Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings

Homework answers / question archive / Assignment 5 Part 2

Assignment 5 Part 2


Assignment 5 Part 2. Create a 10-year financial plan. In a four (or more) page double-spaced report, answer the following questions. Use the information collected last week (in the pre-plan worksheet). The goal of this assignment is to explain what you want to accomplish over the next ten years, and how you will achieve these goals. Strong papers will use course vocabulary and concepts to support each answer.

What are your financial goals? Write out at least one short-term, one medium-term, and one long-term SMART goal. After each goal, explain why this goal is important to you. What makes you think you can achieve this goal? What realistic challenges do you foresee in reaching this goal?

How will you start saving for an emergency? How much money do you need to save to be able to pay for 6 months of living expenses. How will you make sure that you keep this saved money for emergencies?

What debts do you currently have? How much will you need to pay per month to pay off your debts within ten years of graduating college? Do you anticipate taking on any additional debts (such as a car loan or mortgage payment)? What will you do to make sure that you can make payments each month?

How will you invest your money? What type of investments do you anticipate making in the next ten years? How will you invest your money to save for retirement?

What anticipated expenses do you have for the next ten years? If you plan on going to graduate school, how much money will it cost and how will you pay for it? If you plan on having children or pets, what will you do to make sure you have enough money saved to pay for their expenses?

How will you monitor your credit score and credit report? What will you specifically look for to make sure your information is accurate? How often will you review these items?

If you need financial help, who will you turn to? What support systems are available to you if you need advice? What can you do to continuously educate yourself about financial wellness?

In the file is the assignment from last week to help with this weeks assignment


Running head: FINANCIAL PLAN FOR POLICE Financial Plan for Police 1 FINANCIAL PLAN FOR POLICE 2 1) Career a. A police officer, policing is the best career to take after post-graduation. Police officers work in partnership with the community they serve in maintaining law and order, protecting the public and their properties, and preventing any form of crime. b. Criminal intelligence is a significant career on a job search website since it is a straightforward process designed for decision-making and crime prevention. Top Criminal Intelligence analyst earns an annual salary of $107,500, and average analysts earn $68,321, and low experienced earn $49,000 (Roche & Sergeant, 2019). c. The expected starting salary for a fresh graduate is $49,000 annually due to a low level of experience. d. Criminal Intelligence analyst can improve their room for experience and growth by permitting law enforcement authorities to carry out proactive responses to crime. It helps them identify criminal groups operating in their areas and provides knowledge for basing decisions to select the proper target for investigations. e. After five years of graduation, the expected salary is $322,284, $49,000 as starting salary for the first month and $68,321 for the next four months. After ten years, the expected salary is $859,784. f. Roche, W., & Sergeant, S. L. M. (2019). CRIMINAL INTELLIGENCE MANAGEMENT. 2) Debt a. Direct plus loan is the most sought loan by the students at a higher level of learning. Students in profit institutions borrow more loans than those in non-profit institutions; the maximum amount of loan to anticipate when leaving a school is $40,000. FINANCIAL PLAN FOR POLICE 3 b. The monthly payment for the loan must be at an interest rate of 4% of the loan borrowed on an annual basis, which accumulates to $400 annually and 33.33% monthly payment. Long-term loans of over ten years are not advisable. c. More loans can be borrowed by students who are financially unstable to complete their studies at a higher level of learning. However, over-borrowing may lead to default which has serious financial consequences such as garnished wages and withheld tax returns. The consequences can hinder future borrowing, such as getting a mortgage and overreliance on credit cards. d. Students' other loans include Perkins loans with an interest rate of 5% monthly for five years (Friedman, 2018). 3) Car ownership goal a. Low-Cost Green Car is the best Indonesian car since it is fuel-efficient and relatively low price. b. The price of a Low-Cost Green Car is Indonesian Rupiah 150 million, equal to 10,367.69 US dollar s(Komaladewi & Indika, 2017). c. $519.3867 monthly payment for the car at 5.01% 4) Homeownership a. Zillow home is eco-friendly; it has a dual-pane, low emittance window to provide optimal insulation for greater heating efficiency and reduce carbon emissions and cooling systems. Insulation. The windows also block the ultraviolet rays, which can damage house properties. b. Yearly total taxes for the house is $3,132 with no HOA fee. c. The down payment for the house is $60,000 FINANCIAL PLAN FOR POLICE 4 d. The monthly payment for the house $1,347.13 5) Anticipated expenses a. Money spent on transport from work to home is approximately $768 per month, including fuel and parking charges for 4 miles per day, which is 6.56 kilometers. Price per gallon of fuel $1.47, 6.4 gallons for 4 miles for two drives per day. b. 9.5% of the disposable personal income goes on spending on food, food at home at 4.9%, and away from food at 4.6%. Affordable EAT-lancet diets cost US$9.84 per day, of which the more significant share goes to fruits and vegetables at 31.2%, eggs, fish, and meat at 15.2%, 18.7% legumes, and 13.2% dairy (Hirvonen et al., 2020). c. The cost of food is $295.2 monthly. A family spends $7,084.8 a year, which is the most significant expenditure for a family of three since affordable diets cost US$9.84 per day in the United States. d. Yearly veterinary expenditure for dogs is between $200-499, $100 to $199 to cat owners, and less than $100 for rabbit and fish owners (Gates et al., 2019). Dogs have a role in society for companionship and enjoyment; dog owners have reduced blood pressure rates since they encourage exercise. e. Other expenses include out-of-pocket expenses not covered by insurance and that need to be paid by oneself. They include deductibles, coinsurance and copays, and other services not covered by a health plan. The average national cost for health insurance is $456 for one person and $1,152 for a family per month (Fronstin, & Van Derhei, 2018). At a period of ten years, expenses to be incurred is $2,107,720.13, dogs expenses for ten years at $120,000, health insurance at $1,641,600, food at $35,424, student loan payment with an interest rate of 4% for 30 years at $48,000 and monthly payment for a home at FINANCIAL PLAN FOR POLICE $1,134.13, transport of $230,400 for ten years and $31,162.202 for a car at an interest rate of 5.01% for five years. f. The money needed for six months for expensive living is $2,163.24. 5 FINANCIAL PLAN FOR POLICE 6 References Friedman, Z. (2018). Student loan debt statistics in 2018: A $1.5 trillion crisis. Forbes. Fronstin, P., & Van Derhei, J. (2018). Savings Medicare Beneficiaries Need for Health Expenses: Some Couples Could Need as Much as $400,000, Up From $370,000 in 2017. EBRI Issue Brief, (460), 1-11. Gates, M. C., Walker, J., Zito, S., & Dale, A. (2019). Cross-sectional survey of pet ownership, veterinary service utilisation, and pet-related expenditures in New Zealand. New Zealand veterinary journal, 67(6), 306-314. Hirvonen, K., Bai, Y., Headey, D., & Masters, W. A. (2020). Affordability of the EAT–Lancet reference diet: a global analysis. The Lancet Global Health, 8(1), e59-e66. Komaladewi, R., & Indika, D. (2017). A review of consumer purchase decision on low-cost green car in West Java, Indonesia. Review of Integrative Business and Economics Research, 6(2), 172. Roche, W., & Sergeant, S. L. M. (2019). CRIMINAL INTELLIGENCE MANAGEMENT.

Option 1

Low Cost Option
Download this past answer in few clicks

16.89 USD


Already member?

Option 2

Custom new solution created by our subject matter experts