Personal Financial Budget and Plan
One of the most critical aspects to starting, running or growing a business is the financial budget, plan & strategy. Entrepreneurs, finance managers and business leaders need to be able to plan for the daily and long-term financing needs of their organization. They need to ensure they have liquidity to pay employees & vendors while also investing in the business. They also need to keep their focus on other aspects, such as, growing sales, investing in new technology and their facilities. Managing the organizations’ capital is critical to business success.
This is also critical in personal finance. Students will be expected to develop their own personal 10- year financial plan. The objective is that students learn how to build a financial plan for the short term and long term while considering their goals & potential needs. This should also help to get them thinking about strategies, such as paying off student debt, traveling, investing, managing risk and cashflow. Students may also be interested in starting their own businesses and can use this to start developing a plan. The final product will be a formal plan that outlines their monthly budget for the near term and annual targets for the long term. In addition, the final report should outline their goals and strategies for achieving their objectives.