Financial Plan

2235 Words Dec 19th, 2013 9 Pages
Financial Plan
Michael Weis

Introduction I graduated from Missouri Southern in May 2013 with a degree in accounting and in finance. I started my career, working for my father at Evergreen Investments. We are a company that our main objective is to manage and grow the Plaster family's money. On a day to day basis, I deal with accounting, management decisions, and also investment decisions.
Goals
Most of my financial goals are long term. I plan to be able to save enough to live a comfortable life after retirement. I also plan to grow my savings by way of managing my own investments. This goes hand in hand with my job, and I feel like my job will help me manage and grow my own wealth. As far as short term goals go, I would like to
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I hope to be making around $80,000 by 65, so that puts my after retirement amount needed at $64,000. I am estimating living 10-20 years after I retire. In order to achieve this amount by retirement, I will need a total savings portfolio designated to after retirement living of about $1,280,000. Assuming I can receive returns of at least 7%, I will need to save approximately $3,150 a year starting this year. Just to be on the safe side in case I do wish to retire at age 65, using the same assumptions I will need to save approximately $6,400 a year starting this year. This should be an easily achievable goal for me. Currently I am not married and have no debt. Therefore, I do not believe I will need any life insurance at this time. When I get married and start having children, have a mortgage on a house, etc. I will need life insurance then. I will probably find a plan that covers the amount of income I would have in my working life, plus school expenses for my kids. Assuming I have two children. I would need about $325,000 to cover my income, about $100,000 give or take for a mortgage, and about $125,000 for college and other school relate expenses for my children. I believe I would need to have a total of about $500,000 in life insurance for my family to have all their expenses covered and maintain the same lifestyle I plan on us having when I reach that stage in my life. Again, being not married and having no debt, I find very little
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