefully there are assets to sell. The plan provided is lacking details.

0 pts 0 Section misisng

3 pts

This criterion is linked to a Learning OutcomePart 5: Investing (Methods)5pts

5 to >1.0 pts Full Marks Clearly explain the methods

1 to >0.0 pts 0-20% Not clearly explained

0 pts 0 Section misisng

5 pts

This criterion is linked to a Learning OutcomePart 5: Investing (Choices and Philosophy)5pts

5 pts 0-75% Doesn't list at least 3 investment choices. Doesn't provide explanation of your investment philosophy or how it will change over time.

5 to >1.0 pts Full Marks Lists at least 3 investment choices. Clearly explains your investment philosophy. Discusses how this investment philosophy will change over time.

1 to >0 pts 0 Section misisng

5 pts

This criterion is linked to a Learning OutcomePart 5: Investing (Vehicles)10pts

10 to >8.0 pts Full Marks Describes the investment vehicles you'll investigate. (min. of 3) Explains why these were chosen.

8 to >2.0 pts 20-75% Describes less than 3 investment vehicles. Doesn't explain why these were chosen.

2 to >0.0 pts 0-20% Believes an investment vehicle can be driven.

0 pts 0 Section misisng

10 pts

This criterion is linked to a Learning OutcomePart 6: Retirement Planning (Goals)10pts

10 to >8.0 pts Full Marks Retirement goals are clearly defined: where you'll live, why you chose this location, health care, taxation on retirement income, weather, not being able to drive in the future, entertainment, etc.

8 to >2.0 pts 20-75% Some goals are spelled out, but the plan is lacking details. Based on the plan, not sure you've thought about this enough.

2 to >0.0 pts 0-20% Well, let's just say there's some work that needs to be done here.

0 pts 0 Section misisng

10 pts

This criterion is linked to a Learning OutcomePart 6: Retirement Planning (Budget)10pts

10 pts 20-75% Some goals are spelled out, but the plan is lacking details. Based on the plan, not sure you've thought about this enough.

10 to >2.0 pts Full Marks Budget covers all major expenses including emergencies. Reasonable and achievable.

2 to >0.0 pts 0-20% Well, let's just say there's some work that needs to be done here.

0 pts 0 Section misisng

10 pts

This criterion is linked to a Learning OutcomePart 6: Retirement Planning (Health Care)5pts

5 to >4.0 pts Full Marks Retirement goals are clearly defined: where you'll live, why you chose this location, health care, taxation on retirement income, weather, not being able to drive in the future, entertainment, etc.

4 to >1.0 pts 0-75% Relying on family is a nice hope, but may not be realistic. Plan does not ensure you can get along day to day.

1 to >0 pts 0 Section misisng

5 pts

This criterion is linked to a Learning OutcomePart 6: Retirement Planning (Income Gap)5pts

5 to >4.0 pts Full Marks Based on your retirement budget, clearly define how your income gap is going to be closed.

4 to >1.0 pts 20-75% Some ideas on closing the income gap are mentioned, but based on the details, a clear plan isn't defined.

1 to >0.0 pts 0-20% An income gap plan is provided.

0 pts 0 Section misisng

5 pts

Total Points: 150