The first step in creating a financial plan is determining future goals. However, before goals can be considered practical, it’s first necessary to determine where you are, financially. From here, you can then figure out if your future goals can be achieved. Future goals, as all goals in life, need to be specific. For example, saving for a down payment for a house is a much different type of goal than saving for a vacation. For this reason, goals should have a specific dollar amount attached to them. In this example, there should be a price for the house and an amount for the vacation. Chris is a 20-year-old student at George Brown in the last semester of a two-year program. (S)he may have an OSAP loan. Chris is not planning any further full-time education, at least not over the next few years. In ten years Chris would like to hold a position of some responsibility in the field that (s)he has graduated. Further, Chris would like have a family with two children who would be about five years of age. (S)he would like to own a house and have some small amount of savings. For this assignment, create an income and expense statement and balance sheet for Chris’s current situation and planned financial position ten years from now. There will be four financial statements in total: an income and expense statement and balance sheet for Chris’s current position and an income and expense statement and balance sheet for Chris’s proposed future position. You must write an explanation of how Chris will move from his/her current position to the proposed financial position. This explanation is very important. A satisfactory explanation should be about 1,000 words. Normally, this will have three parts: (1) a description of Chris’s current position, which would be the time s(he) graduated from school; (2) a description of Chris’s future position; and (3) a description of what steps Chris would take to go from his/her current position to his/her future position. You are encouraged to use headings to separate each section.
For this assignment determine:
1. Chris’s gender and program.
2. What sort of position Chris would have ten years after graduation and the income for that position.
3. Chris has a partner. Determine what sort of income the partner would bring in. Chris and Chris’s partner’s income will be shown on the same spreadsheet as it is designed to show family income and expenses.
4. Chris will have two children. Determine if one of the partners will stay at home with the children or if the children will be sent to daycare. Your choice must show the cost of daycare and the income of the partner who would stay home if that choice were to be chosen to support your answer
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