Essay on My Personal Financial Plan

4406 Words Apr 18th, 2012 18 Pages
My Personal Financial Plan

I. Current

A. Description

Currently I am a full time student, and senior, at majoring in Accounting and Finance. I do not have a part time job and do not plan to work until I graduate. I currently have taken out student loans to support myself through the rest of my college education. My parents pay for insurance payments for my car, cover my phone bill, and provide me with medical insurance. I pay for all the rest of my expenses, including rent, food, gas, and all other daily expenses. I currently have no investments and no substantial assets with a value of over $1000. I graduate in May and have signed a contract with KPMG to start work as an auditor in August after I complete the CPA. I
…show more content…
To accomplish my second goal I plan on putting a cap on my level of living expenses that increases at a smaller multiple then my income each year. I want to give another half percent of my income each year. I will budget out my salary for discretionary and non-discretionary spending and stick to the budget by limiting use of credit cards and attempting to pay cash for most items I purchase. This will help me control my cash outflow.

E. SWOT Analysis
Strengths
Most of my assets at this point are in cash so I have a lot of liquidity to pay off debt or other expenses. I am a very goal oriented person so when I set goals to follow to financial success I take them very seriously. My job at KPMG is a strong job with high future potential earnings as well as learning opportunities. One of the best things about auditing is that I will be able to find a job making a lot more after I work a few years at KPMG. My knowledge over investments and how to invest is very good which will help me to continue to make money in the market. When looking at risk management, my health is very good, which means I should hopefully not have very high healthcare costs. KPMG provides a good insurance policy that covers any of my insurance needs and reduces my risk. KPMG also has a very good medical reimbursement policy and a high quality of other programs for their employees.

Weaknesses I do not have