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Finance & Accounting
Pages 6 (1506 words)
Financial Goals Name: Institution: Course: Instructor: Date of Submission: Financial goals I’m still a young lady who’s just 21 years old and planning to complete my undergraduate in spring, 2015. Apart from my studies, I have a small electronic shop that I manage and from it I can get averagely $2,000 profit.
Therefore, for the next 5 years, I would like to save $50,000 to enable me expand my small electronics shop to a larger one with at least 2 branches. I would also like to pay for a down payment on a house in the next five years being that I would have graduated and would like to be on my own. The down payment of the house would be $20,000 which I’d like to save for and pay over five years. Over the next ten years however, I would expect that my kid shall have become old enough to begin going to school, therefore, I’m going to save $50,000 to enable my kid go to school. The list of my goals and how they’ll be achieved are in the table below; Financial Goal Time Frame Amount Monthly Cost Save for House down payment 5 years $20,000 $333.33 Save for Business expansion 5 years $50,000 $833.33 Save for Child’s Education 10 years $50,000 $416.67 Total monthly cost $1583.33 Cash Management Since I know very well that money must be well planned for, for one to achieve her goals, I will apply proper cash management skills in order to be able to achieve my goals. For instance, my parents give me $5,000 monthly for personal use after paying for me all my bills and buying for me all I need. I sat down one time and realize that if this money is managed well, and I save just $1,000 0ut of it monthly, I’d be having $60,000 after 5 years. ...
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