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Bero 1
University of Illinois
Personal Financial Plan: A Path To Financial Independence
Ainslee Bero
ACE240
Professor Craige Lemoine
12 May 2024
Bero 2
Personal Financial Plan: A Path to Financial Independence
In today’s rapidly changing economy, the importance of effective financial planning is crucial. As I am finishing college and embarking on my journey towards financial independence, I have outlined a comprehensive financial plan that includes short-term, intermediate-term, and long-term goals. These goals will serve as my signposts looking in the future, and will provide guidance, direction, and motivation as I navigate the difficult journey of first-time personal finance.
In the short term, my first objective is to build an emergency fund. An emergency fund is imperative, as you never know what life might throw at you and when you might need money. My goal is to accumulate a $5,000 emergency fund. This will serve as my safety net, providing both financial security and peace of mind. To achieve this goal, I’m looking to use a proactive approach, and allocate a portion of each paycheck towards savings. By prioritizing saving $1,000
a month, or close to it, I should be able to reach my target within 5 months. To do this, I will need to cut back on my discretionary expenses like going out to eat and travel and will be utilizing a high-yield savings account that can automatically take money directly from my paycheck. It may be a more frugal 5 months than what I am used to but will be incredibly beneficial at the end of the day.
In terms of intermediate-term goals, I want to save for a downpayment for a house. Although I am nowhere near home buying, I know it is in my future, and I want to have at least $20,000 saved for it. This goal represents a significant milestone in my life in the future, and homeownership is incredibly important for financial stability. To achieve this goal, I will do lots of research on mortgage options, especially those for a first-time buyer, and look to see what a downpayment in my ideal area would cost. I will then set a monthly savings target, and hopefully
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Automobile loans
8
Furniture loans
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Signature loans
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.
10
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. Risk-free securities may not exceed 30% of the total funds available for investment.
Signature loans may not exceed 10% of the funds invested in all loans (automobile, furniture, other secured, and signature loans).
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Question 8 of 11
>
-/ 1
View Policies
Current Attempt in Progress
Kimberly and Matthew want to begin saving for their baby's college education. They estimate that they will need $139000 in eighteen
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O $6387.
O $5937.
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eTextbook and Media
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Please answer question 1 after reading the scenario thank you question at the end
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1.34
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Module 2.5: Understanding
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Calculate the monthly payment and interest cost for a mortgage
Question
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deposit, and she will require a mortgage for the rest. The annual interest rate on the loan is 2.45% and the loan is for 25
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Round your answer to the nearest cent.
Do NOT round until you have calculated the final answer.
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Please answer question 10 in derail showing computation after reading the scenario thank you. Question at the endStephanie Carter has been gifted a sum of $50,000 by her grandparents on completing her graduation successfully. She is a fresh finance graduate and is excited to invest some money in the capital market, for which she intends to use the gifted sum of $50,000. However, instead of committing this money to the market immediately, she decides to wait for some time, work in the field and acquire some experience before proceeding with her intended investment. She thus contemplates an extremely conservative investment in a portfolio of stocks and bonds, at the start of year 5 from now. For now, she will leave the $50,000 in a fixed deposit with the bank which promises an interest rate of 6% per annum. She will require a return of at least 9% on her stock investments and 4% on bond investments. Stephanie would have to pay 25% taxes on any interest income. Dividends will be tax-free.…
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CONFIDENTIAL
4
BA/DEC 2019/FIN242/262/260
PART B
QUESTION 1
As a financial manager of Rainbow Holdings, prepare a pro-forma statement of
a)
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the firm. The firm's current revenue stood at RM2,375,000 and the firm is planning to
increase its revenue next year by 40 percent. Currently, the firm is operating at full
сарacity.
RAINBOW HOLDINGS
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180,000
570,000
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60,000
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1,020,000
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2,000,000
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Hi good morning the previous questions have been completed by you all.
Please answer question 6 & 7 after reading the scenario thank you. Question at the end
Stephanie Carter has been gifted a sum of $50,000 by her grandparents on completing her graduation successfully. She is a fresh finance graduate and is excited to invest some money in the capital market, for which she intends to use the gifted sum of $50,000. However, instead of committing this money to the market immediately, she decides to wait for some time, work in the field and acquire some experience before proceeding with her intended investment. She thus contemplates an extremely conservative investment in a portfolio of stocks and bonds, at the start of year 5 from now. For now, she will leave the $50,000 in a fixed deposit with the bank which promises an interest rate of 6% per annum.
She will require a return of at least 9% on her stock investments and 4% on bond investments. Stephanie would have to pay 25% taxes…
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Homework #4 Investments
Question 1 of 10
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Current Attempt in Progress
-/10 ==
You need to accumulate $92000 for your child's college education 19 years from now. How much do you need to save each year if you
can earn 4 percent after taxes on your investment, assuming that you will make annual end-of-year payments into the account?
O $2461.28
$3324.75
O $3012.54
O $2725.12
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A
Attempts: 0 of 2 used Submit Answer
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