PERSONAL SITUATION PROJECT (PSP) INSTRUCTIONS:

NOTE: THIS WEEK YOU WILL SUBMIT AN OUTLINE ONLY, DO NOT SUBMIT YOUR PAPER OR A DRAFT OF YOUR PAPER

In December you will submit a 2-3 page (single or double spaced) project on one of the topics listed below, or a relevant topic of your choice. The topic you choose should be the most relevant to you and your situation. This week you will choose a topic and submit an outline for your paper.

PSP Topics (and suggested inclusion, but you can do something else, just run it by me first):

Create a 5-year Personal Financial Plan. This might include how you will get out of debt, how you will build and fund your emergency fund, how you will begin planning for Retirement and what investment vehicles you will use.

Purchasing My First House: This might include how you will plan for a down payment, where you will buy, what type of structure, how much will it cost, how will you finance it, what will it be worth when you sell.

Planning and Funding My Financial Future: This might include paying for college, retirement, living within your budget and how money behavior now affects your savings goals in the future.

Buying My First Car without a Car Payment: This might include what type of vehicle, current cost, whether to buy used or new, how to plan to pay cash, avoiding a car payment, what is the depreciation.

Buying Into My First Mutual Fund: Most of you may not engage in active stock trading in your life. However, almost all of you will be investing in a mutual fund at some point of your life. This might include how to invest on your own, what types of investment vehicles are available (401(k) or 403(b)) or through an IRA, discussing your risk tolerance, how this mutual fund fits into that, find the funds past performance (10 years), expense ratio, etc. and provide an time value analysis of what the fund will be worth at a certain age.

Choose a Personal Finance Book to write a summary on and how you will apply some of the principles you learn to your future life. Some suggested titles include: The Millionaire Next Door, The Total Money Makeover, Think and Grow Rich, 9 Steps to Financial Freedom.

data

Name: xyz

DOB: 1/1/1986

Age:35

marital status: Married

education: HS Diploma Currently Working on Associates of Arts

current residence: Anchorage, Alaska USA

Past residence and study

Income: 50,000 Yearly

Profession: Substance Abuse / Mental Health Counselor & Small Business Owner

Dependents: 1 Daughter (14)

family pattern: Mother, Wife, Daughter, Stepchildren

Gender: Male