Description of Project: You can utilize your personal situation or a family member, business associate, etc. The primary goal is to develop a plan encompassing the following topics. First, develop a monthly budget tracking expenses over one to two months. Compare the monthly expenses to monthly income and forecast out into the future in a general way. Second, discuss setting up an emergency fund covering six months of expenses. Describe in detail how you plan on achieving this goal. Third, describe a plan for repaying student loan debt, credit card debt, auto debt etc. Fourth, Describe personal income and career goals over the short and long term. Lastly, describe your retirement planning strategy with specific goals of monthly amounts of savings, general types of investments and estimated rates of return. Describe how much you estimate you will accumulate over the long term based on your underlying assumptions. Assessment: The plan will be assessed by the professor with regard to inclusion of the key parts of the plan. The key will be covering the major areas – budget, emergency fund, debt repayment and retirement strategy. The report should be a minimum of 5 pages including graphs, charts, etc.
