Assignment 1

Goal Planning Worksheet

First, list your goals under the appropriate heading on the worksheet (short-term goal, medium-
term goal, and long-term goal. Under each goal, explain how you plan to achieve that goal for
income, spending, saving, investing, and budgeting. This assignment is worth 20 points, 5 points
for the goals and 15 points for the plans for accomplishing each goal.

Short-Term Goal—A goal that you hope to attain within two years.
I plan to save up $500 for college this year.

Plan to achieve this goal:

• Income: I make $120 per month.

• Spending: I do not spend much money, I only spend money about once per month. Say
$30 per month.

• Saving: That gives me $90 to save each moth.

• Investing: I do not have a reason to invest because it is such a minuscule amount of

money, I do not wish to go through the process of investing. I already have invested in
the stock market.

• Budgeting: I need to make sure I do not impulse buy.

Mid-Term Goal—A goal that you have three to five years to attain.
I wish to not be a poor college kid.
Plan to achieve this goal:

• Income: I will need to figure out if I can handle a job with my course load.

• Spending: I will need to limit the amount of social spending.

• Saving: I will need to budget because I might not have an income.

 • Investing: Same as before.

• Budgeting: I will need to eat at the cafeteria and limit eating out.

Long-Term Goal—A goal that will take you more than five years to attain.
I wish have a 6 figure income and be debt-free.
Plan to achieve this goal:

• Income: I will need to be successful in either psychology or musical composition

• Spending: I will need to spend a reasonable amount.

• Saving: If I can make the median $135,000 that a neuropsychologist makes, I plan on
saving at least $40,000 per year.

• Investing: I plan on investing at least $20,000 per year.

• Budgeting: I do not know how much living expenses will be because I am still under 18.