Accounting Homework Help

For this assignment, complete Part I and then Part II, focusing on your expected situation (financial vis-à-vis life goals) in 10 years, assuming you have already set your 1-year and 5-year financial goals. Review your personal financial position and set realistic goals that accurately portray your situation, but personal financial data should not be included.

Part I: Analysis and Goal Setting

Conduct a life goals analysis as a basis for setting meaningful financial goals for accomplishing them. Once you have an idea of where you want to go, you will be in a better position to plan how to get there.

In 250-500 words, identify what major life goals you want to accomplish and why, including the degree to which you expect to have them accomplished 10 years from now. Again, assume you have already set your 1-year and 5-year financial goals.

Next, evaluate, but do not present, your current financial position by assessing your income, expenses, assets, and liabilities.

Using the information you have gathered so far, write a 500-750 word analysis explaining how you determined your personal financial goals. Your analysis should accomplish the following:

1. Identify those parts of the financial plan that fit your goals (e.g., Liquidity, Retirement).
2. Identify two to five financial goals that are specific, measurable, attainable, realistic, and timely. Include the factors you considered to set your goals. For example, describe the role your personal financial statement and balance sheet played in informing your goals.

Include specific terminology and concepts from your classroom readings, such as factors affecting cash flows, forecasting, budgeting, etc.

Support your analysis and goals by citing three to five references, including the textbook.

Part II: Implementation Plan and Rationale

Write a 500-750 word summary in which you describe the practices you will implement to manage your personal financial plan and meet your goals.

Provide a description of practices for all of the six major components of a financial plan:

1. Planning Tools
2. Managing Liquidity
3. Financing (Loans Large and Small)
4. Protecting Your Wealth (Assets and Income – Insurance Options)
5. Investing Your Money
6. Planning Your Retirement and Estate

Provide an explanation of why your implementation plan for managing the six components and meeting your personal finical goals will be effective. Discuss ways to assess whether or not your goals have been met.

Include specific terminology and concepts from your classroom readings, such as timeline, law code, loss prevention, etc.  

Support your implementation plan by citing three to five references, including the textbook.