The Financial Plan Math Check Up

Are you contributing the maximum to your 401 k plan.

The financial plan math check up. Last but not least look at how you re doing with regard to retirement funds. Your financial plan might feel overwhelming when you get started but the truth is that this section of your business plan is absolutely essential to understand. 8 100 r32 00 the total amount you now have is r400 r32 r432. Check on your current financial health by answering a few questions about your spending borrowing saving and investing habits.

Simple math skills think of your income as a pie chart. If your employer doesn t have a 401 k does it offer any other kind of plan. Start by adding up all of your typical expenses. Assume you have a car worth 3 200 and investments worth another 7 500.

Steps to create your own financial plan. Review your retirement plans. Are your finances on track. You then earn interest for the second year of r432.

Financial planning takes the same ideas and works them out in more detail for bigger goals. Use graphs and charts in the financial analysis section to illustrate the financial data just as you should in other sections of your business plan that include extensive data numbers statistics and trends. This is one of the best tax reducing strategies available. Your goals and priorities may shift over the years as your lifestyle or circumstances change and evolve.

If you owe 1 300 on credit cards and that is your only debt how much is your net worth. So if you leave the money in the bank for another year the bank now calculates the interest on r432. What information you need to build a financial plan. After creating a comprehensive financial plan revisit and revise it regularly so that you stay on track.

This section looks at how to create a comprehensive financial plan. Even if you end up outsourcing your bookkeeping and regular financial analysis to an accounting firm you the business owner should be able to read and understand these documents and make decisions based on what you learn from them. In the space provided answer each of the following math problems. A financial plan will help you meet your needs today and in retirement and help protect you from the unexpected along the way.

Be sure to show your work in the space provided please highlight your answers. Your annual financial planning check up financial planning like life is a dynamic process. All the tools you need to create your own financial plan in 11 easy steps advertisement below are 10 worksheets that will allow you to prepare your own professional quality personal financial plan. It is important to understand that the bank pays you 8 of whatever you have in your account.

Unit 3 the financial plan math check up instructions. Put the most important visuals in the financial analysis with the supporting graphics included in the appendix. What a detailed personal financial plan looks like.