How to create a financial plan in goal setting
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
How to create a financial plan in goal setting
Creating a financial plan is an important step in achieving your financial goals. A financial plan is a comprehensive guide that outlines your current financial situation, your financial goals, and the steps you need to take to achieve them.
Here are some steps to consider when creating a financial plan:
Assess your current financial situation: The first step in creating a financial plan is to assess your current financial situation. This includes evaluating your income, expenses, assets, and liabilities. This will give you a clear picture of your current financial standing and where you need to focus your efforts.
Set financial goals: Once you have a clear understanding of your current financial situation, you can set financial goals. This includes both short-term and long-term goals such as paying off debt, saving for a down payment on a house, and saving for retirement.
Create a budget: After you have set your financial goals, you can create a budget. A budget is a plan for how you will spend your money. It involves allocating money towards your expenses and goals, and making adjustments as needed.
Invest for the future: Investing is an important part of a financial plan. It can help you achieve your long-term goals and grow your wealth over time. There are different types of investments such as stocks, bonds, mutual funds, and real estate. It’s important to understand the risks and potential returns of each type of investment before making a decision.
Protect your assets: A financial plan should also include measures to protect your assets. This includes having adequate insurance coverage, creating a will and estate plan, and having a plan in place in case of disability or unexpected death.
Review and adjust your plan: A financial plan is not a one-time event, it’s an ongoing process. It’s important to review your plan regularly and make adjustments as needed. This may involve re-evaluating your goals, updating your budget, or making changes to your investment portfolio.
Seek professional advice: If you are new to creating a financial plan or find it difficult to navigate, consider working with a financial advisor or professional. They can provide guidance and advice on the best ways to achieve your financial goals and help you create a comprehensive financial plan.
Creating a financial plan is an important step in achieving your financial goals. It involves assessing your current financial situation, setting financial goals, creating a budget, investing for the future, protecting your assets and reviewing and adjusting your plan regularly. Seeking professional help can be beneficial, but it’s important to understand that a financial plan is an ongoing process and requires discipline and consistency.
In conclusion, a financial plan is a comprehensive guide that outlines your current financial situation, your financial goals, and the steps you need to take to achieve them. It involves assessing your current financial situation, setting financial goals, creating a budget, investing for the future, protecting your assets and reviewing and adjusting your plan regularly. It’s important to seek professional advice if needed. A financial plan is an ongoing process that requires discipline and consistency. It’s important to review and adjust your plan regularly to ensure that it continues to align with your goals and changing financial circumstances.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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How to create a financial plan in goal setting
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