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Finanl Report - Personal Finance

Personal Finance (Trường Đại học Ngoại thương)

Studocu is not sponsored or endorsed by any college or university

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ACKNOWLEDGEMENT

I want to express my gratitude to Dr. Nguyen Do Quyen, Lecturer in Personal

Finance, for providing me with valuable knowledge and allowing me to complete an
inspiring midterm project. With the knowledge I have gained, I can make this financial plan
for my lifetime, which I believe has had a great influence on how I currently manage my
finances. Sincerely, thank you for this inspiring final project.

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TABLE OF CONTENTS

LIST OF ABBREVIATIONS iii

LIST OF TABLES iv

LIST OF FIGURES vi

LIST OF APPENDICES vii

INTRODUCTION 1

CHAPTER 1: CURRENT MONEY MANAGEMENT & NET WORTH 2

1.1. Money management 2

1.2. Current net worth 5

CHAPTER 2: THE CHOICE OF A LIFETIME 6

2.1. Three imagined lifetimes 6

2.2. My decision 7

CHAPTER 3: LIVING IN THE REAL WORLD 8

3.1. Financial goals 8

3.2. Personal financial strategies and tips 9

3.3. Accommodation & vehicle 11

3.4. Insurance 14

3.5. Investment 15

3.6. Income & expenses 17

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3.7. Evaluation the results 23

3.8. Budgeting 24

CONCLUSION 29

REFERENCES 30

APPENDIX 32

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LIST OF ABBREVIATIONS
Abbreviatio
Meaning
ns

ETF Exchange Trade Fund

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LIST OF TABLES
Table 1: Current monthly income and expenses statement 3

Table 2: Current Balance Sheet 5

Table 3: Basic information of the first apartment 12

Table 4: Basic information of the second apartment 12

Table 5: Basic information of the third apartment 13

Table 6: Details of the cost of buying a car 14

Table 7: Basic information of the life insurance 15

Table 8: Expected return of Investment fund 16

Table 9: Annual expense from 20-21 years old 19

Table 10: Annual expense from 22-24 years old 19

Table 11: Annual expense from 25-29 years old 20

Table 12: Annual expense from 30-34 years old 20

Table 13: Annual expense from 35-38 years old 21

Table 14: Annual expense from 39-43 years old 21

Table 15: Annual expense from 44-47 years old 22

Table 16: Annual expense from 48-60 years old 22

Table 17: Annual expense from 61-72 years old 22

Table 18: Annual expense from 73-75 years old 23

Table 19: The financial results 23

Table 20: Statement of net worth for the beginning of age 22 24

Table 21: Budget from January to July at age 22 26

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Table 22: Budget from July to December at age 22 27

Table 23: Statement of net worth for the beginning of age 22 28

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LIST OF FIGURES
Figure 1: Functions simulation of Budget 2

Figure 2: Monthly Expenditures 4

Figure 3: Investment fund proportion over time 17

Figure 4: My salaries and bonuses 18

Figure 5: Husband’s salaries and bonuses 18

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LIST OF APPENDICES
Appendix 1: Estimate Financial Security Target 32

Appendix 2: Simulations of benefits 34

Appendix 3: Summary of life insurance benefits 35

Appendix 4: Expected Salaries and Bonuses over time 36

Appendix 5: Annual income & expenses statements from 20-21 years old 37

Appendix 6: Annual income & expenses statements from 22-24 years old 38

Appendix 7: Annual income & expenses statements from 25-29 years old 39

Appendix 8: Annual income & expenses statements from 30-34 years old 40

Appendix 9: Annual income & expenses statements from 35-38 years old 41

Appendix 10: Annual income & expenses statements from 39-43 years old 42

Appendix 11: Annual income & expenses statements from 44-47 years old 43

Appendix 12: Annual income & expenses statements from 48-60 years old 44

Appendix 13: Annual income & expenses statements from 61-72 years old 45

Appendix 14: Annual income & expenses statements from 73-75 years old 46

Appendix 15: Model – Control sheet 47

Appendix 16: Model – Calculation sheet 1 48

Appendix 17: Model – Calculation sheet 2 49

Appendix 18: Ending balance of 3 funds for the age 22 50

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1
INTRODUCTION
Growing up seeing many families' conflicts due to financial problems, I have
always wondered, "How much money will be enough?". To answer that question, I have
asked myself many times, "What do I want to do? What do I want to become? What is life
worth living?". Those are not easy questions to answer. Every so often, I felt frustrated with
myself because I couldn't find the answer and pursue something for a long time.

This final assignment is a valuable opportunity for me to sit down and think
thoroughly about the things I desire and my financial plan. Maybe I will not have the same
career or house as planned, but there is one thing I want to make sure of: I will not let
money be my burden and hinder me from anything.

In this report, I will discuss my current financial situations, 3 scenarios of my

desired life, my goals, and the detailed plan to achieve financial freedom. "Money is a tool,
not a goal" - I want to live a life where I can make decisions without the influence of
money. That is why, rather than a number, my ultimate goal is a mindset of financial
freedom. However, to do so, I must first reach a certain number.

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CHAPTER 1: CURRENT MONEY MANAGEMENT & NET WORTH

1.1. Money management
1.1.1. Income and expenses recording
For me, one of the most crucial steps in personal financial management is recording
income and expenses. First, it enables me to comprehend my needs, allowing me to
implement budgets in the short term and reasonably define my long-term. Thanks to
consistent recording, it is much easier for me to control my spending, as I am always aware
of how much I have spent and my spending limit. In addition, I can use it to evaluate the
results of budgets and plans and to take corrective action as necessary. Without it,
achieving financial goals is nearly impossible.

After experimenting with numerous ways to track my expenditures, I have

discovered an application that meets all my needs. The application's name is Budget, and it
offers a feature only available to paid apps: budgeting. The only reason I chose to use this
app was for budgeting, but after several months of use, I really enjoy the app's user-friendly
interface and useful features.

Figure 1: Functions simulation of Budget

Source: Apple App Store

1.1.2. Current income and expenses statement

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Part-time work currently provides me with a monthly income of approximately

VND3.5 million. My passive income from investments is negligible because the total
amount accumulated is small.

Since I live with my parents, my Housing & Utilities, Food & Beverage, and School
Fees are covered. All of these amounts are totaled to the section titled “Allowances from
parents”.

Table 1: Current monthly income and expenses statement

The figures in this statement are derived from the average monthly expenditures over
the past three months, which I tracked using the Budget app.

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Figure 2: Monthly Expenditures

I categorize expenditures as must-have, nice-to-have, and wasted. Regarding the

must-have group, I consider them to be the expenses without which I would be unable to
ensure the quality of my life. Nice-to-have expenses are those that I do not consider
wasteful, but without which I would still be alive and confident. Lastly, there are
expenditures that I consider wasteful, which are typically shopping and entertainment.

In the must-have spending, I divided the average cost of a family by four. The
average monthly cost of electricity and water for my family is between VND1.4 and 1.8
million. Internet costs VND240,000 per month (VNPT Home Super 3 Package) and phone
costs for 210 days total VND534,000. The average monthly cost of going to the market to
cook is over VND8 million, so my meal at home costs approximately VND2.1 million, or
approximately VND70,000 per day. Along with the annual tuition fee of VND60 million,
my parents provide me with a monthly allowance of VND7,648,688.

One unusual expense in this group is Café to study. I find it unproductive to study for
long hours at home, despite many attempts to remedy the situation. Hence, I often visit the
library and a quiet cafe. My motorbike is Honda Vision, which is fuel-efficient, so my
monthly transportation expenses are low, approximately VND300,000. Due to weather
fluctuations, I have recently had some flu. Otherwise I rarely spend money on health care.
Personal care is necessary for me, because everyone, especially women, needs a clean and
fresh body. Also, skincare is crucial and costs approximately VND300,000 per month. I
only use drugstore products, which include basic skincare steps and acne treatment.

Membership and Giving spending are included in Nice-to-have group. I only using
one paid app is Spotify, which costs me only VND29,500 monthly. Every month, I spend a
certain amount for charities and to buy gifts for my friends and families in special
occasions.

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I will attempt to avoid unnecessary spending unless necessary. For instance, if I

forget to pack a lunch, I will buy something for lunch. Or, when I need a different pair of
work shoes, I purchase a pair of low-heeled clogs. However, sometimes, I want to reward
myself with a cosmetic, but it is uncommon.

Currently, I need to cover more than VND2.5 million, so I can save approximately
VND1 million per month. This is also the average monthly amount I spend. However, nice-
to-have and wasted expenditures accounted for nearly half, or VND 1,135,000. Therefore, I
believe I am currently living quite comfortably, and I could likely save more.

1.2. Current net worth

Regarding liquid assets, I only maintain sufficient cash in hand to spend when
necessary. I have a $5,000,000 demand savings account with a 6% interest rate at TOPI.
This is also my only investment, as the financial market is in a downtrend currently, and
there are many uncertainties in the world economy.

Except for my phone, my parents purchased all of my personal assets. The

motorbike and laptop were acquired when I entered university, so their fair market value
remains relatively high. In addition, I have no debt. Overall, my financial situation is not
alarming. However, because my liquid assets are limited, if an unforeseen circumstance
arises, I could not be able to handle it.

Table 2: Current Balance Sheet

CHAPTER 2: THE CHOICE OF A LIFETIME

2.1. Three imagined lifetimes
2.1.1. A travel blogger
I am passionate about global exploration and travel. Therefore, if possible, I would
like to be able to make a living through travel. Since little, I've longed to travel the world

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and experience its diverse cuisines and cultures. Therefore, it is fantastic to do these things
without worrying about money. I enjoy living or traveling alone, but the occupation
can make it difficult for me to spend much time with friends and family.

Creating content and images, as well as shooting and editing videos, are essential to
becoming a travel blogger. Moreover, to attract viewers, you will likely need some style
and good looks. It will take a long time before I can start making money from this job. I
will need to spend a substantial amount of money to build a personal brand and increase
followers to the point where brands will invite me to promote their products. The initial
investment may consist of filmmaking equipment and costumes. Also, the costs of travel
and food to review for viewers may be unlimited, yet it is uncertain when I get my first
advertising contract.

When I no longer be attractive to audiences, I will settle in Hanoi and maintain my

income through a writing-related occupation. Utilizing my knowledge as a finance student,
I will invest and allocate my cash flow properly to maintain financial stability.

Overall, this is a risky but extremely intriguing option.

2.1.2. An entrepreneur
Opening a small business is always one of my dreams. I will establish a low-cost
spa specializing in acne. I hope that students have access to acne treatment at a reasonable
price, so that they can boost their sense of self-love and confidence. As a business owner,
I'll have greater freedom, but also greater risks and responsibilities.

I will need to expand my knowledge of administration and dermatology, both of

which pique my interest.

I will likely require a considerable loan to open a spa. Therefore, the initial risk and
financial pressure will be extremely high. But if I can overcome the initial hardship, my life
quality will significantly improve. I can consequently spend more time with my family. If
the business prospers, my finances will increase and I will be able to pursue my interests
with greater ease.

2.1.3. A corporate staff

Like many of my fellow students at Foreign Trade University, I am eager to prove
my ability. Start with a good academic record, join an outstanding club, compete
in prestigious competitions, and students graduate with a respectable position. Many of us
aim for this secure career path. I am no exception, not only for stability, but also due to an
invisible peer pressure. That is not to say that I do not enjoy this career path. I am an

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enthusiastic girl who thrives on learning and working for large corporations. Working at
large corporations is like traveling the world: I can broaden my perspectives and meet
amazing people.

If there is a large company that recruits employees in the Hanoi suburbs, I will
prioritize it. Hanoi is polluted and frequently congested. However, various conveniences
cluster here, and most importantly, I want to live near families.

The field I aim for is finance, and I prefer jobs in financial products and services
development. In addition to knowledge of financial markets, this job requires market
research and product development skills. In the long term, I will strive for a senior or C-
level position.

This decision allows me to spend more time with my family and have many
new colleagues.

2.2. My decision
As a risk-averse person, I opt for the third scenario, corporate employment. This
position, I believe, enables me to realize my full potential.

My ultimate objective, as stated, is to achieve financial freedom. Before I can

achieve financial freedom, however, I must first achieve financial independence. Financial
independence is being able to retire early and still have sufficient funds for the rest of
the life.

There are several definitions of financial freedom, but for me, financial freedom is
the absence of money's influence. That is, I no longer do anything I don't want or
something wrong for money. It is when I am free to live my life as I please.

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CHAPTER 3: LIVING IN THE REAL WORLD

3.1. Financial goals
There are three fundamental milestones on the path to financial freedom: Financial
Independence, Financial Security, and Financial Freedom. On the basis of the "4% rule,"
which is intended to produce a steady stream of annual income and give retirees confidence
that their funds will last for 30 years (Iacurci, G., 2021), financial freedom folks multiply
their annual expenditure by 25 to determine the target amount.

 Financial Security: Financial security gives you the confidence in knowing that,
even if you were to lose your job today, you could still cover all your essential
expenses (the must-haves). Therefore, it is when your portfolio equals your
annual must-have spending multiply by 25.

 Financial Independence: For me, financial independence is attained when I

have sufficient funds and passive income to fully fund my ideal lifestyle,
including all wants. Therefore, I would need to make a list of the things I desire
and calculate how much I would spend annually; my goal would be this number
multiplied by 25.

 Financial Freedom: Many people misunderstand that achieving financial

freedom requires being abundantly wealthy. Nevertheless, rich people can still be
bound by a job they don't like and forced to do things they don't want to make
more money. Therefore, financial freedom is a mindset that is content with the
lifestyle you have chosen and has the freedom to do what you want.

These three milestones will be my long-term goals, but I need an estimate of my

desired spending levels to calculate the exact amounts. Hence, I wrote down my essential
expenses when I have a child because my Financial Security goal is at 35. My objective to
retire early is when I turn 45. I have spent hours estimating everything I want to do to
determine the annual expenses of my ideal lifestyle when retiring.

 20 – 35 years old:

o 22 years old: Able to pay for myself. Live with parents. Income
VND15M+.

o 25 years old: Get married, have children. Rent a cozy apartment (~50m2)
in Thanh Xuan district. Maintain a minimum standard of living to achieve
Financial Security goals soon.

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o 30 years old: Let the child go to primary school, learn foreign languages.
Rent a larger apartment, ~80m2+, in Cau Giay district. Promoted to senior
position.

o 35 years old: Promoted to manager. Raise the quality of life (Must-have &
Nice-to-have). Buy a four-seat car costing ~VND800M

o 35 years old: Achieve Financial Security. Target amount = Annual

essential expenditures * 25 = 431,179,700 (Appendix 1)* 25 =
10,779,492,500 ~ VND 10.8B

 36 – 47 years old:

o 44 - 48 years old: Let the child study abroad.

 48 – 75 years old:

o 48 years old: Live the ideal lifestyle. Retire.

o 48 years old: Achieve Financial Independence and Financial Freedom:

Target amount = Annual expense of ideal life style * 25 = 849,086,700
(Appendix 2) * 25 = 21,227,167,500 ~ VND 21.3B

o 48 – 60: Travel and participate in social activities.

o 61 – 72: Travel. Spend time with family.

o 73-75: Nursing home.

3.2. Personal financial strategies and tips

As a result of the growing interest in personal finance among the youth nowadays, it
is simple to find numerous pieces of advice on achieving financial independence. I have
compiled and drawn the most impactful and straightforward strategies.

3.2.1. Earn more and spend less

The more you save, the shorter the path to financial independence, and this is the
most crucial strategy. When I was looking for advice, I came across many surprising
perspectives that totally changed my mindset.

Buy experiences, not things: Life is short. It is not about hoarding money until
retirement. We should enjoy life while we are alive. Ultimately, the things that will help us
live a more fulfilled life are the experiences we have, not the things we own. Life is made
up of moments. The best ones come from spending quality time with friends and family

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(Ferreira, N.M., 2022). Care about Consider only what truly matters, and do not purchase
items to pretend or show off you have money.

Live below your means: Mastering a frugal lifestyle means developing a mindset
focused on living a good life with less—and it's easier than you think. This isn’t a
challenge to adopt a minimalist lifestyle. It simply means learning to distinguish between
the things you need and the things you want—and then making small adjustments that
drive big gains for your financial health (Danielsson, M., 2022). I will attempt to maintain
a minimalist lifestyle and spend only on must-haves until I achieve financial security.
Afterward, I will raise my quality of living with nice-to-haves until financial independence.
For the rest of my life, I will be able to live my ideal lifestyle (including the wastes)
without financial concerns. This journey can be described in a single sentence: “Live a few
years of your life like most people won’t, so you can spend the rest of your life like most
people can’t”.

Budget monthly and track your spending: As I mentioned in chapter 1, this is a

critical step to staying focused on your goal. Making a monthly budget and tracking your
spending can helps you easily control and monitor your expenses. It is a routine that
reinforces your goals and bolsters your resolve against the temptation to splurge
(Danielsson, 2022).

Create passive sources of income: Making money while you sleep is an essential
step toward achieving financial independence. With the power of compound interest, you
can secure your future even if you work a 9-to-5 job. I will therefore invest as soon as I
can.

3.2.2. Set up your funds

I will establish three funds: an emergency fund, an investment fund, and a savings
fund. In addition, to achieve my savings targets, I will set up a monthly automatic transfer
of my salary into the funds.

This fund is always given the highest priority. Only when monthly income is
insufficient should the emergency fund be used to cover unexpected but significant
expenses. The funds should be deposited in an account that permits instant withdrawals at
any time. I will therefore place my funds in an on-demand savings account offered by
TOPI, which offers a 6% interest rate. The fund's minimum balance will equal six times my
monthly essential expenses.

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The savings will be deposited into three- or six-month term savings accounts. The
money will be used to purchase durable items like washing machines, smartphones, etc.
The primary objective of separating investment and savings is to prevent the performance
of the economy from affecting savings, which are spent over a lifetime.

In comparison, the investment fund will have a higher expected return and holding
period. The compound effect takes a considerable amount of time to manifest, and regular
withdrawals from this fund will have a substantial impact on the potential gains. Therefore,
I can only use this fund for car purchases, home purchases, and retirement savings.

3.2.3. Have life and health insurance

Having insurance is one of the most important things you must do to achieve
financial independence. Without adequate health and life protection, it will be difficult for
you to obtain financial independence, as the risks that may happen you will have a major
impact on your financial stability (Artikel, 2022). When someone is gravely ill, a doctor
once told me, they go to the hospital to burn money, not spend it. Even though I have
established an emergency fund, I still need insurance to ensure my journeys toward the
goals.

3.3. Accommodation & vehicle

3.3.1. Accommodation
I will stay with my family until I get married because I want to spend time caring for
my parents.

According to the schedule, we will relocate twice between the ages of 25 and 30. The
first residence following the wedding will be a cozy studio apartment. At this stage, we
wish to save more money, so the rental fee is not excessively high.

Our first apartment will be in the densely populated but close to the city center. We
located an apartment on LeVan Luong Street in Star City. The monthly rental fee is VND
7M, which is affordable. Furthermore, the Thanh Xuan district is about 2 kilometers from
my parents' home.

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Table 3: Basic information of the first apartment

Apartment Star City

Address Le Van Luong St., Thanh Xuan District
Area 50m2
No bed rooms 1
No toilet 1
Furniture Full
Facilities Gym, swimming pool
Renting fee VND 7M/monthly
Service fee 10,000/m2/month

Source: Starcity Apartment For Rent (2022)

When our child turns 5, the one-bedroom apartment will no longer be appropriate.
As a result, we will rent another apartment in the Cau Giay district, where there are
various excellent elementary, middle, and high schools. I like that area because the roads
are wide and it's not too crowded. We prioritize a location with a playground and walking
area.

Table 4: Basic information of the second apartment

Apartment Hanoi Paragon

Address Dich Vong Hau, Cau Giay District
Area 70m2
No bed rooms 2
No toilet 2
Furniture Full
Facilities Near Cau Giay Park, gym
Renting fee VND 13M/monthly
Parking fee Car: VND 1M/month
Motorbike: VND 80,000/month
Service fee VND 10,000/m2/month

Source: Hanoi Paragon Apartment For Rent (2022)

After my child graduated from college, we desire to relocate to the suburbs. Since
we do not spend much time at home, we would also like to reduce our rental expenses. The
house we will choose is the Ecopark residence.

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Table 5: Basic information of the third apartment

Apartment Ecopark – Westbay
Address Van Giang, Hung Yen
Area 50m2
No bed rooms 2
No toilet 1
Furniture Full
Facilities Park, gym, swimming pook
Renting fee VND 7M/monthly
Parking fee Car: VND 1M/month
Motorbike: VND 50,000/month
Service fee VND 10,000/m2/month

Source: Ecopark Westbay For Rent (2022)

I am a person who enjoys living in apartments, but also like having my own
house because I value stability. However, after careful consideration, I conclude that
buying an apartment to live in is a non-profitable investment. For the sole purpose of
living, apartments renting for approximately 15 to 20 million yen per month are ideal. In
contrast, in addition to the down payment, you will pay the bank a comparable amount
each month, if not more, in order to purchase a home. The price of a modern apartment that
is not too far from the city center is expensive, but the apartment depreciates rapidly.
Therefore, if I purchase real estate, I will do so for investment purposes rather than to live
in.

3.3.2. Vehicle
I believed that purchasing a car was wasteful, and I continue to hold this opinion. It
can cost significantly more per month, and taking a taxi when necessary is much more
economical. However, this is an unavoidable requirement when having children. It makes
traveling on a rainy day or with the family much easier and more enjoyable. And, as stated
previously, we have the right to enjoy our lives. Hence, I decided to purchase a vehicle at
age 35 when my children will be ten years old and the couple's income will be higher.

I will limit daily automobile travel. My family will only travel by car when
necessary. I also do not require an expensive vehicle. All I need is one that operates
efficiently, safely, and efficiently uses gas. Therefore, I decided to purchase a Corolla Cross
1.8G, which only needs 7.6L of gas per 100km.

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After examining the interest rates, I determined that the interest on a car loan is
significantly higher than the average expected return on an investment portfolio, so I
decided to pay in full.

Table 6: Details of the cost of buying a car

Quoted Price VND746,000,000

Registration fee VND109,520,000

Vehicle testing fee VND340,000

Compulsory insurance VND480,700

Physical damage insurance Free (Promotion)

Total VND856,340,700

Source: Cost Estimates (2022)

3.4. Insurance
3.4.1. Health insurance
As soon as I was 22 years old and had a stable job, I purchased my own health
insurance. I also assume that, upon my marriage, my entire family will purchase Dai-Ichi's
"Global health insurance" package.

The two strengths of this insurance are the guarantee of hospital fees at all hospitals
worldwide and the maximum age of coverage of 75 (the highest age of protection in
current health insurance). Dai-Ichi's sum insured, up to 1 billion/disease, and hospital fee
payment limits are significantly higher than those of other health insurance, such as AIA,
despite the fact that the annual premium is a bit more expensive. In addition, customers can
utilize the hospital fee payment guarantee service at a variety of hospitals throughout
Vietnam and the world.

The older an individual gets, the higher their insurance premiums will be.
Maintaining this health coverage will require a yearly premium payment (Global Health
Insurance, 2022).

When purchasing health insurance, I can utilize priority packages to save time and
enhance service quality, in addition to being covered for up to 100% of hospital costs.

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3.4.2. Life insurance

Purchasing life insurance is not only for your own protection but also for the
protection of your family's future. I always prioritize death, permanent disability, and
critical illness benefits when evaluating an insurance package. Because health benefits are
almost entirely covered by health insurance, I want to ensure that when the worst cases
occur, the rest of the family is not severely impacted.

My husband and I will therefore purchase FWD life insurance – "Don dau thay
doi 3.0." In the event of death or permanent disability, this plan pays up to 200% of the sum
insured. Specifically, 30% of the insurance amount for critical illnesses in their later stages
is covered by this package. We have had cost-covering health insurance since stage one, so
we chose FWD because this support will be extremely valuable when the sick person is
unable to work. In addition, the "Don dau thay doi 3.0" contract maintenance bonus rate is
considerable. Currently, only this insurance offers online withdrawals 24/7.

I will begin purchasing insurance early to optimize cost. When I am 22 years old, my
expected salary will be VND 15 million. Therefore, I consider it reasonable to pay VND 15
million in annual premiums, which is nearly 10% of my annual income. At maturity, when
I dies as expected, my family will receive VND 2,091,629,000.

Information about the insurance package is as follows:

Table 7: Basic information of the life insurance

Product FWD Đón đầầu thay đổi 3.0

Age 22

Gender Female

No. years of premium payments 16 years

No. years of insurance 55 years

Sum insured VND2,000,000,000

Annual premium VND15,000,000

3.5. Investment
There are numerous investment instruments available today, with forms suited for a
variety of objects with varying capital requirements and risk appetites. With such a diverse
market, it is simple to select the most suitable investment channel. To achieve financial
independence, investment is required.

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I am extremely risk-averse, and I have modest financial resources. Due to a

preference for low risk, the expected return is low. Therefore, I favor instruments that are
better suited to long-term investments.

Stock investments, stock mutual funds, bond mutual funds, Exchange-Traded Funds
(ETFs), and virtual currencies are popular investment vehicles that satisfy the initial, low
initial capital requirement. Due to the high risk associated with cryptocurrency, I chose it
over the alternatives.

When I invest in stocks, I do so with the intention of holding them for a long time. I
do not wish to spend a great deal of time monitoring the market. During market downturns,
I will conduct extensive company research and make long-term investments in companies
that I believe to have great potential.

ETF: Investing in index funds is more profitable than investing in mutual funds due
to the fact that mutual funds typically charge investors very high fees and engage in
excessive trading, which can result in high taxes and profit losses (Pisani B. 2022).
Moreover, the majority of trading today is conducted by professionals who compete with
one another. These traders have access to the same information and technology as their
competitors. Warren Buffet, the renowned investor, has long advocated that individuals
invest in low-cost index funds, which automatically diversify and hold every stock
recommended in an index.

I will invest in iBond by TCBS, the bond mutual fund with the largest share of the
bond trading market. Corporate bonds are an excellent tool for diversifying investment
portfolios. It offers fixed cash flow streams, higher rates of interest than bank savings, and
low risk.

Table 8: Expected return of Investment fund

Financial Instruments Expected Return

Investment Stocks 13.1% (VCBF, 2022)

fund
ETFs 12.58% (10-year average)

TCBF mutual fund bond 8% (TCBS, 2022)

The proportion of portfolio will change from time to time as follows:

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Figure 3: Investment fund proportion over time

I will begin investing at age 20. Due to not having a stable income for the first two
years, my capital is very low, so I will only be able to invest in one instrument, an ETF. In
the subsequent years, I favored investing in bonds because I disliked risk. In my 20s, only
20% of my portfolio consists of stocks due to my lack of experience in stock investing. In
the 1930s, as my income increased and my investment fund grew rapidly, I prioritized
bonds because I was able to amass just enough capital to generate the desired profit. I want
to protect my expected profit for this reason. Now that my portfolio consists solely of
bonds, when retire, I want to fully enjoy life and be confident that my money will generate
more money for me with as little risk as possible.

3.6. Income & expenses

3.6.1. Income
According to the plan, I will marry and start a family at age 25. I assume my current
boyfriend, who I assume to be my future husband, is the auditor. I intend to become a
management trainee at VPBank and subsequently work in the Digital Banking division.

To facilitate the estimation of future cash flows, I would divide my life into periods
of approximately 4 to 5 years. This is useful when constructing an assumption regarding
expenditures. I, therefore, estimate the salary and calculated the period-average salary.

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Figure 4: My salaries and bonuses

According to Vietnamwork (2022), the average monthly salary for management

trainees is close to $1000. This salary could be slightly reduced at Vietnamese banks. I
estimate a monthly bonus of approximately 15 million and an annual bonus of
approximately 20 million. According to Persolkelly Vietnam (2022), the department head's
salary for product and service development departments such as digital banking will range
from $3,000 to $5,000. Between the ages of 25 and 35, the expected salary ranges between
25 and 35 million dongs. When promoted to manager, the expected monthly salary is 60
million.

Figure 5: Husband’s salaries and bonuses

The starting salary at auditing firms like EY is typically low, but steadily and
substantially increases each year. In addition, employees are typically awarded three bonus
periods per year, each worth roughly one month's salary. When newly married, he will
work at Senior 1 and earn approximately VND 15 million. However, due to the promotion
policy, his salary will eventually surpass mine. When he became a Manager, the average

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salary was approximately VND 60 million, and the average age of EY managers is 30 to 35
years old. The average salary for a senior manager ranges between VND 90 and 150
million.

3.6.2. Expenses
As stated in the strategy section, I will endeavor to spend only what is truly necessary
and prevent my expenses from increasing as my income grows. Importantly, I will set the
inflation rate to 3% when entering data into the model of our midterm project to obtain the
most accurate estimate of the outcome.

20 to 21 years old: These two years' expenditures are almost identical to my current
spending situation. But after compiling the current income and expenditures statement, I
decided to reduce unnecessary expenditures. In addition to the funds provided by my
parents for housing and education, I will pay nearly 2 million more on my own.

Table 9: Annual expense from 20-21 years old

Fixed expenses 0

Variable Must-have 104,364,143

expenses Nice-to-have 2,654,000

Wasted 4,200,000

22-24 years old: I will begin to pay social insurance and income tax. I also purchase
health and life insurance premiums this year. I'll remain with my parents. Because it is a
nice-to-have and there are no educational costs for this stage, I decided to utilize the free
course and materials if necessary. Even though the objective is essential, it is extremely
ambitious. Hence, I continue to purchase Spotify subscriptions, buy gifts for friends, and
dine out once per month.
Table 10: Annual expense from 22-24 years old

Fixed expenses 38,273,000

Variable Must-have 104,364,143

expenses Nice-to-have 2,654,000

Wasted 4,200,000

25 to 29 years old: This is when I marry and start a family. I will purchase health
insurance for the entire family, as newborns are frequently hospitalized. Life insurance
premiums are paid by both the husband and wife. We will rent an apartment, which

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required us to pay parking and service fees. Since we have health insurance, we do not
spend excessively on health care. Because there is a newborn, milk and diapers will be very
expensive. Children must enjoy themselves, so this is an essential expenditure. Because we
have our own family, we spend approximately VND 20 million annually on gifts and
holidays. In addition, we will dine out once per month.

Table 11: Annual expense from 25-29 years old

Fixed expenses 190,359,000

Variable Must-have 150,410,000

expenses Nice-to-have 20,000,000

Wasted 10,000,000

30-34 years old: my child will begin elementary school at this period. We moved to a
new apartment with higher rent, resulting in a significant increase in fixed costs. The cost
of utilities and groceries has increased as a result of the larger home and older children. We
send our children to the Doan Thi Diem private school because it has an excellent English
program. We continue to dine out monthly but at a slightly higher cost. Nonetheless, I
recognize that traveling is essential for my children to experience and explore the world, so
we take an annual domestic trip.

Table 12: Annual expense from 30-34 years old

Fixed expenses 349,070,400

Variable Must-have 150,010,000

expenses Nice-to-have 30,000,000

Wasted 27,000,000

35 to 38 years old, my child will turn 10 and enter middle school. We invest a
significant amount of money in his education so he can attend a school for the gifted
because we want him to study in the best possible environment. In addition, there is the
expense of teaching my child a foreign language so that he can study abroad in the future.
Beginning with this period, we will spend less. We subscribe to our gym, Spotify, and
Netflix. The cost of travel has also increased. The purchase of a car significantly increases
the cost of commuting, as well as the fixed costs associated with vehicle insurance and
transportation improvement fees.

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Table 13: Annual expense from 35-38 years old

Fixed expenses 448,639,100

Variable Must-have 216,780,000

expenses Nice-to-have 49,620,000

Wasted 48,000,000

39-43 years old: A significant increase in income due to a promotion to manager

results in an increase in personal income tax. In order to improve the family's quality of
life, expenses are raised.

Table 14: Annual expense from 39-43 years old

Fixed expenses 569,318,900

Variable Must-have 258,180,000

expenses Nice-to-have 69,620,000

Wasted 72,000,000

44 to 47 years: In this stage, our children will attend college for 4 years. We want our
children to study in the United States. With the money we've invested in our child's
education, we hope he'll receive a scholarship. If he doesn't, you can choose from a variety
of countries or attend a prestigious international school in Vietnam, such as RMIT. Due to
the high cost of studying abroad, my husband and I will need to make cuts to our budget
during this period.

Table 15: Annual expense from 44-47 years old

Fixed expenses 571,354,900

Variable Must-have 630,530,000

expenses Nice-to-have 53,620,000

Wasted 64,000,000

48 to 60 years of age: the most rewarding 12 years, when we retire. To save money
on rent, we will rent an apartment in the suburbs, in the Ecopark urban area. This is the
travel season, so housing and utility costs will be reduced to some extent. We will invest
more in our health by attending the gym, spa, and taking more supplements. While
traveling, shopping funds are necessary. With the goal of traveling internationally and

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domestically 4-5 times per year. I have determined that my travel budget is 300 million.
Budget for dining out is also raised.

Table 16: Annual expense from 48-60 years old

Fixed expenses 104,586,700

Variable Must-have 116,880,000

expenses Nice-to-have 77,620,000

Wasted 550,000,000

61 to 72 years old: The second stage of retirement, when we are less healthy and
spend less time traveling to visit family. The majority of fixed expenses are virtually
unchanged. The travel budget is reduced to 200 million. Additionally, automobile and
motorcycle travel is significantly restricted compared to the previous period. I will invest
more in healthcare, and health insurance premiums will also rise.

Table 17: Annual expense from 61-72 years old

Fixed expenses 110,665,700

Variable Must-have 141,500,000

expenses Nice-to-have 53,000,000

Wasted 335,000,000

73 to 75 years old: These are my final years, and I choose to reside in a nursing home
for the best care and companionship, as well as to avoid being a burden on my children.
The fixed cost is now limited to health insurance, with an annual rate of up to VND 30
million. All expenses are replaced by medical and nursing home costs. I still have a budget
for family travel and gifts for my children and grandchildren, despite my limited ability to
use it.

Table 18: Annual expense from 73-75 years old

Fixed expenses 31,826,000

Variable Must-have 345,800,000

expenses Nice-to-have 30,000,000

Wasted 0

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3.7. Evaluation the results

In years with important financial milestones, the beginning total balance of all funds
is as follows:

Table 19: The financial results

35 Financial Security and 6,614,280,083

buy car

44 Let the child study 20,625,954,681

aboard

48 Financial independence 28,101,854,694

75 End 13,179,020,445

Source: Calculation of the model

The objective of purchasing a vehicle with an estimated price of VND800 million

can be attained with more than VND6 billion. At the age of 35, however, I did not reach my
financial security goal, a target amount of VND 10.8 billion. According to the results of the
model, I did not achieve financial security until the age of 39 years old. However, I have
accomplished other significant objectives, including having enough stable finances for my
children to study abroad and achieving financial independence at age 48. I even exceeded
my goal by 6.8 billion. As my ultimate objective is a mindset, I cannot prove with numbers
whether I can achieve it or not. Nevertheless, one thing is for sure: this detailed personal
financial management plan has undoubtedly brought me closer to my objective.

3.8. Budgeting
3.8.1. Beginning statement of net worth
I establish a statement of net worth for the beginning of the age 22 using the
assumptions made in previous section. According to the plan, by the age of 22, my savings
account will have a balance of VND 41,690.699 (Appendix 16).

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Table 20: Statement of net worth for the beginning of age 22

3.8.2. Budget for twelve months

Applying the same template and strategy, I have made budgets for 12 months for
the age of 22, the year 2025.

 Social insurance: This expense will not change in the near future due to the fixed
salary used to calculate social insurance.

 Health insurance: Premium is paid once at the beginning of the year.

 Life insurance: As I will buy life insurance this year, annual payment of 15
milion is in September.

 Income tax: This will vary as salary and bonus change. This year I assume that
the salaries are stable and there will be a bonus in February for the Tet Holiday.

 Utilities: In reality, it is impossible to precisely estimate these utility expenses. I

will multiply my family’s average monthly utility bill of VND1.2 million by 1 or
1.5. The assumption is that summer utility bills will be higher due to increased air
conditioning and water consumption.

 Internet: This is a constant cost: 240,000/month (VNPT Home Super 3 Package)

for the whole family of fours

 Groceries: For most months, I would multiply the average amount of groceries
purchased per day by the number of days in each month. Particularly in the
month of Tet Holiday, groceries expense will be higher

 Parking: In addition to the monthly parking fee of 50,000 dong at the workplace,
there will be parking costs elsewhere. This cost depends on the need to travel to

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any location, making estimation difficult. Due to the fact that I will rarely travel
outside of commuting to and from work, I will limit the budget for this expense
to $80,000 per month.

 Repairs & Maintenance: If there is no major damage, I usually just have my

motorbike tire pumped, the oil changed, and washed. Once per month, I have it
cleaned and pumped up the tires, and every three months, I change the oil, at a
cost of VND 20,000 motorbike wash, VND 5,000 tire pump, and VND 80,000 oil
change.

 Supplement: Buy Nature’s Way Complete Daily Multivitamin every 3 months,

which cost about VND 200,000. I should ensure adequate resistance and energy
to work effectively. Multivitamins are a good option for boosting energy,
enhancing the body's resistance and immune system, and protecting overall
health.

 Dental: My teeth are nearly problem-free, so I only visit the dentist every six
months to remove tartar, which cost me VND200,000 per time.

 Skincare: I need only basic skincare steps, including cleansing, moisturizing, and
sun protection. The products I use are typically priced between VND200,000 and
VND600,000 per unit. I typically use makeup remover and cleanser for three
months, and moisturizer and sunscreen for two.

 Body & Hair care: Shower gel, shampoo, and conditioner will be my only
purchases, in an effort to reduce expenses. I usually buy my products from the
Guardian health and beauty store. Typically, a shower gel product falls between
VND 120,000 and 140,000 (Love, Beauty, and Planet). Shampoo and conditioner
typically cost me VND 260,000 per set (Tsubaki). I use these products for three
months on average.

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Table 21: Budget from January to July at age 22

 Spotify: Annual subscription package costs VND 490,000.

 Gifts: I usually purchase gifts for family and friends on their birthdays and other
special occasions. The gifts for mothers and sisters on women's day can be flowers
or accessories. And small treats for the birthdays of friends.

 Clothing, Cosmetic, Accessories: Generally, I only use lipstick and purchase

clothing at the beginning of the season. Therefore, the budget will be approximately
$1 million per season

 Eating out: I established a rule that requires eating out once per month at a cost of
approximately $200,000 per month. However, there may be months in which I
spend less to compensate for the previous month's excessive spending.

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 Because I haven't made a lot of money, I limit other forms of entertainment to the
greatest extent possible.

Table 22: Budget from July to December at age 22

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3.8.3. Ending statement of net worth

After one year, I have no additional debt. I have a cash surplus of $90.431,500. As
of now, I need a balance of VND 38 million in my emergency fund (Appendix 16 –
"Emergency fund requirement" row).

Table 23: Statement of net worth for the beginning of age 22

Specifically, it will take 5 months to accumulate enough 38 million, from June, 30%
of cash surplus will be transferred to the savings fund and the remaining 70% will be
transferred to the investment fund. With a 7.5% savings account interest rate and the initial
balance, the savings account balance at the end of the period would be VND 62,825,259.
Since age 22, I will have an investment fund. According to the assumption, the expected
return of investment fund is 10.85% (Appendix 16), then the balance of the investment
fund is VND 42,100,249. You can see my calculation in appendix 18.

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CONCLUSION
The path to financial independence is long and arduous. Numerous issues will arise,
such as unanticipated expenses or a crucial variable not performing as expected.
Nevertheless, I will always remind myself of the ultimate goal and the good days that lie
ahead.

Errors are inevitable when assumptions are made many years beforehand.
Nonetheless, I believe that this plan has provided me with a great deal of motivation and
knowledge to pursue my goals. The bottom line is that this plan and journey will provide
me with the mindset and good habits that will have a strong impact on my personal
finances.

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REFERENCES

Artikel (2022) Easy to follow, here are 7 tips for financial independence in 2022, BFI
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7-tips-merdeka-finansial-di-tahun-2022 (Accessed: October 24, 2022).

Child rearing cost (2022) ChanhTuoi. Available at: https://chanhtuoi.com/chi-phi-nuoi-con-

tu-0-den-18-tuoi-can-bao-nhieu-moi-du-p202.html (Accessed: October 24, 2022).

Cost Estimates (2022) Toyota. Available at: https://www.toyota.com.vn/du-toan-chi-phi?

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(Accessed: October 24, 2022).

Danielsson, M. (2022) How to reach Financial Freedom: 12 habits, Investopedia.

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finance/112015/these-10-habits-will-help-you-reach-financial-freedom.asp
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Ecopark Westbay For Rent (2022) Batdongsan. Batdongsan. Available at:

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prj-khu-do-thi-ecopark/danh-sach-cho-tai-west-bay-aqua-bay-gia-tot-thang-06-2022-
lh-0968688207-pr34045163 (Accessed: October 24, 2022).

FDC Nursing Home Price (2022) FDC Medical. Available at: https://fdcmedical.vn/dich-
vu-duong-lao (Accessed: October 24, 2022).

Ferreira, N.M. (2022) Financial freedom: 10-step formula to achieve it in 2022, Oberlo.
Oberlo. Available at: https://www.oberlo.com/blog/financial-freedom (Accessed:
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https://www.persolkelly.com.vn/vietnam-salary-guide-2022/(Accessed: October 24,
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Hanoi Paragon Apartment For Rent (2022) Batdongsan. Batdongsan. Available at:
https://batdongsan.com.vn/cho-thue-can-ho-chung-cu-phuong-dich-vong-hau-prj-ha-
noi-paragon/chinh-chu-c-2pn-gia-10tr-va-3pn-12tr-th-pr35447574 (Accessed:
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Iacurci, G. (2021) Experts say the 4% rule, a popular retirement income strategy, is
outdated, CNBC. CNBC. Available at: https://www.cnbc.com/2021/11/11/the-
4percent-rule-a-popular-retirement-income-strategy-may-be-outdated.html
(Accessed: October 24, 2022).

iBond (2022) TCBS. Available at: https://ibond.com.vn/?

gclid=CjwKCAjwzNOaBhAcEiwAD7Tb6IfjD1h-
oFgIBMy3VkfHv7GNhg4U2UqRxoNAGWpYl_wkCjzengWHThoCRLUQAvD_B
wE (Accessed: October 24, 2022).

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Ma, Jennifer and Pender, M. (2021) Trends in College Pricing and Student Aid 2021. rep.
New York: College Board.

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(Accessed: October 24,2022).

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APPENDIX
Appendix 1: Estimate Financial Security Target

Annual essential expenses = Must-have variable expense a year + (Fixed expenses – Tax –
Social insurance)

Financial security target = annual essential expenses * 25

This is the essential expenses when I turn 35, because my goal is to achieve financial
security at age 35.

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The financial independence target = Annual expenses of ideal lifestyle * 25

I aim to achieve financial independence at age 48, then travel around the world. Therefore,
I will estimate the expenses during that period to determine the goal. I don’t need to pay
social insurance and tax when I retire, so I deduct it.

Annual expenses of ideal lifestyle = All variable expense + (Fixed expenses – Tax – Social
insurance)

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Appendix 2: Simulations of benefits

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Appendix 3: Summary of life insurance benefits

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Appendix 4: Expected Salaries and Bonuses over time

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Appendix 5: Annual income & expenses statements from 20-21 years old

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Appendix 6: Annual income & expenses statements from 22-24 years old

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Appendix 7: Annual income & expenses statements from 25-29 years old

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Appendix 8: Annual income & expenses statements from 30-34 years old

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Appendix 9: Annual income & expenses statements from 35-38 years old

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Appendix 10: Annual income & expenses statements from 39-43 years old

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Appendix 11: Annual income & expenses statements from 44-47 years old

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Appendix 12: Annual income & expenses statements from 48-60 years old

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Appendix 13: Annual income & expenses statements from 61-72 years old

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Appendix 14: Annual income & expenses statements from 73-75 years old

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Appendix 15: Model – Control sheet

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Appendix 16: Model – Calculation sheet 1

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Appendix 17: Model – Calculation sheet 2

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Appendix 18: Ending balance of 3 funds for the age 22

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