Directions:

For this final project you will be building a comprehensive look

at managing finances, budgeting, taxes, managing cash, using
credit and loans. You will choose 1 topic from the list below and
create a financial report based on the decision you will make
around that scenario. You will also then create a PowerPoint
presentation.

SCENARIOS -( CHOOSE ONLY 1)

 Costs of raising children

 Childcare costs home vs childcare centers
 Planning a destination wedding
 Buying a house
 Purchasing a car (new vs used)
 Costs for preparing for funeral and end of life needs
 Costs associated with a divorce
 Buying a rental for investment
 Financing vs loan for a large purchase of your choice
 Cost of having a pet
 Cost associated with a dream vacation
 Costs for running a business
 Renovating or Flipping a house
 Your own Project idea—chat with the instructor for feedback before proceeding

Other project requirements:

 Narrative of your research findings
 6 steps of your financial plan
 Completed budget table
 At least 1 chart, graph of costs and income
 Credit vs Loan Analysis
 All sections of the document must be completed
 Presentation must contain a resources page (with at least 3 resources)

Power Point requirements:

 At least 8 Slides
 Must Contain info for all 6 sections of the final
 Make sure to include graphs or charts
 Use applicable images to accompany your reseach.
EDUCATING YOURSELF

Once you have chosen your topic, you will need to obtain as much information as you can about the
subject. You will want to find as many resources to inform your project (newspapers, journals, videos,
magazines, reports) You can use ProQuest library to help. In the box below write a 1-page summary of
your findings and what you learned about this topic, what personal finance issues will be associated with
this scenario, and how can this project help you in the future?
FINANCIAL P LANNING PROCESS

Directions: Answer the questions below to establish your scenario’s – 6 step process for financial planning.
(hint Ch. 1 for guidance)

1) In regards to your chosen scenario what are your financial goals?

2) What are your Plans or Strategies to achieve those goals?

3) How will you implement these plans?

4) How will you monitor and control your plan’s processes?

5) Which Financial statement, or calculations will you use to evaluate the results of your plan? How
will you incorporate budgeting to manage your plan?

6) What obstacles or changes might you need to think about with your scenario? What sort of
circumstance changes in your scenario would affect your budgets and plans?

USING FINANCIAL INFORMATION

When assessing our personal financial position, you analyze your personal assets, liabilities, revenues
and expenses. Discuss the following:

1) List your assets in the given scenario. What things could you potentially use as capital or
collateral if necessary?

2) What liabilities or debts do you have that will effect this scenario?
 3) What are your sources for income? (wages, salaries, bonuses, commissions, interest paid for
sales of assets)

4) When calculating your net worth, do you have a cash surplus or deficit? What does this indicate
for your spending and budgeting habits?

YOUR BUDGET

For this section you will create a table for your scenario budget. Are there any incomes from this
scenario? If not, please include any income or money you would be managing from other source
(i.e.: wages, alimony, investments) Make sure to include all costs associated with your choice. Are
there taxes, reoccurring costs or operating expenses? Do you need to buy supplies or resources,
are there licensing or fees associated that you must pay? In the first column list all of these
separately, in the second column list the total for 1 month and in the third column calculate the
amount for a year. Add more rows if necessary.

Budget Income or Cost Monthly total Yearly total

GRAPHING YOUR BUDGET

For this section of the final project you will use word, excel or another program to create a chart or a
graph illustrating your budget for this particular scenario. If it is long term scenario, then capture the
info for a specific time period. ex: month or year. Copy and paste or take a screen shot of that object
and paste it in the box below. Make sure to label everything effectively so that it can be understood
what is being graphed.

EX:
USING CREDIT VS. GETTING A LOAN

For this section imagine that you had an unexpected cost, that was not budgeted. This cost will be
at least $3500. For this unexpected debt imagine you do not have the cash to pay for it and need
to finance it by either taking a loan or using a credit card. For this section you will need to
research 1 credit card and 1 bank that could offer you a personal loan. You will need to research
the associated interest and fees for these options. Fill out the charts below and then write a
paragraph of your choice and why it made more financial sense for you.
1) For your scenario what unexpected cost came up and how much is owed?

Credit Card
Card Name
Website used
What are the features of this card?
Annual Fee
Grace period
APR %
Late Fees
Eligibility requirements for the card

Now based on your research to complete the next step. Look at the terms and conditions of the card on
the website and complete the chart for the first 3 months of payments only paying the minimum
payment. If you cannot find Finance charge amounts default to 2% of the total balance or $10 whichever
is greater.

Month Finance Charge Payment Amount Balance

1 $
2 $
3 $

EX:

1) If you continued to pay the minimum payments, how long would it take you to pay off this credit
card?

2) How much over the initial cost in interest and fees would you end up paying?
 Loan
Bank:
Type of loan:
Website used:
Beginning Balance
Interest rate
Loan terms (how long to
pay)
Minimum payment
amount
Any penalties for
payingearly?

Now based on your research to complete the next step. Look at the terms and conditions of the
loan on the website and complete the chart for the first 3 months of payments only paying the
minimum payment. Show the impact on the Principal and Balance.

Month Principal Interest Payment Balance

1 $ $
2 $ $
3 $ $

1) If you continued to pay the minimum payments, how long would it take you to pay off this loan?

2) How much over the initial cost in interest and fees would you end up paying?

3) Now that you have researched and calculated your options, which choice would you choose and
why? How did this choice make financial sense for your scenario and personal budget?