Financial Goals Assignment Example | Topics and Well Written Essays - 1500 words

Financial cultivations - Assignment ExampleTherefore, for the bordering 5 years, I would like to publish $50,000 to change me expand my small electronics shop to a larger one with at least 2 branches. I would also like to correct for a down payment on a ingleside in the next five years being that I would ingest got graduated and would like to be on my own. The down payment of the house would be $20,000 which Id like to save for and pay over five years. Over the next ten years however, I would expect that my kid shall have become old sufficiency to begin going to school, therefore, Im going to save $50,000 to alter my kid go to school. The list of my goals and how theyll be achieved are in the table below Financial Goal Time Frame Amount Monthly Cost Save for House down payment 5 years $20,000 $333.33 Save for Business expansion 5 years $50,000 $833.33 Save for Childs gentility 10 years $50,000 $416.67 Total monthly cost $1583.33 Cash Management Since I know in truth health ful that money must be well planned for, for one to achieve her goals, I impart apply proper cash management skills in order to be able to achieve my goals. For instance, my parents extend to me $5,000 monthly for personal use after paying for me all my bills and buying for me all I need. I sat down one time and realize that if this money is managed well, and I save just $1,000 0ut of it monthly, Id be having $60,000 after 5 years. ... This function involves self denials of plea current and leisure to make sure you put your money into proper use. In the next ten years, Ill try to reduce on my daily spending on clo subject items and shoes as well as snacks just to enable me to save some money to meet my financial goals. Ill try to use a cipher for both shopping and avoid impulse buying. My shopping list in that case will have a few of unnecessary and luxurious items. Ill just go for the major items that will uphold me going as long as I meet my financial goals. Credit and Debt M anagement During the next five years, once I get employed and be on a payroll, the first thing Id like to do is to see my small electronic enterprise spread to around parts of the State. This would require much cash, I know. But Ive a plan to obtain a $2 million credit from the bank to enable me expand the business first in every part of the State, then in the next ten years, take it to other States after getting enough capital. Ill choose a bank that gives credit for businesses at an affordable rate. That will mean that Ill have to shop around for the different interest rates that different banks charge for their business loans. Ill be able to service my credit from the revenue I get from the business as well as with part of my salary. At the same time, for me to make bigger sales, Ill have to supply my products to retailers at affordable prices for them also to make profits. Ill be able to consider some retailers who can only(prenominal) manage to take the products on credit and pay later after they make some sales. In this case, Ill make the bank be the one to collect my debts on my behalf from my debtors. This will be an expeditious way of debt collection as itll enable me to transfer the risk