GED110 Future Financial Planning Assignment F2015 Mark: 720 l'A financial plan is a personal road map toward one's financial objectives." Peter Dolezal.pg 198 The Smart Canadian Wealth Builder This is the final assignment in the GED110 Introduction to Personal Finance course. Your answers should show your understanding of the material covered throughout the entire course by applying it to the questions covered in this assignment. This assignment will look at one of your personal financial goal and steps you should consider in a potential plan to achieve this goal. These goals could be in the short-term (e.g. pay off credit card); the intermediate term (e.g. go on vacation); or the long-term (e.g. buy a house or retirement). Whichever time frame you give this goal, it needs to be something you would like to achieve and would need to save or plan financially in order to achieve it. 1. Choose one of your financial goals (choose a goal that would be appropriate in order to complete this assignment). Provide some information on this goal below. (3 marks) Goal Description: Is it a short-term, intermediate or long-term goal? What is the financial cost associated with achieving this goal? $ 2. Depending on whether you chose a short-term, intermediate or long-term goal, what would you say is your risk tolerance (high, medium, low) in relation to saving and/or investing in a financial product in order to achieve your financial goal? Give an explanation as to why you have identified th level of risk tolerance (e.g. Stage of life, diversification, etc.) for this financial goal. (5 marks) GED110 Future Financial Planning Assignment F2015 Mark: /20 3. We have looked at many types of financial products throughout this course. What type of financial product would be most beneficial for you to use in order to achieve your financial goal? In your answer provide the type of financial product and an explanation (e.g. return on investment, tax considerations, security, etc.) why you believe this to be the most beneficial financial product for you to use to achieve your goal. (4 marks) I 4. Although you may not be in a position to do so at this point in time, when you do have a steady income, how would go about ensuring you set money aside or pay into your investment plan to achieve your financial goal? Discuss how you plan to avoid using this money for anything but your financial goal. (3marks) GED110 Future Financial Planning Assignment F2015 Mark: /20 5. How would you track your progress towards achieving your financial goal? If you found yourself off-track, how would you get yourself back on track to achieve your goal within the timeframe you identified? (3 marks) 6. Do you think you could realistically achieve your financial goal using the basics of your plan outlined here in this assignment? (2 marks) GED110 Future Financial Planning Assignment F2015 Mark: 720 l'A financial plan is a personal road map toward one's financial objectives." Peter Dolezal.pg 198 The Smart Canadian Wealth Builder This is the final assignment in the GED110 Introduction to Personal Finance course. Your answers should show your understanding of the material covered throughout the entire course by applying it to the questions covered in this assignment. This assignment will look at one of your personal financial goal and steps you should consider in a potential plan to achieve this goal. These goals could be in the short-term (e.g. pay off credit card); the intermediate term (e.g. go on vacation); or the long-term (e.g. buy a house or retirement). Whichever time frame you give this goal, it needs to be something you would like to achieve and would need to save or plan financially in order to achieve it. 1. Choose one of your financial goals (choose a goal that would be appropriate in order to complete this assignment). Provide some information on this goal below. (3 marks) Goal Description: Is it a short-term, intermediate or long-term goal? What is the financial cost associated with achieving this goal? $ 2. Depending on whether you chose a short-term, intermediate or long-term goal, what would you say is your risk tolerance (high, medium, low) in relation to saving and/or investing in a financial product in order to achieve your financial goal? Give an explanation as to why you have identified th level of risk tolerance (e.g. Stage of life, diversification, etc.) for this financial goal. (5 marks) GED110 Future Financial Planning Assignment F2015 Mark: /20 3. We have looked at many types of financial products throughout this course. What type of financial product would be most beneficial for you to use in order to achieve your financial goal? In your answer provide the type of financial product and an explanation (e.g. return on investment, tax considerations, security, etc.) why you believe this to be the most beneficial financial product for you to use to achieve your goal. (4 marks) I 4. Although you may not be in a position to do so at this point in time, when you do have a steady income, how would go about ensuring you set money aside or pay into your investment plan to achieve your financial goal? Discuss how you plan to avoid using this money for anything but your financial goal. (3marks) GED110 Future Financial Planning Assignment F2015 Mark: /20 5. How would you track your progress towards achieving your financial goal? If you found yourself off-track, how would you get yourself back on track to achieve your goal within the timeframe you identified? (3 marks) 6. Do you think you could realistically achieve your financial goal using the basics of your plan outlined here in this assignment? (2 marks)