Personal Financial Plan

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Personal Financial Plan Part 1 Laura Grundowski Abstract This paper will discuss the beginning of my personal financial plan. It will also outline said plan into a budget that will be put to use throughout the next few months. Budgeting is a vital part of managing one’s personal finances. When beginning to budget one must pinpoint the sources of cash inflows and cash outflows. Having knowledge of your personal financial situation is also necessary in managing personal finances. If done right, personal financial statements provide information on current financial positions and help pave the way for financial success. Goal setting is most successful for me when I begin with short term goals. For short term, one of my goals is to…show more content…
(siegel & yacht, 2009) Lauren Marosi Personal Balance Sheet as of September 28, 2012 ASSETS Liquid assets Checking account balance $1,065 Savings/money market accounts 48.00 Total Liquid Assets $ 1,113 Real Estate Current market value of home $39,000 Personal Possessions Market value of automobile $5,000 Furniture & appliances 3,000 Electronics & computers 300 Jewelry 200 Total personal $ 8,500 Investment Assets Total investment $ 0 TOTAL ASSETS $48,613 LIABILITIES Current Liabilities Medical bills $ 150 Credit card balances 400 Balance on auto loan 0 Total Current liabilities $ 550 Long Term Liabilities Mortgage $30,350 Home improvement loan 0 Student Loan 12,000 Total Long Term Liabilities $ 42,350 TOTAL LIABILITIES $ 42,900 NET WORTH $5,713 Lauren Marosi Cash Flow Statement for Month ended September 31,2012 Income (cash inflows) Take home pay (net of taxes) $850 Interest earned on savings 15 Earnings from investments (dividends, etc.) 0 Total Income $865 Cash outflows Fixed Expenses Rent $200 Loan payment 0 Cable TV/internet 52 DTE 100 Total fixed outflows $352 Variable Expenses Food at home $ 200 Eating
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