Please write your outline for this part of the project. Instructions: Lets assume that you are 30 years old. You are a mid-career individual who is working for a large company. You are married with one child. Your current salary is 8,000 USD a month. You receive approximately $32,000 bonus every year. In terms of saving, at the end of 2020, you were able to save $100,000. You objective is to plan your personal financial management so that you are prepared for your family and retirement. The project consists of 8 parts. You are required to complete all tables based on your future capital, assets, income, expense, debts, and investments. You need to put your imaginary hat on in order to conduct this project Part 1: Goals The first step is to set SMART goals for you to envision. These goals are essentially what you want short and long term. -Your personal details and your life goals -strategies to meet your goals Important Aspects to be Considered in Goal Setting Your financial goals should follow the SMART principles. 1. Specific: The goal should be specific and not vague. For example, I want to be a wealthy person is not specific because we are not sure what amount of money can be termed wealthy since each person has a different perception of wealth. For example, you can state, I want to have $10,000,000 at the time of my retirement. I will retire at the age of 65. I have 40 years left to save this amount. Be clear and detailed with your goals. 2. Measurable: What gets measured gets managed Peter Drucker. If we have no measurement, we will not be sure about the quantity. Hence, we have to quantify the goal in monetary terms, I want to save $50,000. Or, I will save $3,216.80 per month ($38,601.62 per year) for the next 40 years in order to have a retirement savings of $10,000,000 at my retirement age of 65 years old. 3. Achievable: The goals we set should be a little beyond reach but not at a level to discourage us from pursuing it. Hence, it should be challenging but within reach. Napoleon Hill wrote in his famous book, Think and Grow Rich, whatever the mind can conceive, and believe, it can achieve. However, if you are dreaming of becoming a professional boxer but you hate training in the gym 4-6 hours a day, dont like eating healthy, dont like dieting, are afraid getting your nose broken, and do not like to be hit in the face, maybe boxing is not a realistic goal that can be achieved for you. Perhaps coaching might be better. Set achievable goals. 4. Realistic: The goal that we set should be realistic. I want to have $100,000 in the next two years is not realistic if we are unemployed or our income is too low to reach this goal. However, if you are able to save $1,000 per month for the next two years, then your goal can be I want to save $24,000 within the next two years by saving $1,000 each month. I will start saving March 1, 2021, with an end date of February 28, 2023. 5. Time-bound: While setting a goal, we should specify the time by when it shall be achieved. For example, if you state your goal is to buy a three-bedroom single family home with a two-car garage, in New Rochelle, NY which costs $1,000,000 by saving $200,000 for the down-payment. This goal satisfies other aspects of SMART goals except the time. If we add in the next four years, it becomes more complete. Example of a SMART Goal Goal: I want to purchase a Residential apartment Specific: I plan to save money for the down payment to purchase an apartment. Measurable: The down payment required is 24,000 dollars Achievable: I plan to save $1,000 each month from my salary. Realistic: I can save this amount from my current salary of $3,000 per month. Time-bound: I want to purchase this flat in the next two years from todays date. Goal: I want to purchase a Residential apartment Specific: I plan to save money for the down payment to purchase an apartment. Measurable: The down payment required is 24,000 dollars Achievable: I plan to save $1,000 each month from my salary. Realistic: I can save this amount from my current salary of $3,000 per month. Time-bound: I want to purchase this flat in the next two years from todays date. Goals can be classified into three types Short-term: Up to 1 year Intermediate Term: More than 1 year up to 5 years Long-term: Beyond 5 years Financial Goals Template : please show working for the breakdown