Navigating Financial Goals and Strategies: A Practical Approach

Assignment Question

RESPOND TO TWO OF MY CLASSMATES DISCUSSION POST. EACH POST MUST BE 120 WORDS. THERE DOES NOT NEED TO BE ANY REFERENCES. ITS JUST A RESPONSE. CLASSMATE POST #1 In regards to my own personal financial goals, I have many aspirations that I would like to achieve. For one I would want to create a steady savings plan. This would be great for me , it will be useful and instill financial discipline. Within this savings plan I would incooperate the 50/30/20 rule. 50 percent of my income goes to needs, 30 into non-needs and 20 for savings. Furthermore, another financial goal that i aspire to is to form automatic payments. Automatic payments will ensure that my bills are paid routinely and on time. It can be very easy to loose track of bills , bills tend to stack up on each other, setting up an automatic payment system will keep me from insanity. One more thing that I want to get into to boost my financial lifestyle is to invest my money. There are many forms of investment for instance real estate ,stocks, mutual funds, etc. Many of my friends are just trying out this investing idea, from their experience I’ve learned that investing can be very beneficial to your finances. There’s small investments and big investments , short-term and long term , so I would want to explore these options in the near future and implement them into my financial goals. CLASSMATE POST #2: A. My financial goal is to follow the 50/30/20 Rule more closely. In this modern day, it is too easy to overspend on your wants and blow your budget every pay period. My family grew accustomed to a two-income household, but due to unforeseen circumstances, I’m currently without an income, forcing all the financial burden on my significant other. The simplicity of whipping out a credit card for non-necessities is a bad habit I’m repeating to myself not to rely on. Most of my bills are on automatic payment, and range within the same average amounts, so our needs are usually consistent and fall withing the 50% range. It’s the wants I have to lasso in. I have a 14-year-old daughter and an 11-year-old son who seem to think we have endless disposable income, which is definitely not the case. It’s an immediate goal I have to strive for, to keep our wants in the 30-percentile money range, and to pay off our debt, especially the debt with the higher interest rates first. My dreams and goals are to contribute more money into our savings accounts, not just for short-term plans, like beach trips and Dallas Cowboy’s football games, but to save more money for our long-term goals.

Assignment Answer


In today’s fast-paced world, managing personal finances can be a challenging endeavor. However, setting clear financial goals and adopting effective strategies can pave the way for a more secure and prosperous future. In this article, we will delve into the financial aspirations and strategies of two classmates and explore how they align with common financial principles. We will also discuss the importance of the 50/30/20 Rule, the benefits of automatic payments, and the significance of debt management and savings.

Classmate Post #1

In the first classmate post, the author outlines several financial goals they aspire to achieve. The primary goal is to establish a steady savings plan, which forms the foundation of their financial discipline. Within this plan, they mention the 50/30/20 Rule, allocating 50 percent of income to needs, 30 percent to non-needs, and 20 percent to savings. This rule provides a structured approach to managing finances, ensuring that essential expenses are met while leaving room for discretionary spending and savings.

Another crucial financial strategy discussed is the implementation of automatic payments. By automating bill payments, the author seeks to maintain financial sanity and avoid the stress of missed payments. This strategy can help in maintaining a good credit score and financial stability.

Furthermore, the author expresses an interest in investment as a means of enhancing their financial lifestyle. They acknowledge various investment options such as real estate, stocks, and mutual funds. Learning from friends’ experiences, they recognize the potential benefits of investing, including wealth accumulation and financial growth. Exploring these options and integrating them into their financial goals is a future plan.

Classmate Post #2

The second classmate post emphasizes the importance of following the 50/30/20 Rule more closely. The author acknowledges the ease of overspending on wants in today’s world, particularly with the convenience of credit cards. They highlight the need to rein in discretionary spending and focus on needs.

The post also touches upon the significance of automatic payments, noting that most bills are already on this system. This not only ensures timely payments but also simplifies financial management. However, the author recognizes the challenge of distinguishing between needs and wants, especially with children who may have their own expectations.

Debt management is another central theme in this post. The author expresses the need to pay off high-interest debt first, a sound strategy to reduce financial stress and increase disposable income. This approach aligns with the goal of contributing more to savings accounts, both for short-term and long-term objectives.


In conclusion, these two classmate posts provide valuable insights into the world of personal finance. They highlight the importance of clear financial goals, such as saving, budgeting, and investing, to achieve financial security and growth. The 50/30/20 Rule, automatic payments, debt management, and savings all play integral roles in shaping a stable financial future.

As individuals strive to navigate the complexities of modern finance, it is crucial to learn from these shared experiences and adopt strategies that align with their own financial aspirations. By doing so, they can look forward to a more secure and prosperous tomorrow.

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