Personal Financial Plan

1391 Words6 Pages
Personal Financial Plan

FIS 210 Personal Finance

Axia College of the University of Phoenix

As I begin my personal financial plan, I will start with my goals for different points in my life. This will outline the overall plan for getting my finances in order. Even though I may not have enough time to complete my goals, completing my goals are important because of financial well-being and being able to retire comfortably.

I will start with my long-term goals for my future. One long-term goal is that I need to pay off high interest credit cards. The second long term-goal is that I need to pay off school loans that I and my son have acquired while going to college. An extremely important long-term goal is to pay off my home
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The program is very helpful and I can look up questions that I might have. I hope to use my refund to add to my savings plans.

Retirement is a big part of the reason for every plan that I have in place. Retirement is on everyone that works mind. Almost everything that I am saving for at this point is for my retirement. I have a couple of retirement plans already. I just have not had much extra money to place in them. Now that I have a budget that I did not have before, I can after the first of the year start adding to them. A strong budget and savings can help me enter retirement and not have to struggle.

As I get older and look toward retirement I have realized that I need to make sure my family is taken care of in the event of my death. I have a $150,000 term life insurance policy in place. In doing my assignments I realize that this amount might not be enough to take care of everything. In retirement my plan is to sell my home and buy a piece of property to build a smaller home, for my husband and me. We will not need a big house and can use the equity from the sale to pay for the new place. I want to be debt free, car payment and mortgage free in retirement.

Until my retirement I intend to finish school and look for a new job. I hope to working in a bank or possibly in an office doing something in the accounting department. At the present time I have had an interview at our local Work One. I hope to hear something from

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