For this assignment, you are required to develop an overview of your current financial position, establish your goals and map out a plan regarding how you will achieve these goals. You can refer Exhibit 1.9 in our textbook for creating the financial plan.

Make sure that you include the following steps in your financial plan:

1. Your financial goals

2. Your current financial position

3. Your plans to achieve the goals that you identified in step 1

4. Implementing the plan

5. Evaluating the plan

6. Revising the plan

My answers:

1. Financial Goals

• As i am 21 right now and still studying, my short term goal is to secure a permanent job in some stable company with a steady income. With this I can finance my expenses and keep my family happy and satisfied.
• Intermediate term goals would be to grow in the company and be at a very responsible position with income enough for me and my family. I may be married to someone so I need to satisfy every needs. So for that need to earn that much.
• Long Term Financial Goals would be to earn as much that my family and my kids should be more than happy. I have my retirement plans intact. I should have enough to travel the world around many times and with my kids and family.

2. Current Financial Position

• In savings, I have around 700K
• My investments are around 200K
• My net worth will be around 900K

3. Plans

• I need to have steady job and growing income. I should grow each day with raise in my salaries.
• I need not stop spending but need to spend smartly. Only spend to what is necessary
• Investments should me made keeping in mind the risk involved. The returns should obviously be there, but risk is more important

need answers to the following

4. Implementing the plan

5. Evaluating the plan

6. Revising the plan