PERSONAL FINANCE (BAD-250):FINAL PROJECT
SUMMER 2023
✓ You will create a Personal Financial Portfolio/Paper as a final project. The portfolio pages should be
should be as visually appealing as possible – include charts, graphs, and pictures to enhance your
presentation.
✓ This project must be done as a Word document and be in essay format, not in a PowerPoint or Presi
Presentation.
✓ Each section (A-D) should be clearly divided.
✓ Each part of the project (1-13) should be about 1 full page of information.
✓ All links included are suggestions; feel free to use these as a starting point. You may use other
resources. Make sure you site all of your sources. Use the following citation site to assist you in citing
your sources in APA format: http://www.citationmachine.net/#
✓ You must submit the final copy in Canvas by Tuesday, July 25th, 2023 at 11:59 pm
✓ This project is worth 200 points
SCENARIO:
I want you to paint me a picture of your life in finances. You have graduated college and will now enter
“the real world.” Please complete the following – each in a separate section:
SECTION A: Personal Outlook and College Plans
1. Economic Biography and Career Choice: The first section should be an economic biography of you;
including the human capital you have attained (education, job experience, etc.). Include the following in
this section:
a. Where did you go to school?
b. What degree did you achieve?
c. What is the job outlook for your degree (what is the likelihood of getting hired in the future)?
https://www.bls.gov/ooh/occupation-finder.htm
2. Where Will You Work?
Describe the entry-level job you are seeking and/or have obtained. Include relevant information regarding
benefits received, salary, and hours involved. Use REAL examples of jobs in this industry to gather your
information, in the area of the nation you wish to live. Use real examples of jobs available. If you cannot
find a specific salary range, then use a site that gives a range and use the salary at the lowest end of the
range. Document all information. Include the following in this section:
a. Job description and location
b. Entry level salary (Do not choose a job that requires many years of experience.)
http://www.careeronestop.org/SalariesBenefits/SalariesBenefits.aspx
c. Benefits received
Please note: if you plan on starting your own business- complete all of the aforementioned information
based upon the business you will own/operate.
3. College Financing: How much did your training / degree cost? How was it financed? Be specific. You
may need to talk to your parents/guardians to answer some of these questions. Include the following in
this section:
a. How much is the total cost of your degree? Include tuition, room, board, etc.
b. REGARDLESS of your college financing, complete the following:
Using the total cost of college, including tuition and room and board, calculate how much a student loan
would cost to cover this amount. Include interest rates, how long it would take to pay off, and what the
monthly payments would be.
http://www.finaid.org/calculators/loanpayments.phtml
If your parents are financing your college (or it is financed by college scholarships), discuss the
opportunity benefit you receive if from this outside financing – what options are now available to you that
you would not have if you had to finance your own degree?
Hint: To view your college expenses, etc. look in your Web Advisor account to view your Student
Account Summary and Financial Aid Award information
SECTION B: Living on Your Own
4. Home: You need to find a place to live in the area of the country where your job will be located. Find a
REAL example of housing in which you would be willing to live. (Include pictures if possible.) Explain
why you chose this option. Include all relevant amenities. (Apartments do not come furnished. If it says
the option is available, it is not part of the price quoted.) Include the monthly rent (if you plan on
purchasing a house include the mortgage type and mortgage payment – don’t forget to add in taxes and
insurance). Include in this section:
a. Type and location of apartment / home http://www.apartments.com/(Links to an external site.)Links to
an external site. (Links to an external site.
▪ Rent or mortgage payment per month
▪ Amenities included in the rent (just because it says it is available does not mean it is included)
▪ Pictures (how do you envision your home?)
▪ Insurance costs (renters or home owners insurance) http://www.libertymutual.com/homeinsurance/renters-insurance/renters-coverage-calculator
b. Include the type of vehicle you’ll purchase as well as the cost of gas per month, car note/finance charge
(if applicable), and car insurance cost per month
5. One-time Costs: Find out how much money you will need to pay up front for your apartment. Set
aside a budget to furnish your apartment – use some real examples of prices for bedrooms, kitchen, and
living room furniture. What is your security deposit? First payment on apartment/home? (Usually first
and last) Include in this section: http://youngadults.about.com/od/quarterlife/qt/outfitapt.htm
o First payment (usually first/last month’s rent)
o Security deposit
o Cost of basic furniture and dishes (bedroom, kitchen, living room)
o Include pictures / website info
6. Monthly Costs: Find out how much utilities, insurance, etc. will cost per month. Don’t forget all of the
utilities: cable, internet, cell phone, gas, electric, water, heat, trash.
SECTION C: Financial Choices and the Future
7. Saving / Investing: You need to make a saving and investment plan. Research what experts say you
should do. First, determine how much money you will set aside for emergency savings. Then, determine
how much you will set aside in an IRA (or other retirement plan). Based upon your savings and average
gains, complete an analysis of how much you should have at retirement because of compound interest.
https://www.bankrate.com/retirement/retirement-plan-calculator/
o
o
o
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Expert research – what should you do?
Emergency savings – why and how much
Discussion of how to save for retirement
Compound interest analysis – how much will you have at retirement?
8. Choose a Banking Institution: Compare at least three banks, using at least four different criteria.
Introduce the section with a summary of your decision. These financial institutions should be located in
the area you have chosen to live in Section C.
http://www.findabetterbank.com
9. Credit Cards: Compare a Visa/MasterCard; Discover Card, and American Express card. Use at least
four criteria for your decision card. Introduce the section with a summary of your decision. Also, include
a discussion of the dangers of credit cards. If you choose not to have any credit cards, you need to still
complete the comparison, and then explain why you made this choice – explain the drawbacks of not
having a credit card.
http://www.nerdwallet.com/credit-cards
10. Credit Score: What is a credit score? Explain how credit scores are calculated and why they are
important. Use the information that you’ve learned from your text and include:
http://www.bankrate.com/finance/credit-cards/what-is-a-credit-score.aspx
o Definition
o Explanation of the things they monitor to determine your score
o How can you keep track of your credit score?
o What are the three credit reporting agencies?
o What do you do if there is an incorrect entry?
o How can you keep your credit score high?
SECTION D: BUDGET
11. Create a Budget: Based upon the financial decisions you’ve made, create a monthly budget to
determine how your prospective income will affect your expenses. Please download and use the following
budget template to determine your spending/saving habits.
https://www.free-power-point-templates.com/articles/free-personal-budget-template-for-excel
SUMMARY
12. Create a Summary: Write a one page essay summarizing what you have learned in this course. Here
is a list of the chapters that we’ve covered (or will) this semester to remind you of some of the topics:
o
o
o
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CHAPTER 1- Personal Finance Basics and the Time Value of Money
CHAPTER 2- Financial Aspects of Career Planning
CHAPTER 3- Money Management Strategy: Financial Statements and Budgeting
CHAPTER 4- Planning Your Tax Strategy
o CHAPTER 5- Financial Services: Savings Plans and Payment Accounts
o CHAPTER 6- Introduction to Consumer Credit
o CHAPTER 9- The Housing Decision: Factors and Finances
o CHAPTER 10- Property and Motor Vehicle Insurance
o CHAPTER 12- Life Insurance
o CHAPTER 13- Investing Fundamentals
o CHAPTER 17- Investing in Real Estate and Other Investment Alternatives
o CHAPTER 18- Starting Early: Retirement Planning
o CHAPTER 19- Estate Planning
When completing this section, reference your textbook only!
13. REFERENCE PAGE: Make sure you site all of your sources. Use the following citation site to assist
you in citing your sources in APA format: http://www.citationmachine.net/
FINAL PROJECT LAYOUT/OUTLINE:
PAGE 1: COVER PAGE:
PAGE 2: TABLE OF CONTENTS
PAGE 3: SECTION A
PAGE 4-5: SECTION B
PAGE 6-7: SECTION C
PAGE 8: SECTION D
PAGE 9: SUMMARY
PAGE 10: REFERENCE PAGE
Neatness counts! All work must be typed. I will deduct for spelling and
grammatical errors (use your grammar and spell check computer tools).
If you cheat, copy, plagiarize, or use unauthorized collaboration on any work,
you will receive an “F” and will be reported to the Office of the Vice President
of Academic Affair for disciplinarian purposes.
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Formatting
Title Page
Citation
Outline
