Finance Plan

1175 Words5 Pages
Personal Finance Plan
Investments II
Professor Emekter
September 3, 2015

Table of Contents
One-Year Plan4
Three-Year Plan5
Five Year Plan5


I have already created a financial plan for my family and me. I’ve been gainfully employed for the last 11 years at a local career training school in downtown Cleveland and have been promoted multiple times so my goals and aspirations will be a little different than most of the class. For the purpose of this assignment, I will create a new 5 year plan, which will probably go up in smoke as soon as my wife has our first baby (due in less than 2 months), and will use my experience in the workforce as well as a few other sources to complete the assignment.
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xv. Challenge in years 1-3 will be not to run up the credit card on baby supplies. xvi. Currently paying off a line of credit used to pay for our wedding, goal is to have this payed off within 3 years.

II. Three-Year Plan h. Job Progression xvii. My goal by year 3 is to either have “climbed the corporate ladder” or be working in the financial industry. xviii. My expectation by year 3 is to have my salary increase by over 30%. This is not an extremely aggressive number with my skill set and experience. i. Student Loans xix. I will still be on a graduated repayment plan and the expectation is that my salary will have risen as my payments rise. xx. Goal is to start a 529 plan by year 3 to start saving for our sons education – which hopefully isn’t nearly as expensive as ours is. j. 401(k)/IRA xxi. Goal is to increase contribution to 401(k) to 6% with 100% matching at 6% by year 3. xxii. Goal is to increase deposits up to $50/month into my IRA. k. Credit Cards/Loans xxiii. Expectation is that we continue to maintain a low balance and remain below the 30% usage. xxiv. Expectation is that the line of credit be paid off by the end of year 3. III. Five-Year Plan l. Job Progression xxv. Goal by year 5 is to have continued to climb up the ladder wherever I am employed. xxvi. Expectation is that salary has
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