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Chapters 1 & 2 Personal Financial Planning, Statements & Budgeting 1.What is your financial planning life stage? Describe the life stage using the factors from

Chapters 1 & 2 Personal Financial Planning, Statements & Budgeting 1.What is your financial planning life stage? Describe the life stage using the factors from the textbook? There are certain things that you should be considering concerning your current financial position. Develop one short-term and one long-term financial goal that you might want to develop based on your life cycle stage and your own financial values and attitudes. Each goal must be S.M.A.R.T. (10 marks) 2.Assume that you want to retire in 40 years. You decided to invest $4,000 per year for 35 years, starting five years from now, and you can achieve an annual return of 9%, compounded quarterly. How much will you have accumulated for retirement in 35 years? (7 marks) 3. You have sat down to do some retirement planning and concluded that, in order to live the retirement lifestyle that you desire, you would need $1.2 million in 40 years. If you can start saving now (instead of 5 years from now), how much will you need to contribute monthly if you can invest your money at an average APR of 9% compounded semi-annually in order to achieve your savings goal in 40 years? (7 marks) 4. Assume that you receive an income tax refund of $1,400. Given your current situation, what is the best thing that you could do with this refund? (Think about your financial situation and what we discussed in class to determine what would be the best thing for you to do with this money). (2 marks)

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