Extra Credit Instructions
Personal Financial Management Scavenger Hunt
个人财务管理代写 Go to the “Resources” link at our course Blackboard site and download the PDF file “Knowing and Understanding Your Credit.” List 10
To receive extra credit, complete EACH of the following "missions." This assignment is designed to help you get the tools to build a solid financial future. This is not a group project. Please work on this individually to ensure that you receive the full benefit of the assignment.
Save a Million 个人财务管理代写
Go to http://www.tcalc.com/tvwww.dll?user?tmplt=usertool.htm&cstm=completetax3 and calculate how much you would have to save each month at 9% interest (the average annual stock market return) at an income tax rate of 24% in order to save one million dollars by the time you reach the age of 65. Check out some of the other online calculators while you're here!
Amount you would need to save each month if you started TODAY: $___________
Amount you would need to save each month if you started 10 years from today: $___________
Amount you would need to save each month if you started 20 years from today: $___________
Budgeting 个人财务管理代写
Open the Budget Worksheet and create two basic budgets based on an assumed income of $60,000. Use the following national averages as a benchmark to compare with your percentages - your needs may vary. For the "assumed" budget be sure to include at least 10% savings (15% would be better).
Additional budgeting ideas can be found at http://www.practicalmoneyskills.com/: Use the search feature and look for “Budget.”
Budget item Typical percent of monthly income
Housing 24%
Transportation 7%
Food 12%
Clothing 5%
Insurance 1%
Entertainment 2%
Education 1%
Vacation 4%
Bank Fees and Loans 3%
Taxes 25%
Savings (recommended) 10%
Other (gifts, child care, charity, 6%
subscriptions, dues, medical, etc.)
Investing/Retirement 个人财务管理代写
3.1 Go to https://www.moneyunder30.com/power-of-compound-interest
Read the article then answer this question:
In the example, how much more does Michael have in the end compared to Sam? (i.e. Michael’s total minus Sam’s total)
$ ______________
3.2 Go to https://www.investopedia.com/articles/stocks/07/mistakes.asp
After reviewing the mini course, list the four "common mistakes" you should avoid:
- ______________________________________
- ______________________________________
- ______________________________________
- ______________________________________
3.3 Go to http://www.sec.gov/investor/pubs/assetallocation.htm. Read the article. What, essentially is "asset allocation?" Use the asset allocation calculator provided in the article to calculate the asset allocation that MAY be right for you. What percent stocks (add the first four on the list together) does the calculator suggest for you? Bonds (the next two)? Cash (the last one)? What might this mix look like for you 30 years from now? (Experiment with "current assets" and other variables.)
Asset allocation is ____________________________________________________________________________________________________________________________________________________________
Today: Percent stocks ________ %, bonds ________ %, cash ________ %
30 years from now: Percent stocks ________ %, bonds ________ %, cash ________ %
3.4 Using the following link, briefly answer these questions:
https://investor.vanguard.com/mutual-funds/index-funds
- What is an "index fund"?
- What are the advantages of an index fund?
Credit
- Go to http://credit.about.com/od/creditcardbasics/a/dosandonts.htm. Summarize the dos and don'ts of wise credit card use.
Dont's
- __________________________________________________________________________________________________________________________________________________________
- __________________________________________________________________________________________________________________________________________________________
- __________________________________________________________________________________________________________________________________________________________
- __________________________________________________________________________________________________________________________________________________________
Do's
- __________________________________________________________________________________________________________________________________________________________
- __________________________________________________________________________________________________________________________________________________________
- __________________________________________________________________________________________________________________________________________________________
- __________________________________________________________________________________________________________________________________________________________
- Go to http://credit.about.com/od/usingcreditcards/tp/pay-more-than-minimum.htm and describe what YOU think is the most important reason to pay more than the minimum:
- Read the article at http://credit.about.com/od/avoidingdebt/tp/debtspending.htm and answer this questions, "Which spending habit do you think is the most 'dangerous' in terms of getting you into debt?" "Why?"
- Go to the “Resources” link at our course Blackboard site and download the PDF file “Knowing and Understanding Your Credit.” List 10 “Steps you can take on your own” to improve your credit score.
- _____________________________________________________________________
- _____________________________________________________________________
- _____________________________________________________________________
- _____________________________________________________________________
- _____________________________________________________________________
- _____________________________________________________________________
- _____________________________________________________________________
- _____________________________________________________________________
- _____________________________________________________________________
- ____________________________________________________________________
Resources
Click on this link: https://investor.vanguard.com/investing/investor-education
View three articles that look interesting.
- Write down the name(s) of the articles you viewed.
Articles viewed:
- _____________________________________________________________________
- _____________________________________________________________________
- _____________________________________________________________________
Children's College Education 个人财务管理代写
Go to http://money.howstuffworks.com/personal-finance/financial-planning/529.htm. How much is a public university education expected to cost 15 years from now? What are two key benefits of the "529 Plan?"
Long Term Care Insurance
Go to http://www.longtermcarewiz.com/LTCWiz/basics.htm and answer the following questions:
What is the average annual cost of a long term care facility in America? $ ____________
Who pays for long term care? _______________________________________________
What can you do to insure yourself against the risk of the cost of long-term care? ___________________________________________________
FREE information
Go to https://pueblo.gpo.gov/Publications/PuebloPubs.php?NavCode=XA&CatID=9&PHPSESSID=65h5d5agv6v9jrg3j0he16snk4 and select three publications that you feel may be useful to you. Download the pdf files associated with the publications you chose. List the names of these publications in the spaces provided below:
Bring this worksheet along with all hard copy printouts to the final exam. The instructor will review your work and ask you to add your name to a sign up sheet.
Other Resources:
Go to http://www.practicalmoneyskills.com/ and explore the links (there are even games).
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