Develop three personal finance goals

Question

Assignment task:

Overview:

The Financial Literacy Portfolio is a capstone project that demonstrates your understanding and application of personal financial management concepts from Modules 1-6. Using the S-M-A-R-T goal framework introduced in Chapter 1, you will develop three personal finance goals and create a comprehensive action plan for achieving them. This project allows you to apply course concepts to your own financial situation (or a hypothetical one) while demonstrating your ability to create a cohesive financial plan. Need Assignment Help?

Learning Objectives:

Through this assignment, you will:

• Apply the S-M-A-R-T goal framework to develop meaningful financial objectives
• Synthesize concepts from Modules 1-6 into a cohesive financial plan
• Demonstrate understanding of financial planning, money management, taxation, financial services, consumer credit, and purchasing strategies
• Analyze potential risks associated with financial decisions and develop risk mitigation strategies
• Create a professional presentation that effectively communicates your financial plan

Assignment Components and Point Distribution:

This assignment consists of three main components, presented through a PowerPoint presentation and a brief written reflection:

1. S-M-A-R-T Financial Goals

2. Action Plans with Module Integration

3. Risk Analysis and Mitigation

4. Written Reflection

Deliverables:

You will submit TWO items via Canvas:

1. PowerPoint Presentation containing your S-M-A-R-T goals, action plans, and risk analysis

2. Written Reflection document (1-2 pages, double-spaced)

Assignment Details:

Component 1: S-M-A-R-T Financial Goals

Develop three S-M-A-R-T goals in the following categories:

1. SAVING Goal - A goal focused on building savings or investments

2. SPENDING Goal - A goal related to a major purchase or spending plan

3. SHARING Goal - A goal focused on donating money, time, or skills to a charitable cause

Each goal must follow the S-M-A-R-T format:

• Specific: Clearly define what you want to accomplish
• Measurable: Include concrete criteria for measuring progress
• Achievable: Realistic given your financial circumstances
• Relevant: Aligned with your overall financial objectives
• Time-bound: Set a specific timeframe for completion

Component 2: Action Plans with Module Integration

For each of your three S-M-A-R-T goals, develop a detailed action plan with 3-5 specific steps. Your action plans must incorporate concepts from Modules 1-6:

Module 1: Personal Financial Planning (15 points)

• Incorporate personal financial statements (income statement and balance sheet)
• Apply time value of money concepts to goal planning
• Consider economic factors that might impact your goals

Module 2: Money Management

• Include budgeting techniques relevant to your goals
• Apply appropriate financial ratios to assess feasibility
• Outline cash flow management strategies

Module 3: Taxes in Financial Planning

• Address tax implications of your financial goals
• Incorporate relevant tax planning strategies
• Identify potential tax advantages or disadvantages

Module 4: Financial Services

• Identify appropriate financial accounts or services to support your goals
• Compare financial institutions or products based on features and benefits
• Address security and protection of financial assets

Module 5: Consumer Credit

• If applicable, outline responsible credit usage related to your goals
• Address impact on credit score or creditworthiness
• Analyze cost of credit and repayment strategies

Module 6: Consumer Purchasing

• Apply wise buying strategies for major purchases
• Include product/service research methods
• Address consumer protections relevant to your goals

Component 3: Risk Analysis and Mitigation

Identify and analyze at least three potential risks associated with your financial goals. For each risk:

• Describe the nature of the risk
• Assess the potential impact on your financial goals
• Outline specific strategies to mitigate or manage the risk

Component 4: Written Reflection

Submit a brief reflection document (1-2 pages, double-spaced) addressing:

• What you learned from creating this portfolio
• How you plan to implement these financial goals in your life
• Areas where you feel you need additional financial education or resources

PowerPoint Presentation Guidelines:

Your PowerPoint presentation should effectively communicate all three main components of your Financial Literacy Portfolio (S-M-A-R-T goals, action plans, and risk analysis). Follow these guidelines to create a professional and comprehensive presentation:

Structure and Organization:

• Include a title slide with your name and course information
• Create a table of contents or agenda slide
• Use clear section dividers for each component
• Follow a logical flow and organization

Required Sections (Minimum Slide Requirements):

Your PowerPoint must include the following sections with the specified minimum number of slides:

S-M-A-R-T Goals Section (Minimum 3 slides):

• At least one dedicated slide for each S-M-A-R-T goal (Saving, Spending, Sharing)
• Each goal slide must clearly display all five components (Specific, Measurable, Achievable, Relevant, Time-bound)

Action Plans Section (Minimum 6 slides):

• At least two slides for each goal's action steps with specific references to concepts from Modules 1-6
• Include visual flowchart or timeline showing implementation sequence
• Include financial calculations, where applicable (e.g., savings projections, budget allocations)
• Demonstrate integration of concepts from each module

Risk Analysis Section (Minimum 3 slides):

• At least one slide for each risk identified
• Include assessment of potential impacts
• Detail mitigation strategies
• Include a risk priority matrix or other visual risk assessment tool

Conclusion Section (Minimum 1 slide):

• Summary of key takeaways
• Next steps for implementation

Presentation Design:

• Use a professional, consistent design theme
• Include effective visuals to enhance understanding (charts, graphs, tables, icons)
• Ensure appropriate font size and readability
• Limit text per slide (use bullet points rather than paragraphs)
• Create visual representations of financial concepts
• Use proper citation of sources when applicable
• Check for spelling and grammatical errors
• Include detailed notes in the notes section of each slide explaining your thinking