• Part 1 - Overview - Review exhibit 1-1 in your textbook (page 5) and describe your life stage (age, marital status, number and age of household members, and employment status). In addition, create at least nine goals using the goal setting guidelines on page 9 of your textbook. You will need to create at least three goals that are short-term (1-5 years), three intermediate goals (6 -10 years), and three long-term goals (11 - retirement age). Please make sure that your goals meet the S.M.A.R.T goal-setting guidelines in your textbook. Specifically address areas where you perceive there may be tension between current goals and longer-term goals. For example, living in the moment and purchasing what brings you immediate gratification versus long-term goals such as planning for retirement, purchasing life and/or long-term care insurance, contributing toward your children's education, etc (whatever your long term goals happen to be).
• Part 2 - Specialized Financial Activities - Given your current life situation, what specialized financial activities should you focus on immediately, within 5 years, within 10 years, beyond 10 years? Please briefly explain how these activities fit into your overall plan. There are examples on page 5 of your textbook, but you need not limit your financial activities to those listed (nor do you have to use every activity listed).
• Part 3 - Planning - Determine a plan for spending and saving. How will you balance your spending and savings with short, medium, and long-term goals? Discuss your plan for balancing spending on your immediate needs with your long-term goals. Please try to avoid the common pitfall of planning to save more when you make more. Effective saving generally means living "below your means." Please describe your plan. Also, keep in mind the time value of money...
• Part 4 - The Role of Credit - Discuss how credit fits into your financial plan. What are the pros and cons of using various types of credit? Which types of credit do you foresee using to achieve your financial goals?
• Part 5 - Risk Management - Assess your risk now and in the future. Given the common types of insurance available to mitigate risk, how do you plan to use the following in your financial plan? Address the cost-benefit perspectives of each.

Life Insurance Health Insurance Long-term care insurance Auto Insurance Home owner's or renter's insurance

• Part 6 - Retirement Planning - Briefly describe your perfect retirement. At what age would you like to retire? Describe your goals, aspirations, and desired lifestyle for your retirement years. How many years do you anticipate being retired? Does your current financial plan support your retirement goals (lifestyle and time frame)? If not, what changes (if any) do you need to make in your current lifestyle to support your retirement goals?
• Part 7 - Estate Planning - How do the basic estate planning tools addressed in our textbook fit into your financial plan? If not now, when do you propose to address estate planning issues? What financially, if anything, would you like to pass on to your heirs?
• Part 8 - Reflection - In reflecting upon your plan, does your current spending and saving activities align with your proposed financial plan? In particular, can you live your current lifestyle AND have the retirement of your dreams? Please explain. How can you be more deliberate with your finances in order to achieve all of your goals? Identify areas that you think will be the most challenging. Finally, describe the single topic covered in this class that was most meaningful to you personally.