Financial Planning

Assignment Requirements

 

Application of the topics covered from week 2 to 10 to their personal situation to construct a personal financial plan in stages. Student should maintain a folder which is available for tutor to inspect on a weekly basis.Executive Summary (2 page max) due in week 13/(5% research and content; 10% on logic and writing as per PLG3a)

Week 2: Financial Planning Task
1. Write down your short-term and long-term goals (dot-points)
3. Fill out a risk-profiling questionnaire and print out the results. For example: www.riskprofiling.com –> select the ‘Do your own profile’ link on the left and register using your student email.
4. If you cannot access the above risk profiling questionnaire, go to Google and search ‘risk profiling questionnaire’ and you will find some online.

Week 3: Financial Planning Task
1. Create a balance sheet for yourself now and in ten years later. We want you to think about what different items may go into each asset and liability category. The ’10 years’ balance sheet should reflect your actual goals and aspirations.
2. Similarly, create an income statement for yourself now and in 10 years later.

Week 4: Financial Planning Task
1. What type of financial product appeals to you the most and why?
2. Carry out asset allocation according to your own risk profile. Give an example of ONE real-life product you would purchase in each asset class and give reasons why.

(A sample asset allocation can be found in pg 361 of the textbook. They can also be found online if you search through Google!)

Week 5: Financial Planning Task
Compare two credit cards which are available in the Australian market. Which one would you choose and why?
You can use the banks’ websites to research directly, or use comparison websites such as infochoice.com.au

. Week 7: Financial Planning Task
Choose 2-3 managed funds that you would invest in and give reasons why.
You should consider your goals, financial and non-financial situation, risk profile, and other matters such as fees and returns of the fund.
A good place to start researching is www.morningstar.com.au

Week 8: Financial Planning Task
You’re considering purchasing a house using an 80% mortgage (for your own use).
– What are the issues you need to consider (eg. Price, locations, costs etc)?

– Weigh up the benefits and the downsides of purchasing a house.

– Decide whether you would purchase the house and give reasons why.

– If not, what alternatives do you have?

Week 9: Financial Planning Task
• Look at your current yearly income (or choose a future career for yourself – Go online and find out the gross salary)
• Work out your tax payable (including the Medicare Levy)
• Then, write down ways in which you can minimise this (eg. Donations, home office expenses etc)
Week 10: Financial Planning Task
You are considering taking out private health insurance and life insurance.
• What are the issues you need to consider? (ie. Your current situation etc)
• What policies would you take out? (ie. Hosptial cover, extra TPD cover)
• In real life, choose one private health insurance policy and one life insurance policy you would take out.
• www.iselect.com.au is a good place to start!
Week 11: Financial Planning Task
Super
• Do you currently have a superannuation account?
• If so, check out the performance of your fund and where your money is being invested in (ie. 100% in a balanced fund). Does this meet your risk profile?
• If you do not have an account, select a fund which you would like to invest your super in!
•
o www.selectingsuper.com.au is a good place to start
Pension
• Are you eligible for any social security benefits?
•
o www.centrelink.gov.au to check
• If so, what are they and why do you/would you receive them?
• If not, think about circumstances which may arise in the future which will result in you receiving these benefits?

Week 12: Financial Planning Task
1. Create a will for yourself right now. (You probably won’t have much to bequeath but that’s ok).
Now, make yourself a will for yourself in 30 years time (make up a scenario for yourself – 2 kids, spouse, a house worth $1m etc)
Compare the two wills and think about when it may be the most appropriate time to prepare a will for yourself.

when you write the assignment, please do not copy the questions. just write Question number and follow the answers.

3 pages for the summary.

 

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