Individual Project and Presentation: Follow the 7-step financial planning process and use the information on your personal financial planning workbooks to make a financial plan for yourself.
Step 1: Present/analyze your qualitative and quantitative information and address incomplete information. If you are a full-time student, earn not the amount of money close to the average of new graduates in your major, and does not have any retirement account, you need to estimate the salary for a new graduate in your major using the average from the Indeed statistics. Cash Flow statement and Net Worth statement should be used for the presentation.
Step 2: Identify, select, and prioritize your goals. You need to list three to five goals including both short term and long-term goals. If you have any kind of debt including student loan, payoff of the debt must be on the top of the list. Goals (and financial planning) related to retirement must be addressed. Other common goals could include savings and investment, purchase of a home, education fund, etc.
Step 3: Analyze current course of action and potential alternative course of action. You can make reasonable assumptions such as inflation rate, earning growth rate, and expenses.
Steps 4 and 5: Develop/present the financial planning recommendation(s).
Step 6: Identify, analyze, select, and implement actions, products, and/or services.
Step 7: How to monitor and update information, goals, progress, and implementation.
Please read Module 1 for what actions may occur specifically during each step. Each student has 25 minutes to present the project and the PowerPoint could be about 25 to 30 slides. Your financial plan should be SMART.