Personal Financial Data (1)
Name: Sample Student Date: September 29, 2021 1
Personal Financial Data
Purpose: To create a directory of personal financial information.
Financial Planning Activities: Complete the information request to provide a quick reference for vital household data.
Suggested Websites: www.money.cnn.com www.kiplinger.com www.20somethingfinance.com
Name Sample Student Your Personal Financial Plan
Birth Date
Marital Status
Address
Phone
E-mail
Social Security Number xxx-xx-xxxx
Driver's License Numbe
Place of Employment
Address
Phone
Position
Length of Service
Checking Account Numbe
Financial Institution
Address
Phone
Dependent Data
Name Birth Date Relationship Social Security Numbe
What's Next for Your Personal Financial Plan?
* Identify financial planning experts (insurance agent, banker, investment advisor, tax preparer, others) you might
contact for financial planning information or assistance.
* Discuss with other household members various financial planning priorities.
www.money.cnn.com
www.kiplinger.com
www.20somethingfinance.com
www.20somethingfinance.com
Setting Personal Fin Goals (2)
Name: Sample Student Date: September 29, 2021 2
Setting Personal Financial Goals
Purpose: To identify personal financial goals and create an action plan.
Financial Planning Activities: Based on personal and household needs and values, identify specific goals that require action.
Suggested Websites: financialplan.about.com www.planwise.com www.360financialliteracy.org
Suggested App: Urge
Your Personal Financial Plan
Short-Term Monetary Goals (less than two years)
Description Amount needed Months to achieve Action to be taken Priority
Example : pay off credit card debt $850 12 Use money from pay raise High
Intermediate Monetary Goals (two to five years)
Description Amount needed Months to achieve Action to be taken Priority
Long-Term Monetary Goals (beyond five years)
Description Amount needed Months to achieve Action to be taken Priority
Nonmonetary Goals
Description Time frame Actions to be taken
Example: Set up file for personal financial records and documents Next 2-3 months Locate all personal and financial records and documents; set up files for various spending, saving, bo
owing categories
What's Next for Your Personal Financial Plan?
* Based on various financial goals, calculate the savings deposits necessary to achieve those goals.
* Identify cu
ent economic trends that might influence various saving, spending, investing and bo
owing decisions.
financialplan.about.com
www.planwise.com
www.360financialliteracy.org
www.360financialliteracy.org
TVM Calculations (3)
Name: Sample Student September 29, 2021 3
Achieving Financial Goals Using Time Value of Money
Purpose: To calculate future and present value amounts related to financial planning decisions.
Financial Planning Activities: Calculate future and present value amounts related to specific financial goals using time value of money tables, a financial calculator, spreadsheet software, or an online calculator.
Suggested Websites: www.moneychimp.com/calculator www.grunderware.com
www.investopedia.com/calculato
Suggested App: CF Financial Calculato
Your Personal Financial Plan
Future Value of a Single Amount
Exhibit 1-A: Future Value (Compounded Sum) of $1 after a Given Number of Time Periods
Years 1.00 Interest Rate 1.000%
cu
ent amount future value factor future value amount
1. To determine future value of a single amount times equals
2. To determine interest lost when cash purchases are made
(Use Exhibit 1-A for future value factor) $0.00 X 1.010 = $0.000
Future Value of a Series of Deposits
Exhibit 1-B: Future Value (Compounded Sum) of $1 Paid at the End of Each Period for a Given Number of Time Periods (an Annuity)
Years 1.00 Interest Rate 1.000%
1. To determine future value of regular savings deposits regular deposit amount future value of annuity factor future value amount
2. To determine future value of regular retirement deposits times equals
(Use Exhibit 1-B for future value of annuity factor) $0.00 X 1.000 = $0.000
Present Value of a Single Amount
Exhibit 1-C: Present Value of $1 to Be Received at the End of a Given Number of Time Periods
Years 1.00 Interest Rate 1.000%
1. To determine an amount to be deposited now that will grow to a desired amount future amount desired present value factor present value amount
times equals
(Use Exhibit 1-C for present value factor) $0.00 X 0.990 = $0.000
Present Value of a Series of Deposits
Exhibit 1-D: Present Value of $1 Received at End of Each Period for a Given Number of Time Periods (an Annuity)
Years 1.00 Interest Rate 1.000%
1. To determine an amount that can be withdrawn on a XXXXXXXXXXregular basis regular amount to be withdrawn present value of annuity factor present value amount
times equals
(Use Exhibit 1-D for present value of annuity factor) $0.00 X 0.990 = $0.000
What's Next for Your Personal Financial Plan?
* Describe some situations in which you could use time value of money calculations for achieving various personal financial goals.
* What specific actions are you taking to achieve various financial goals?
www.moneychimp.com/calculato
www.grunderware.com
www.moneychimp.com/calculato
www.grunderware.com
www.investopedia.com/calculato
Career Area Research Sheet (4)
Name: Sample Student September 29, 2021 4
Planning Your Caree
Purpose: To become familiar with work activities and career requirements for a field of employment.
Financial Planning Activities: Use the Career Occupational Outlook Handbook and other information sources (li
ary materials, interviews, websites), obtain information related to one or more career areas of interest to you.
Suggested Websites: www.monster.com www.rileyguide.com careerplanning.about.com
Suggested App: Job Search Organize
Your Personal Financial Plan
Career Area/Job Titles
Nature of the work
General activities and duties
Working conditions
Physical su
oundings, hours, mental and physical demands
Training and other qualifications
Earnings
Starting and advanced
Additional information
Other questions that require further research
Sources of additional information
Publications, trade associations, professional organizations, government agencies
What's Next for Your Personal Financial Plan?
* Talk with various people who have worked in the career fields of interest to you.
* Outline a plan for long-term professional development and career advancement.
www.rileyguide.com
www.monster.com
www.monster.com
Fin Documents and Records (5)
Name: Sample Student Date: September 29, 2021 5
Financial Documents and Records
Purpose: To develop a system for maintaining and storing personal documents and records.
Financial Planning Activities: Indicate the location of the following records, and create files for the eight major categories of financial documents.
Suggested Websites: money.cnn.com www.kiplinger.com www.usa.gov
Suggested App: Manilla
Your Personal Financial Plan
Item Home File Safe Deposit Box Other (specify location - computer file, online)
1. Money management records
* budget, financial statements
2. Personal/employment records
* cu
ent résumé, Social Security card
* educational transcripts
* birth, ma
iage, divorce certificates
* citizenship, military papers
* adoption, custody papers
3. Tax records
4. Financial services/consumer credit records
* unused or canceled checks
* savings, passbook statements
* credit card information, statements
* credit contracts
5. Consumer purchase, housing, and automobile records
* wa
anties, receipts
* owner's manuals
* lease or mortgage papers, title deed, property tax info
* automobile title
* auto registration
* auto service records
6. Insurance records
* insurance policies
* home inventory
* medical information (health history)
7. Investment records
*
oker statements
* dividend reports
* stock
ond records
* rare coins, stamps, and collectibles
8. Estate planning and retirement
* will
* pension, Social Security info
What's Next for Your Personal Financial Plan?
* Select a physical or online program for storing your financial documents and records.
* Decide if various documents may no longer be needed.
money.cnn.com
www.kiplinger.com
www.usa.gov
www.usa.gov
Personal Balance Sheet (6)
Name: Sample Student Date: July 3, 2012 6
Creating a Personal Balance Sheet
Purpose: To determine your cu
ent financial position.
Financial Planning Activities: List cu
ent values of the assets; list amounts owed for liabilities; subtract total liabilities from total assets to determine net worth.
Suggested Websites: www.kiplinger.com money.cnn.com www.lifeadvice.com
Suggested App: Balance
Your Personal Financial Plan
Balance Sheet as of September 29, 2021
Assets
Liquid assets
Checking account balance $0.00
Savings/money market accounts, funds $0.00
Cash value of life insurance $0.00
Other $0.00
Total liquid assets $0.00
Household assets & possessions
Cu
ent market value of home $0.00
Market value of automobiles $0.00
Furniture $0.00
Stereo, video, camera equipment $0.00
Jewelry $0.00
Other $0.00
Other $0.00
Total household assets $0.00
Investment assets
Savings certificates $0.00
Stocks and bonds $0.00
Individual retirement accounts $0.00
Mutual funds $0.00
Other $0.00
Total investment assets $0.00
Total Assets $0.00
Liabilities
Cu
ent liabilities
Charge account and credit card balances $0.00
Loan balances $0.00
Other $0.00
Other $0.00
Total cu
ent liabilities $0.00
Long-term liabilities
Mortgage $0.00
Other $0.00
Total long-term liabilities $0.00
Total Liabilities $0.00
Net Worth $0.00
(assets minus liabilities)
What's Next for Your Personal Financial Plan?
* Compare your net worth to previous balance sheets.
* Decide how often you will prepare a balance sheet.
www.kiplinger.com
www.kiplinger.com
money.cnn.com
www.lifeadvice.com
www.lifeadvice.com
Personal CashFlow Statement (7)
Name: Sample Student Date: July 3, 2012 7
Creating a Personal Cash Flow Statement
Purpose: To maintain a record of cash inflows and outflows for a month (or three months).
Financial Planning Activities: Record inflows and outflows of cash for a one- (or three-) month period.
Suggested Websites: www.americasaves.org money.cnn.com
Suggested App: Expensify
For month ending Your Personal Financial Plan
Cash Inflows
Salary (take-home)
Other income :
Other income :
Total Income $0.00
Cash Outflows
Fixed expenses
Mortgage or rent
Loan payments
Insurance
Othe
Othe
Total fixed outflows $0.00
Variable expenses
Food
Clothing
Electricity
Telephone
Wate
Transportation
Personal care
Medical expenses
Recreation/entertainment
Gifts
Donations
Othe
Othe
Total variable outflows $0.00
Total Outflows $0.00
Surplus/Deficit $0.00
Allocation of surplus
Emergency fund savings Apply any surplus to these goals
Financial goal savings
Other savings
Total $0.00
What's Next for Your Personal Financial Plan?
* Decide which areas of spending need to be revised.
* Evaluate your spending patterns for preparation of a budget.
www.americasaves.org
money.cnn.com
Personal Budget (8)
Name: Sample Student Date: July 3, 2012 8
Developing a Personal Budget
Purpose: To compare projected and actual spending for a one- (or three-) month period.
Instructions: Estimate projected spending based on your cash flow statement, and maintain records for actual spending for these same budget categories.
Suggested Websites: www.bette
udgeting.com www.asec.org www.mymoney.gov
Suggested App: Home Budget
Income Budgeted Amounts Your Personal Financial Plan
Dollar Percent Actual Amounts Variance
Salary $10.00 50.00% $10.00 0.00%
Other $10.00 50.00% $10.00 0.00%
Total income $20.00 100.00% $20.00
Expenses
Fixed expenses
Mortgage or rent $10.00 20.00% $10.00 0.00%
Property taxes $10.00 20.00% $10.00 0.00%
Loan payments $10.00 20.00% $10.00 0.00%
Insurance $10.00 20.00% $10.00 0.00%
Other $10.00 20.00% $10.00 0.00%
Total fixed expenses $50.00 100.00% $50.00
Emergency fund/savings
Emergency fund $10.00 33.33% $10.00 0.00%
Savings for $10.00 33.33% $10.00 0.00%
Savings for $10.00 33.33% $10.00 0.00%
Total savings $30.00 100.00% $30.00
Variable expenses
Food $10.00 8.33% $10.00 0.00%
Utilities $10.00 8.33% $10.00 0.00%
Clothing $10.00 8.33% $10.00 0.00%
Transportation costs $10.00 8.33% $10.00 0.00%
Personal care $10.00 8.33% $10.00 0.00%
Medical and health care $10.00 8.33% $10.00 0.00%
Entertainment $10.00 8.33% $10.00 0.00%
Education $10.00 8.33% $10.00 0.00%
Gifts/donations $10.00 8.33% $10.00 0.00%
Miscellaneous $10.00 8.33% $10.00 0.00%
Other $10.00 8.33% $10.00 0.00%
Other $10.00 8.33% $10.00 0.00%
Total variable expenses $120.00 100.00% $120.00
Total expenses $170.00 100.00% $170.00
What's Next for Your Personal Financial Plan?
* Evaluate the appropriateness of your budget for your cu
ent life situation.
* Assess whether your budgeting activities are helping you achieve your financial goals.
www.bette
udgeting.com
www.asec.org
www.mymoney.gov
Federal Income Tax Estimate (9)
Name: Sample Student Date: September 29, 2021 9
Federal Income Tax Estimate
Purpose: To estimate your cu
ent federal income tax liability.
Financial Planning Activities: Based on last year's tax return, estimates for the cu
ent year, and cu
ent tax regulations and rates, estimate your cu
ent tax liability.
Suggested Websites: www.irs.gov www.taxlogic.com www.walletpop.com/taxes
Suggested Apps: TaxCaster TaxSlaye
Your Personal Financial Plan
Tax Return for Sample Student
Gross income (wages, salary, investment income, and other ordinary income) $0.00
Less Adjustments to income (see