Personal Financial Data (1) Name:Sample Student Date:September 29, 2021 1 Personal Financial Data Purpose: To create a directory of personal financial information. Financial Planning Activities:...

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Personal Financial Data (1) Name:Sample StudentDate:September 29, 20211 Personal Financial Data Purpose: To create a directory of personal financial information. Financial Planning Activities: Complete the information request to provide a quick reference for vital household data. Suggested Websites:www.money.cnn.comwww.kiplinger.comwww.20somethingfinance.com NameSample StudentYour Personal Financial Plan Birth Date Marital Status Address Phone E-mail Social Security Numberxxx-xx-xxxx Driver's License Number Place of Employment Address Phone Position Length of Service Checking Account Number Financial Institution Address Phone Dependent Data NameBirth DateRelationshipSocial Security Number What's Next for Your Personal Financial Plan? * Identify financial planning experts (insurance agent, banker, investment advisor, tax preparer, others) you might contact for financial planning information or assistance. * Discuss with other household members various financial planning priorities. www.money.cnn.com www.kiplinger.com www.20somethingfinance.com www.20somethingfinance.com Setting Personal Fin Goals (2) Name:Sample StudentDate:September 29, 20212 Setting Personal Financial Goals Purpose: To identify personal financial goals and create an action plan. Financial Planning Activities: Based on personal and household needs and values, identify specific goals that require action. Suggested Websites:financialplan.about.comwww.planwise.comwww.360financialliteracy.org Suggested App:Urge Your Personal Financial Plan Short-Term Monetary Goals (less than two years) DescriptionAmount neededMonths to achieveAction to be takenPriority Example : pay off credit card debt$85012Use money from pay raiseHigh Intermediate Monetary Goals (two to five years) DescriptionAmount neededMonths to achieveAction to be takenPriority Long-Term Monetary Goals (beyond five years) DescriptionAmount neededMonths to achieveAction to be takenPriority Nonmonetary Goals DescriptionTime frameActions to be taken Example: Set up file for personal financial records and documentsNext 2-3 monthsLocate all personal and financial records and documents; set up files for various spending, saving, borrowing categories What's Next for Your Personal Financial Plan? * Based on various financial goals, calculate the savings deposits necessary to achieve those goals. * Identify current economic trends that might influence various saving, spending, investing and borrowing decisions. financialplan.about.com www.planwise.com www.360financialliteracy.org www.360financialliteracy.org TVM Calculations (3) Name:Sample StudentSeptember 29, 20213 Achieving Financial Goals Using Time Value of Money Purpose: To calculate future and present value amounts related to financial planning decisions. Financial Planning Activities: Calculate future and present value amounts related to specific financial goals using time value of money tables, a financial calculator, spreadsheet software, or an online calculator. Suggested Websites:www.moneychimp.com/calculatorwww.grunderware.com www.investopedia.com/calculator Suggested App:CF Financial Calculator Your Personal Financial Plan Future Value of a Single Amount Exhibit 1-A: Future Value (Compounded Sum) of $1 after a Given Number of Time Periods Years1.00Interest Rate1.000% current amountfuture value factorfuture value amount 1. To determine future value of a single amounttimesequals 2. To determine interest lost when cash purchases are made (Use Exhibit 1-A for future value factor)$0.00X1.010=$0.000 Future Value of a Series of Deposits Exhibit 1-B: Future Value (Compounded Sum) of $1 Paid at the End of Each Period for a Given Number of Time Periods (an Annuity) Years1.00Interest Rate1.000% 1. To determine future value of regular savings depositsregular deposit amountfuture value of annuity factorfuture value amount 2. To determine future value of regular retirement depositstimesequals (Use Exhibit 1-B for future value of annuity factor)$0.00X1.000=$0.000 Present Value of a Single Amount Exhibit 1-C: Present Value of $1 to Be Received at the End of a Given Number of Time Periods Years1.00Interest Rate1.000% 1. To determine an amount to be deposited now that will grow to a desired amountfuture amount desiredpresent value factorpresent value amount timesequals (Use Exhibit 1-C for present value factor)$0.00X0.990=$0.000 Present Value of a Series of Deposits Exhibit 1-D: Present Value of $1 Received at End of Each Period for a Given Number of Time Periods (an Annuity) Years1.00Interest Rate1.000% 1. To determine an amount that can be withdrawn on a regular basisregular amount to be withdrawnpresent value of annuity factorpresent value amount timesequals (Use Exhibit 1-D for present value of annuity factor)$0.00X0.990=$0.000 What's Next for Your Personal Financial Plan? * Describe some situations in which you could use time value of money calculations for achieving various personal financial goals. * What specific actions are you taking to achieve various financial goals? www.moneychimp.com/calculator www.grunderware.com www.moneychimp.com/calculator www.grunderware.com www.investopedia.com/calculator Career Area Research Sheet (4) Name:Sample StudentSeptember 29, 20214 Planning Your Career Purpose: To become familiar with work activities and career requirements for a field of employment. Financial Planning Activities: Use the Career Occupational Outlook Handbook and other information sources (library materials, interviews, websites), obtain information related to one or more career areas of interest to you. Suggested Websites:www.monster.comwww.rileyguide.comcareerplanning.about.com Suggested App:Job Search Organizer Your Personal Financial Plan Career Area/Job Titles Nature of the work General activities and duties Working conditions Physical surroundings, hours, mental and physical demands Training and other qualifications Earnings Starting and advanced Additional information Other questions that require further research Sources of additional information Publications, trade associations, professional organizations, government agencies What's Next for Your Personal Financial Plan? * Talk with various people who have worked in the career fields of interest to you. * Outline a plan for long-term professional development and career advancement. www.rileyguide.com www.monster.com www.monster.com Fin Documents and Records (5) Name:Sample StudentDate:September 29, 20215 Financial Documents and Records Purpose: To develop a system for maintaining and storing personal documents and records. Financial Planning Activities: Indicate the location of the following records, and create files for the eight major categories of financial documents. Suggested Websites:money.cnn.comwww.kiplinger.comwww.usa.gov Suggested App:Manilla Your Personal Financial Plan ItemHome FileSafe Deposit BoxOther (specify location - computer file, online) 1. Money management records * budget, financial statements 2. Personal/employment records * current résumé, Social Security card * educational transcripts * birth, marriage, divorce certificates * citizenship, military papers * adoption, custody papers 3. Tax records 4. Financial services/consumer credit records * unused or canceled checks * savings, passbook statements * credit card information, statements * credit contracts 5. Consumer purchase, housing, and automobile records * warranties, receipts * owner's manuals * lease or mortgage papers, title deed, property tax info * automobile title * auto registration * auto service records 6. Insurance records * insurance policies * home inventory * medical information (health history) 7. Investment records * broker statements * dividend reports * stock/bond records * rare coins, stamps, and collectibles 8. Estate planning and retirement * will * pension, Social Security info What's Next for Your Personal Financial Plan? * Select a physical or online program for storing your financial documents and records. * Decide if various documents may no longer be needed. money.cnn.com www.kiplinger.com www.usa.gov www.usa.gov Personal Balance Sheet (6) Name:Sample StudentDate:July 3, 20126 Creating a Personal Balance Sheet Purpose: To determine your current financial position. Financial Planning Activities: List current values of the assets; list amounts owed for liabilities; subtract total liabilities from total assets to determine net worth. Suggested Websites:www.kiplinger.commoney.cnn.comwww.lifeadvice.com Suggested App:Balance Your Personal Financial Plan Balance Sheet as ofSeptember 29, 2021 Assets Liquid assets Checking account balance$0.00 Savings/money market accounts, funds$0.00 Cash value of life insurance$0.00 Other$0.00 Total liquid assets$0.00 Household assets & possessions Current market value of home$0.00 Market value of automobiles$0.00 Furniture$0.00 Stereo, video, camera equipment$0.00 Jewelry$0.00 Other$0.00 Other$0.00 Total household assets$0.00 Investment assets Savings certificates$0.00 Stocks and bonds$0.00 Individual retirement accounts$0.00 Mutual funds$0.00 Other$0.00 Total investment assets$0.00 Total Assets$0.00 Liabilities Current liabilities Charge account and credit card balances$0.00 Loan balances$0.00 Other$0.00 Other$0.00 Total current liabilities$0.00 Long-term liabilities Mortgage$0.00 Other$0.00 Total long-term liabilities$0.00 Total Liabilities$0.00 Net Worth$0.00 (assets minus liabilities) What's Next for Your Personal Financial Plan? * Compare your net worth to previous balance sheets. * Decide how often you will prepare a balance sheet. www.kiplinger.com www.kiplinger.com money.cnn.com www.lifeadvice.com www.lifeadvice.com Personal CashFlow Statement (7) Name:Sample StudentDate:July 3, 20127 Creating a Personal Cash Flow Statement Purpose: To maintain a record of cash inflows and outflows for a month (or three months). Financial Planning Activities: Record inflows and outflows of cash for a one- (or three-) month period. Suggested Websites:www.americasaves.orgmoney.cnn.com Suggested App:Expensify For month endingYour Personal Financial Plan Cash Inflows Salary (take-home) Other income : Other income : Total Income$0.00 Cash Outflows Fixed expenses Mortgage or rent Loan payments Insurance Other Other Total fixed outflows$0.00 Variable expenses Food Clothing Electricity Telephone Water Transportation Personal care Medical expenses Recreation/entertainment Gifts Donations Other Other Total variable outflows$0.00 Total Outflows$0.00 Surplus/Deficit$0.00 Allocation of surplus Emergency fund savingsApply any surplus to these goals Financial goal savings Other savings Total$0.00 What's Next for Your Personal Financial Plan? * Decide which areas of spending need to be revised. * Evaluate your spending patterns for preparation of a budget. www.americasaves.org money.cnn.com Personal Budget (8) Name:Sample StudentDate:July 3, 20128 Developing a Personal Budget Purpose: To compare projected and actual spending for a one- (or three-) month period. Instructions: Estimate projected spending based on your cash flow statement, and maintain records for actual spending for these same budget categories. Suggested Websites:www.betterbudgeting.comwww.asec.orgwww.mymoney.gov Suggested App:Home Budget IncomeBudgeted AmountsYour Personal Financial Plan DollarPercentActual AmountsVariance Salary$10.0050.00%$10.000.00% Other$10.0050.00%$10.000.00% Total income$20.00100.00%$20.00 Expenses< fixed="" expenses="">< mortgage="" or="" rent="" $10.00="" 20.00%="" $10.00="" 0.00%="" property="" taxes="" $10.00="" 20.00%="" $10.00="" 0.00%="" loan="" payments="" $10.00="" 20.00%="" $10.00="" 0.00%="" insurance="" $10.00="" 20.00%="" $10.00="" 0.00%="" other="" $10.00="" 20.00%="" $10.00="" 0.00%="" total="" fixed="" expenses="" $50.00="" 100.00%="" $50.00="" emergency="" fund/savings="">< emergency="" fund="" $10.00="" 33.33%="" $10.00="" 0.00%="" savings="" for="" $10.00="" 33.33%="" $10.00="" 0.00%="" savings="" for="" $10.00="" 33.33%="" $10.00="" 0.00%="" total="" savings="" $30.00="" 100.00%="" $30.00="" variable="" expenses="">< food$10.008.33%$10.000.00% utilities$10.008.33%$10.000.00% clothing$10.008.33%$10.000.00% transportation costs$10.008.33%$10.000.00% personal care$10.008.33%$10.000.00% medical and health care$10.008.33%$10.000.00% entertainment$10.008.33%$10.000.00% education$10.008.33%$10.000.00% gifts/donations$10.008.33%$10.000.00% miscellaneous$10.008.33%$10.000.00% other$10.008.33%$10.000.00% other$10.008.33%$10.000.00% total variable expenses$120.00100.00%$120.00 total expenses$170.00100.00%$170.00 what's next for your personal financial plan? * evaluate the appropriateness of your budget for your current life situation. * assess whether your budgeting activities are helping you achieve your financial goals. www.betterbudgeting.com www.asec.org www.mymoney.gov federal income tax estimate (9) name:sample studentdate:september 29, 20219 federal income tax estimate purpose: to estimate your current federal income tax liability. financial planning activities: based on last year's tax return, estimates for the current year, and current tax regulations and rates, estimate your current tax liability. suggested websites:www.irs.govwww.taxlogic.comwww.walletpop.com/taxes suggested apps:taxcastertaxslayer your personal financial plan tax return forsample student gross income (wages, salary, investment income, and other ordinary income)$0.00 less adjustments to income (see food="" $10.00="" 8.33%="" $10.00="" 0.00%="" utilities="" $10.00="" 8.33%="" $10.00="" 0.00%="" clothing="" $10.00="" 8.33%="" $10.00="" 0.00%="" transportation="" costs="" $10.00="" 8.33%="" $10.00="" 0.00%="" personal="" care="" $10.00="" 8.33%="" $10.00="" 0.00%="" medical="" and="" health="" care="" $10.00="" 8.33%="" $10.00="" 0.00%="" entertainment="" $10.00="" 8.33%="" $10.00="" 0.00%="" education="" $10.00="" 8.33%="" $10.00="" 0.00%="" gifts/donations="" $10.00="" 8.33%="" $10.00="" 0.00%="" miscellaneous="" $10.00="" 8.33%="" $10.00="" 0.00%="" other="" $10.00="" 8.33%="" $10.00="" 0.00%="" other="" $10.00="" 8.33%="" $10.00="" 0.00%="" total="" variable="" expenses="" $120.00="" 100.00%="" $120.00="" total="" expenses="" $170.00="" 100.00%="" $170.00="" what's="" next="" for="" your="" personal="" financial="" plan?="" *="" evaluate="" the="" appropriateness="" of="" your="" budget="" for="" your="" current="" life="" situation.="" *="" assess="" whether="" your="" budgeting="" activities="" are="" helping="" you="" achieve="" your="" financial="" goals.="" www.betterbudgeting.com="" www.asec.org="" www.mymoney.gov="" federal="" income="" tax="" estimate="" (9)="" name:="" sample="" student="" date:="" september="" 29,="" 2021="" 9="" federal="" income="" tax="" estimate="" purpose:="" to="" estimate="" your="" current="" federal="" income="" tax="" liability.="" financial="" planning="" activities:="" based="" on="" last="" year's="" tax="" return,="" estimates="" for="" the="" current="" year,="" and="" current="" tax="" regulations="" and="" rates,="" estimate="" your="" current="" tax="" liability.="" suggested="" websites:="" www.irs.gov="" www.taxlogic.com="" www.walletpop.com/taxes="" suggested="" apps:="" taxcaster="" taxslayer="" your="" personal="" financial="" plan="" tax="" return="" for="" sample="" student="" gross="" income="" (wages,="" salary,="" investment="" income,="" and="" other="" ordinary="" income)="" $0.00="" less="" adjustments="" to="" income="">
Answered 11 days AfterApr 06, 2022

Answer To: Personal Financial Data (1) Name:Sample Student Date:September 29, 2021 1 Personal Financial Data...

Prince answered on Apr 18 2022
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