Copy of 2301_LG1-2 Project

.xlsx

School

Texas Tech University *

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Course

2301

Subject

Finance

Date

Apr 3, 2024

Type

xlsx

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Uploaded by ChefExploration6098

PFI 2301: Personal Financial Literacy Information Sheet Unit 1: BASICS - The Tools and the Rules of Personal Finance LG1-Understand financial literacy and how it relates to the financial planning process over the life cycle. LG2-Understand opportunity cost and the time value of money calculations in relation to financial goals. Short-Term RATE NPER PMT PV FV RATE NPER PMT PV FV Intermediate-Term RATE NPER PMT PV FV RATE NPER PMT PV FV Long-Term RATE NPER PMT PV FV Project Overview: Throughout the semester, you will be working on an application based scenario on how to apply the course learning goals. All projects will be submitted through Excel. The "Info Sheet" (where you're now) will be the landing page for all of the information to complete each Learning Goal Project. Make sure to keep up with the schedule for the due dates and review the rubrics to make sure you know how each Project will be graded. Let's get started! FINANCIAL GOALS (Q8-Q12) - Based on the scenario, type the TVM inputs in the table to figure out what you are solving for (no additional compounding steps here). Goal 1: Opened an account with $1500, with the hope to have a total of $2500 saved in an emergency fund within one year (no additional payments). Goal 2: A credit card balance of $2000 with an 15% rate. The goal is to pay off the credit card by the end of the year. (future is a $0 balance) Goal 3: Student loan balance of $18,000 at 6.5% and making $425 monthly payments. (future is a $0 balance) Goal 4: Save $15000 in an account with 15% interest for a down payment on a home in 6 years. (no additional payments) Goal 5: Open a Roth IRA at 5% for 20 years and contribute $1500 on a semi-annual basis.

PFI 2301: Personal Financial Literacy LG1 & 2 Project LG1-Q1 LG2-Q2 Life Goal S Volunteering at Texas Food Bank M 10 hours per month A R Connecting with people aligns with my desire for deeper connections. T Starting February 2024 Financial Goal S M A R This aligns with my overall goal of financial control and responsible spending. T Focus on YOU! 1) Define financial literacy and 2) how does financial literacy relate to the life cycle stage you're currently in. (type responses, no calculations needed) Financial Literacy is my personal collection of knowledge and my ability to apply that knowledge to successful navigate through the economy. For college students, this translates to navigating tuition (student loans) , managing personal finances, and setting themselves up for financial stability after graduation. Focus on YOU! Create one life and one financial goal using the SMART goal process. State each goal below, then make the goal SMART! (type responses, no calculations needed) I will deepen my understanding of human experience and emotions by volunteering for 10 hours per month at Texas Food Bank, starting in February 2024, and actively engaging with the staff and volunteers to learn about their perspectives and the people they care for. Texas Food Bank is always accepting volunteers and 1o hours is more than manageable commitment Create a monthly budge and track expenses using a budgeting app. Remember to adjust the amount and timeframe based on your income and cost of living Analyze my income (salary, scholarships, etc.) and expenses (rent, groceries, utilities, etc.) for the past 3 months to identify spending patterns and potential areas for savings. Use a budgeting app or spreadsheet to categorize my expenses and define realistic budget allocations for each category (such as: housing 30%, groceries:20%, entertainment 10%) Set achievable savings goals within my means (e.g., aim to save 5% of monthly income initially) Complete the initial budget by the end of this month and review it weekly for the first month to adjust as needed.

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