Economics Homework Help. AU Econonmics Discussion
The following questions will give you a chance to self-evaluate, to think about what you’ve been learning in this course, and to draw your own conclusions about how you can apply critical thinking and agility in your life. Your answers may be used to determine how to improve the program for future students. Your answers will not be used for marketing purposes. Please respond in a paragraph of at least 5–7 sentences to fully address the questions. Be sure to use your own words!
- Why is it important to think critically and act with agility in all aspects of your life?
- How could taking time to develop plans and having financial well-being help you be more productive?
Open a Word document or use the Reflection template
Week 7 Discussion
Your webtext says, “In the world of finance, there is one certainty: you must take more risk to earn a higher return.” It then identifies the following types of risk: inflation risk, business risk, interest rate risk, and liquidity risk.
Risk is a consideration in many of the decisions we make. Describe a risky financial decision made by you or someone else. What were the downsides of the decision? What were the upsides? How might your financial goals and personal financial plan impact the amount of risk you are willing to take on regarding a financial decision?
Example of a risky financial decision: Withdrawing money from your retirement savings to fund a business start-up.:
Assignment 2: Developing Your Personal Financial Plan
Due: Week 7
Points: 105
Skill(s) Being Assessed: Productivity
Criteria for Success: In this assignment, you will:
- Develop a plan that breaks down the creation of a financial plan into smaller steps.
- Select a financial goal and a realistic time frame for reaching the goal.
- Select a new housing option and explain why the choice of housing was selected and how it supports achieving the financial goal.
- Allocate budget expenditures to reach financial goals within an achievable planned time frame.
- Reflect on how using an organized approach to the assignment helped you to consider your priorities and create a financial plan.
What to submit/deliverables: Excel budget spreadsheet and Word document downloaded from the webtext and submitted in Week 7 via the Assignment 2 link in Blackboard.
What is the value of doing this assignment? We all have financial goals—buying or renting a home, purchasing a car, paying off a loan, or saving up for a vacation. And it can be challenging to figure out exactly how to save toward these goals, given the numerous expenses of daily living. A financial plan helps you identify how you can reach your short-term and long-term goals and leverage planning and organization strategies to make meaningful, incremental progress toward realizing these goals. This assignment gives you the opportunity to apply what you’ve learned about personal financial planning, productivity strategies, and the use of Excel to develop a personal financial plan aligned to your financial goals.
Your goal for this assignment is to: Build your productivity skill by creating a plan for reaching a specific financial goal within an identified time frame. You will use productivity strategies to break financial planning into manageable, organized steps, and you will use Excel to develop a realistic plan that is aligned to your financial goal.
Steps to complete: Follow these steps to complete your assignment. In Week 7, you will submit your assignment in Blackboard.
STEP 1: Read the scenario
Scenario
Imagine that you’re a single parent raising a child. You live in a small town where you grew up and went to school. You’ve worked at a local bank for four years, starting out as a teller and advancing to the position of loan officer. You earn $50,000 a year. After you pay taxes and deposit a portion of your earnings into your 401K retirement account, your take-home pay is $38,000 a year.
You feel like you have great job security and enough income, so you’ve decided that now is the time to begin saving for a financial goal. You’re creating a budget to help you to do that. You also happen to be in a situation where you need to move, so you plan to choose a new housing option that will help you to achieve your financial goal.
STEP 2: Using assignment templates in Chapter 5 of the webtext, you will identify your financial goal and plan the steps you will follow to create your financial plan.
STEP 3: In Chapter 6 of the webtext, you will follow the steps you outlined in the previous week to create your financial plan and prepare a budget using Excel.
STEP 4: In Chapter 7 of the webtext, you will revise your draft responses and download your completed Word document. You will then submit it and your Excel budget spreadsheet to Assignment 2 in Week 7 of Blackboard.
