REFLECTION PAPER ASSIGNMENT
OVERVIEW
This paper is designed to give you the opportunity to reflect on your learning throughout this course. We have provided an outline to help guide you through the required sections of the paper.
Length: 2,000-word count minimum - 2,200 maximum.
Headings, suggested word count (+ or - 10%) and required components:
1. Introduction (100 word count)
• Introduce yourself
o Reason for taking this course and its importance in your life?
o What is your relationship with money up to this point in your life?
o Would you recommend this course to others? Why or why not?
2. Goals (400 word count - based on worksheet 1 & 2, and interviews)
• Outline 3 short, intermediate and long-term goals (9 total). How much will each goal cost and what is your plan to reach it? Make sure that you plan actually works within your budget.
o Sample: Short-term goal 1: Save up for spring break vacation Cost: $1,500 Will put $100 from each paycheck towards saving for this goal.
• Reflect on the interviews you conducted regarding goals
o What did you discover about the people you interviewed and yourself?
3. Career Planning (200 word count - based on resume and ideal job sheet)
• What is your ideal profession and job?
o What are the salary projections for desired position? (Cite sources)
o What needs to be done to prepare yourself to qualify for this position?
o Is this salary going to provide you with the lifestyle you want? Explain.
o Why should you always have an updated well formatted resume?
4. Budgeting (200 word count - based on worksheet # 4, dollar diet and worksheet #7)
• What is your current net worth?
• What is your budget tracking system?
o Discuss your budget vs. actual (incorporate information from your Dollar Diet)
o Did your actuals and projected align? Where were the differences? What was surprising to you? Have you made any changes in your spending?
5. Your Credit (200 word count - based on credit score research and debt pay down)
• Do you have a credit score and if so, what is it? How would you build your score based on your research? Why is a credit score important?
• Do you have debt? If so how what is your strategy to pay it off? If not, what is your strategy to keep your debt low and manageable?
6. Financing College (200 word count - based on financing college worksheet)
• How are you financing college?
o What is your student loan debt going to be and the payment post-graduation? Determine your specific student debt and APR's. If you have no student debt (36% of our students don't) how much will you need to pay to complete your college degree. What is your plan for paying your costs?
o What is your plan for your children's college education? Will you be paying for their college and if so how?
7. Purchasing a Home (200 word count - based on rent v buy with Zillow and Freddie Mac)
• Do you plant to purchase a home in the future? Why or why not.
o Is there an advantage to buying versus renting?
o What is the current interest rate to buy a mortgage in Portland?
8. Insurance (100 word count - PSU plan and/or auto insurance)
• Why is insurance such an important part of your money management?
o What was discovered when conducting your auto insurance review?
o What was discovered when conducting your health insurance review?
o Do you need life insurance now? If so, how much do you have and how did you calculate it. If not, what future life events will require your obtaining life insurance.
9. Retirement Planning (200 word count - Fidelity MyPlan and Life Expectancy)
• What is your expected retirement age and life expectancy? How many years will you need to supplement after retiring?
o How much are you going to need at retirement, how much will you need to put away each year and how will you do this?
o How does your risk tolerance affect your meeting your retirement goals?
o How much can you expect from social security based on your expected salary?
10. Estate Planning (100 word count - letter of last instruction )
• How are you going to make your wishes clear to your family?
o Do you feel your family (parents, grandparents) have their estate in order?
11. Course Overview (100 word count)
• Highlight the most valuable lessons you have learned from this course.
o How will you implement this learning into your daily life?
Appendices - for referral only. These worksheets have been turned in and reviewed. We are looking for specific information from each of these worksheets and activities in your reflection paper.
• Worksheet 1: Personal Financial Goals
• Worksheet 2: Financial Objectives
• Worksheet 7: Budget Tracker (budget and actuals)
• Dollar diet tracking (Mint.com or daily tracker)
• Salary & Job Preparation Worksheet
• Worksheet 4: Balance Sheet
• Debt pay down
• Financing college
• Rent vs. Buy Activity
• Credit Score screenshot
• How to Improve a Credit Score summary
• Interviews
• Auto Insurance Review - or- Health Insurance Review
• Retirement Planning activity
• Letter of Last Instruction.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.