ECO 110 Strayer University Developing Your Personal Financial Plan
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Skill(s) Being Assessed: Productivity
Criteria for Success: In this assignment, you will:
Create a budget for a financial plan using Excel to ensure that the financial information is organized, accurate, and complete.
Identify a personal savings goal and a time frame for reaching that goal.
Explain your choice of housing option in the context of how it will help you achieve your selected financial goal.
Align expenditures to reflect your selected financial goal.
Reflect on how creating a step-by-step and organized approach to the assignment helped you to adjust your financial priorities and financial plan.
What to submit/deliverables: Two completed templates: Assignment 2 Financial Plan Explanation Word Template and Assignment 2 Financial Plan Budget Excel Template.
What is the value of doing this assignment? We all have financial goalsbuying or renting a home, purchasing a car, paying off a loan, or saving up for a vacation. And it can be challenging to figure out exactly how to save toward these goals, given the numerous expenses of daily living. A financial plan helps you identify how you can reach your short-term and long-term goals, and leverage planning and organization strategies to make meaningful, incremental progress toward realizing these goals. This assignment gives you the opportunity to apply what youve learned about personal financial planning, productivity strategies, and the use of Excel to develop a personal financial plan aligned to your financial goals.
Your goal for this assignment is to: Build your productivity skill by creating a plan for reaching a specific financial goal within an identified time frame. You will use productivity strategies to break financial planning into manageable, organized steps, and you will use Excel to develop a realistic plan that is aligned to your financial goal and considers economic drivers, requirements, and resources.
Steps to complete: In Week 7, submit your assignment in BlackBoard by following these steps:
STEP 1:Review the following scenario for this assignment. Additionally, review the Assignment 2 Financial Plan Explanation Word Template and Assignment 2 Financial Plan Budget Excel Template.
Context: : Imagine that you are in a position where you need to move this could be because of a change in job or dissatisfaction with your current living arrangement, or something else entirely. Besides needing to find different housing, you also want to begin saving for a specific financial goal.
Scenario: Imagine that you are in a position where you need to movethis could be because of a change in job, dissatisfaction with your current living arrangement, or something else entirely. Besides needing to find different housing, you also want to begin saving for a specific financial goal.
You will use the Assignment 2 Financial Plan Budget Excel Template to create your financial plan and budget table. You will use the Assignment 2 Financial Plan Explanation Word Template to answer the questions related to your financial goals and plan.
STEP 2: Think through the productivity strategies you have learned in your coursework and make a plan for how you will break down creating your financial plan into smaller steps to help you stay organized and be productive.
STEP 3: Identify an annual income as a starting point for your financial plan and insert the value in the budget table at the top of the Excel template as needed. Use an annual income value that you feel comfortable using for this assignment. You may use one of the following:
The sample annual income of $50,000 provided in the template
Your current annual income
The average/median income of a career field that you would like to be working in at some point in the future. Check out O*Net or CareerOneStop for more information on income for career fields you are interested in.
STEP 4: Identify a financial goal you would like to save towards this can be a short-term (1-2 years) or long-term (3+ years) goal and determine how quickly you want to save for it (Question 2 in Template).
Select one of the following goals:
Create an emergency fund of $1000
Save up for a vacation that will cost $2000
Save up to buy a $15,000 vehicle
Save for a down payment of $40,000 to buy a house
Save $50,000 for education (personal, child, family, etc.)
STEP 5: For the goal selected, set a timeframe for reaching that goal (1 to 10 years is the recommended range) (Question 3 in Template). Explain why that time frame is realistic to achieve your goal.
Remember a good start to figuring out how much to save for your plan would be to divide your goal by the number of years you plan to be saving for it.
Put this number into the Savings cell of the budget table in the Assignment 2 Financial Plan Budget Excel Template.
STEP 6: Select a new housing option and fill in the cost in the Budget table. Choose one of the following (Question 4 in Template):
Rent a house for $15,000 per year
Rent an apartment for $12,000 per year
Rent a room only for $9,000 per year
STEP 7: Fill in the other dollar expenditures in the budget table of the Assignment 2 Financial Plan Budget Excel Template, according to your preferences. Use the entire $50,000 (or whatever value you used for your annual income).
STEP 8: Use formulas to calculate the sum for your Total cell of the Dollars column and to fill in the Percent column of the budget table.
STEP 9: In the Assignment 2 Financial Plan Explanation Word Template, identify the savings goal and the time frame you determined for reaching your goal. Why is the time frame you identified realistic?
STEP 10: Explain why you chose the housing option you did and how it will help you achieve your selected financial goal.
STEP 11: Explain your choices for non-rent expenditures and how they will help achieve your savings goal within the time frame. In other words, how do your expenditures align with the financial goal you selected?
STEP 12: Reflect on the productivity strategies you used to break down your financial plan into smaller steps to help you stay organized and productive. How closely did you follow the plan you thought through in Step 2 on these instructions? How did a step-by-step and organized approach help you to adjust your financial priorities and financial plan?
STEP 13: After completing all questions in the Assignment 2 Financial Plan Explanation Word Template and the budget table in the Assignment 2 Financial Plan Budget Excel Template, save your responses. You should have two files, which you will title as indicated below:
Word file: Your Name, ECO110_Assignment 2 Financial Plan Explanation.
Excel file: Your Name, ECO110_Assignment 2 Financial Plan Budget.
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME] and Have It Done by Our PhD Qualified Writers!!
Tired of getting an average grade in all your school assignments, projects, essays, and homework? Try us today for all your academic schoolwork needs. We are among the most trusted and recognized professional writing services in the market.
We provide unique, original and plagiarism-free high quality academic, homework, assignments and essay submissions for all our clients. At our company, we capitalize on producing A+ Grades for all our clients and also ensure that you have smooth academic progress in all your school term and semesters.
High-quality academic submissions, A 100% plagiarism-free submission, Meet even the most urgent deadlines, Provide our services to you at the most competitive rates in the market, Give you free revisions until you meet your desired grades and Provide you with 24/7 customer support service via calls or live chats.