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Personal Financial Planning Aaron Kinequon is about to graduate from the First Nations University of Canada (FNUniv) with a degree in Administration and a major
Personal Financial Planning Aaron Kinequon is about to graduate from the First Nations University of Canada (FNUniv) with a degree in Administration and a major in accounting from the Indigenous Business and Public Administration program. Aaron is currently 24 years old. He received two-years of funding from his band for post-secondary education to complete his Diploma in Administration from FNUniv. The Post-Secondary Student Support Program (PSSSP) through Indigenous Services Canada allows for some status First Nations to access funding for post-secondary education, but due to two years to pursue a job opportunity and then returned to school to complete his Bachelor of Administration degree. During the last two years of his degree, her his Bachelor of funding, but did receive scholarships and student loans and worked part-time in ordecto his tuition and living expenses. His student loan debt is $14,400. Aaron would like to pursue CPA while working for his band's urban reserve office in Saskatoon, Saskatchewan will be employed on-reserve, his income will be tax exempt under section 87 of the Indian After examining his current financial situation regarding income, savings, living expenses, debts, he plans to work as an accountant for his band while he pays off his current student loan debt, pays for the graduate courses necessary to complete his CPA, and saves for his CPA He hopes to complete his CPA requirements, the minimum two years of work in the field of accounting and the exam, in the next three years. While working for his band and finishing his CPA requirements, Aaron plans to rent a twobedroom apartment in Saskatoon and share the rental and utility costs with his cousin. He has a used truck that he recently bought from his uncle and doesn't plan on getting a new vehicle for a while. The truck gets him through those tough Saskatchewan winters and lots of travel in the summer months. Aaron is an avid powwow dancer. He spends his summer weekends traveling and dancing in the powwow circuit. Therefore, he needs to save enough to be able to cover his travel and powwow expenses. After receiving his CPA, Aaron would like to work for a Saskatchewan accounting firm that supports local First Nations. Eventually, he would like to work for a business or nonprofit, such as the Saskatchewan Indian Gaming Authority, the Federation of Sovereign Indigenous Nations, or the Assembly of First Nations, and take on a leadership role as the Chief Financial Officer. In the next ten years, he plans to purchase a home and settle down. He would also like to start investing after receiving his CPA. 1. What are Aaron's short-term, intermediate, and long-term goals? 2. Given Aaron's financial situation, what financial goals should Aaron set for himself in order to achieve his short-term and intermediate goals? 3. What are two opportunity costs that Aaron would experience in pursuit of his goals? 4. Aaron would like to save a total of $5,000 annually to cover his powwow travel expenses and to eventually invest. Using the time value of money as a guide, how much will he have accumulated in five years if he invests the money in a regular savings account earning 1 percent. Personal Financial Planning Aaron Kinequon is about to graduate from the First Nations University of Canada (FNUniv) with a degree in Administration and a major in accounting from the Indigenous Business and Public Administration program. Aaron is currently 24 years old. He received two-years of funding from his band for post-secondary education to complete his Diploma in Administration from FNUniv. The Post-Secondary Student Support Program (PSSSP) through Indigenous Services Canada allows for some status First Nations to access funding for post-secondary education, but due to two years to pursue a job opportunity and then returned to school to complete his Bachelor of Administration degree. During the last two years of his degree, her his Bachelor of funding, but did receive scholarships and student loans and worked part-time in ordecto his tuition and living expenses. His student loan debt is $14,400. Aaron would like to pursue CPA while working for his band's urban reserve office in Saskatoon, Saskatchewan will be employed on-reserve, his income will be tax exempt under section 87 of the Indian After examining his current financial situation regarding income, savings, living expenses, debts, he plans to work as an accountant for his band while he pays off his current student loan debt, pays for the graduate courses necessary to complete his CPA, and saves for his CPA He hopes to complete his CPA requirements, the minimum two years of work in the field of accounting and the exam, in the next three years. While working for his band and finishing his CPA requirements, Aaron plans to rent a twobedroom apartment in Saskatoon and share the rental and utility costs with his cousin. He has a used truck that he recently bought from his uncle and doesn't plan on getting a new vehicle for a while. The truck gets him through those tough Saskatchewan winters and lots of travel in the summer months. Aaron is an avid powwow dancer. He spends his summer weekends traveling and dancing in the powwow circuit. Therefore, he needs to save enough to be able to cover his travel and powwow expenses. After receiving his CPA, Aaron would like to work for a Saskatchewan accounting firm that supports local First Nations. Eventually, he would like to work for a business or nonprofit, such as the Saskatchewan Indian Gaming Authority, the Federation of Sovereign Indigenous Nations, or the Assembly of First Nations, and take on a leadership role as the Chief Financial Officer. In the next ten years, he plans to purchase a home and settle down. He would also like to start investing after receiving his CPA. 1. What are Aaron's short-term, intermediate, and long-term goals? 2. Given Aaron's financial situation, what financial goals should Aaron set for himself in order to achieve his short-term and intermediate goals? 3. What are two opportunity costs that Aaron would experience in pursuit of his goals? 4. Aaron would like to save a total of $5,000 annually to cover his powwow travel expenses and to eventually invest. Using the time value of money as a guide, how much will he have accumulated in five years if he invests the money in a regular savings account earning 1 percent
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