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My Financial Plan at Age 25

My Financial Plan at Age 25. by Sophiana C. AOF Financial Planning June 6. About me. Biography: College graduate with BS in Economics Financial planner for small bank for last 3 years Single Rent apartment Values Sustainable tourism Financial independence Risk tolerance: medium.

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My Financial Plan at Age 25

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  1. My Financial Plan at Age 25 by Sophiana C. AOF Financial Planning June 6

  2. About me • Biography: • College graduate with BS in Economics • Financial planner for small bank for last 3 years • Single • Rent apartment • Values • Sustainable tourism • Financial independence • Risk tolerance: medium

  3. My short-term goal • Travel to the Galapagos Islands • Direct cost: $7000 • Opportunity costs: loss of income for 4 weeks ($3100), loss of interest on trip expenses

  4. My mid-term goal • Start a financial planning firm by 30 • Direct cost: $65,000 • Opportunity costs: lose job security, guaranteed income, health & disability insurance, free time

  5. My long-term goal • Buy a house by age 40 • Direct cost: 20% down payment plus taxes, insurance, fees (about $60,000?) • Opportunity costs: freedom to relocate for at least 5 years, reduction in disposable income

  6. My Balance Sheet Regular Assets $14,460 Wealth-building assets $ 9,230 Total Assets $23,690 Total Liabilities $ 6,435Net Worth $17,255

  7. My Cash Flow Statement Total income $48,800 Total expenses $37,600 Available to save $11,200

  8. My Insurance Portfolio • Auto • 3-year-old sedan • Comprehensive coverage • $750 deductible • Property: renters insurance • Health & Disability: provided through job • Life: wait until I get married

  9. My Investment Plans • Short-term goal: Visit Galapagos Islands • $8500 certificate of deposit matures in time • Reinvest remainder in IRA • Mid-term goal: Own financial planning business • Continue saving in certificates of deposit • Roth IRA • Long-term goal: House • Invest in mutual funds • AAA rated bonds

  10. Conclusion • “A goal properly set is halfway reached.” • Abraham Lincoln • What I learned in this course: • What my values are • How to set goals that are reachable • How to determine my net worth • The power of compound interest

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