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Six Topics of Financial Planning

 

Six Topics of Financial Planning

The six major components of a financial plan include:

  1. Financial (Cash Flow) Management
  2. Tax Planning and Home Buying
  3. Insurance Planning (Risk Management)
  4. Investing/Asset Planning
  5. Retirement Planning
  6. Estate Planning

Using the attached “Benchmark – Personal Finance Plan” template, complete the following three parts.

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Six Topics of Financial Planning

Part I: Spending Analysis

For Part I of this assignment, you will complete the Financial (Cash Flow) Management component of your own personal financial plan.

Financial (Cash Flow) Management: First, you will need your original cash flow estimate that you created in Financial Portfolio Project: Part 1 assignment in Topic 1, including your “Daily Spending Log,” in which you worked on tracking your expenses for 1 month. Six Topics of Financial Planning

  1. Create a spreadsheet that lists the various expense categories in one column the dollar amounts of your original estimates of your monthly expenses in the next and then show your actual expenses that you tracked in your spending log in the next column., Note: Your actual expenses in many categories will likely be quite different from your original estimates., There is no need to have spent what you predicted. In fact much awareness can come from the areas in which your estimates where different from your actual spending.,
  2. Next add a “Spending Plan for Next Month” column. Based on the differences in your spending estimate and the actual amounts from tracking spending determine what dollar amounts you would now set for each category., If you find that you need to add new categories now that you have tracked your own actual spending, please feel free to add those.,
  3. Indicate whether each expense category is a need or a want.

In 250-300 words, reflect on the month of spending that you tracked and answer the following questions:,

  1. What surprised you about your actual spending versus what you originally estimated?,
  2. Describe what you will or will not change for your spending plan next month and include supporting rationales for either decision..
  3. Refer to the balance sheet you created in your Financial Portfolio Project: Part 1 assignment in Topic 1. Describe how your spending plan will help you meet your financial goals and increase your net worth.,
  4. How could you use this process for your financial goals?,

Part II: Updated Financial Considerations

For Part II of this assignment, you will complete the Tax Planning and Home Buying, Insurance Planning (Risk Management), Investing/Asset Planning, Retirement Planning, and Estate Planning components of your own personal financial plan.

Tax Planning and Home Buying: Review your Financial Portfolio Project: Part 4 assignment from Topic 3. Submit a revised plan based on feedback you received or on new ideas you now have regarding tax planning and home buying. What changed in your submission? If you do not have any changes to apply, please note that as well and include a rationale for why no update was required.

Insurance Planning (Risk Management): Review your Financial Portfolio Project: Part 5 assignment from Topic 4. Submit a revised plan based on feedback you received or on new ideas you now have regarding insurance. What changed in your submission? If you do not have any changes to apply, please note that as well and include a rationale for why no update was required.

Investing/Asset Planning: In 250-300 words, address the following:

  1. How do you think investments will help you reach your financial goals?
  2. Identify and describe your risk tolerance by considering factors such as your financial stability, investment knowledge, and comfort level with market volatility.
  3. Determine and describe a possible asset allocation strategy (i.e., percentages across stocks, bonds, cash, other) based on your risk tolerance and investment goals. Does your proposed strategy provide diversification? How would you adjust your proposed asset allocations in the short term (i.e., less than 3 years) versus the long term (i.e., 10 years or longer)?

Retirement Planning: Review your Financial Portfolio Project: Part 6A assignment from Topic 5. Submit a revised plan based on feedback you received or on new ideas you now have regarding retirement planning. What changed in your submission? If you do not have any changes to apply, please note that as well and include a rationale for why no update was required. Six Topics of Financial Planning

Estate Planning: Review your Financial Portfolio Project: Part 6B assignment from Topic 5. Submit a revised plan based on feedback you received or on new ideas you now have regarding estate planning. What changed in your submission? If you do not have any changes to apply, please note that as well and include a rationale for why no update was required.

Part III: Financial Stewardship, Plans, and Goals

For Part III of this assignment, you will reflect on the importance, principles, and characteristics of financial stewardship.

Write a 150-250-word summary considering your financial legacy and gift-giving strategies from a Christian worldview perspective. Why is this important and how can you use financial planning tools to meet these objectives?

Review the various goals discussed in your Financial Portfolio Project: Part 2 assignment from Topic 2 and consider your overall life goals. Think about how they can serve as a basis for establishing meaningful financial goals and accomplishing them now and in the future. Six Topics of Financial Planning

In 250-300 words, address the following points:

  1. Provide an explanation of how you can implement your financial plans and goals. These can relate to the six main financial planning topics or include other topics, such as giving, education planning, credit, etc.
  2. How do you plan to evaluate whether or not you are on track to meet your financial goals? What adjustments can you make to meet your financial goals?
  3. Identify two or three concepts you learned so far in this course and how you intend to apply them to your life for personal benefit. From a Christian worldview perspective, how might these concepts also contribute to the common good of those in your circle of influence.