Lifetime Financial Planning Contest
The Eight Annual Lifetime Financial Planning contest is sponsored by Harley and Brigitte Smith and the College of Business. Winners receive cash prizes: First Place($1,000), Second Place ($600) and Third Place ($300). Winners will be also recognized on a College of Business plaque and announced at the Spring awards and recognition banquet.
For more information on the contest please attend the Financial Planning Seminar every Thursday at 4:00 pm in Weatherford EG01.
Financial Planning Seminar - Winter 2006
|
Date |
Topic |
Speaker(s) |
Assignment |
|
January 12 |
Introduction of Financial Planning Contest |
Professor Brooks |
Register for Seminar |
|
January 19 |
Life Cycle Planning
Asset Acquisitions:
Debt Management
- Personal Loans
- School
- Mortgage
Financial Tradeoffs
Saving now versus later |
Larry Hanslits |
|
|
January 26 |
Life Cycle Planning Discussion |
Professor Brooks |
Types of Loans and Repayment Schedules |
|
February 2 |
Risk Management
- Life
- Health
- P/C
- Disability
- LTC
|
Ms. Rebecca
Swanson |
|
|
February 9 |
Risk Management Discussion |
Professor Brooks |
Preliminary Insurance Choices |
|
February 16 |
Accumulating Wealth
- Retirement plans
- College
- Other
Family Planning
|
Fred King |
|
|
February 23 |
Savings Discussion
|
Professor Brooks |
Portfolio Choices and Trade-Offs |
|
March 2 |
Retirement Issues
- Early Retirement
- Health Care
- Charitable Giving
- Wills and Trusts
|
TBA |
|
|
March 9 |
Discussion of Retirement Issues
|
Professor Brooks |
Issues still remaining |
|
March 16 |
Lifetime Planning Issues |
Professor Brooks |
Paper Due Following Week
|
Lifetime Financial Planning Paper
You will submit a financial plan for yourself of a fictitious person. The plan must be no longer than 10 pages of double-spaced typing (size 12 fonts). The plan must include an introduction and a client profile. The body of the paper is the initial financial plan for this individual. The final section is a projected financial position of the individual at "retirement" time. The written plan shall include income projections, both labor and investment, anticipated major expenses (car, house, college education for children, retirement funds, etc.), and net worth (assets minus liabilities, and the current investment portfolio). The plan should address major financial choices during four life stages (the early years ages 21 through 35, the middle career years, 36 to 50, the late career years, 51 to 65, and the retirement years 66 and over). During each one of the four areas you will need to address the following specific problems:
· Early Years - Financing the purchase of the first home
· Middle Career Years - College planning for children
· Late Career Years - Health planning for retirement years
· Retirement Years - Charitable giving from estate
While this plan is a prediction of the future (future earnings, expected cost of housing, number of children, projected investment portfolio earnings, etc.) the plan will need to have sound assumptions about earnings potential, investment rates, inflation, housing costs, education costs, and retirement options. In order to have a reasonable goal for retirement income and wealth, you will need to prepare a target retirement dollar figure. This can be best accomplished with the use of financially planning aids at many financial web sites. In addition, at least one spreadsheet (not counted in the 10 pages) will be required to demonstrate knowledge about compound interest and amortization schedules for loan repayments. Additional spreadsheets, graphs, etc., should be used to support calculations and numbers in the written plan.
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