Ok I have to do a project in school, I have to make a financial plan. My teacher only said that and didn't give us any outlines or anything. How do I make a financial plan when I dont even have a job or any bills or really any idea on costs of things like that.
I think he wants us to make like a financial plan for our whole life to retirement. With like costs of living and kids. But how am I going to do that when I'm only 18 and don't know if ill have kids or how much I will earn working.
2007-05-04 02:03:02 · 3 answers · asked by Raptor 2 in Business & Finance ➔ Other - Business & Finance
I do play poker but it doesn't help for my assignment.
2007-05-04 02:20:15 · update #1
make up a job for yourself pay yourself 35,000. start saving 2000 a year in an IRA and give yourself 2 kids when you are 30 that's a start. buy a house when you are 30 too.
2007-05-04 02:09:27 · answer #1 · answered by GENE M 2 · 0⤊ 0⤋
I would start by stating your assumptions e.g. " I assume I will start a job at the age of x years which has a starting salary of y and will provide an annual payrise of z.
I will have children at the age of (enter when you guess you may have children)
I will pay rent at n dollars per month.
I will buy a house at k age for t dollars using a 25 year mortgage."
I would assume your teacher isn't looking for accuracy because there are a lot of unknowns. I think they want you to go through the process of thinkng about what your income and outgoings will be and planning for them.
ps use a spreadsheet - it will be so much quicker than by hand.
2007-05-04 08:44:33 · answer #2 · answered by lbertram78 2 · 0⤊ 0⤋
I suggest you to start playin' poker dude!
It's easy, you can make a lot of money and also you have a lot of fun! Good luck!
2007-05-04 02:12:12 · answer #3 · answered by neoblady 2 · 0⤊ 0⤋