Objective:

The objective of this assignment is to help students understand the importance of

financial planning by projecting their future income based on their chosen career path,

creating a budget, and setting financial goals.

Assignment Details:

Researching Future Income:

$$ Choose a career path that aligns with your interests and qualifications.

$$ Research the average starting salary and income growth potential for

professionals in your chosen field. Utilize credible sources such as

industry reports, government statistics, or professional organizations.

$$ Consider factors such as location, level of education, experience, and

industry trends that may impact your future income.

Budgeting:

$$ Based on your projected income, create a monthly budget that includes all

necessary expenses such as rent, utilities, groceries, transportation,

insurance, student loans, and other recurring expenses.

$$ Allocate a portion of your income for savings, emergency fund, retirement

contributions, and discretionary spending.

Financial Goals:

$$ Identify short$-$term, medium$-$term, and long$-$term financial goals.

$$ Short$-$term goals may include paying off student loans, building an

emergency fund, or saving for a vacation.

$$ Medium$-$term goals could involve purchasing a car, saving for a down

payment on a home, or further education.

$$ Long$-$term goals may include retirement planning, investing in a business,

or buying a home.

$$ Ensure your goals are specific, measurable, achievable, relevant, and

time$-$bound $($SMART$).$

Mini Financial Plan:

$$ Develop a mini financial plan outlining the steps you will take to achieve

your financial goals.

$$ Include strategies for debt management, savings, investments, and

retirement planning.

$$ Consider factors such as risk tolerance, investment options, and time

horizon when formulating your plan.

Submission Requirements:

$$ Prepare a written report detailing your career choice, projected income, monthly

budget, financial goals, and mini financial plan.

$$ Use clear and concise language, and provide supporting evidence for your

income projections and budget allocations.

$$ Submit your report electronically by the specified deadline.

Assessment Criteria:

$$ Accuracy of income projections and budgeting.

$$ Clarity and feasibility of financial goals.

$$ Thoughtfulness and coherence of the mini financial plan.

$$ Demonstration of understanding of key financial planning concepts.

$$ Overall presentation and adherence to submission guidelines.

My Course is business administration diploma $,$ Please provide a well based answer to all of these. If possible provide a image of the answer rather than word. Thank you. Word is also fine though.