Personal Financial Plan
Financial Plan Project
By
ADM 3445 E. Otuteye
March 31st, 2010
1. Personal Characteristics/Goals
The following consist of a constructed financial plan for Tyler Sisson. He is a single 22 year old and is completing his fourth year in the business program at University of New Brunswick. He has an apartment on Montgomery street, were he walks to school everyday, and plans to purchase a vehicle after university. He has been working a part-time job at Canadian Tire during the school year. Tyler’s main focus at university is marketing and is looking forward to commencing a career in that field.
2. Sources of Income Tyler’s source of income is through working at Canadian tire were he receives $10.50 per hour while working 25 hours per week. For working with Canadian Tire, he gets 20% off anything in the store. This helps him purchase things needed at a lower price. He just receives pay for the hours worked, with no bonuses. Tyler has no pension plan set in place.
He has future plans of finding a marketing position and become successful in that field. Since he’s currently in the last year of the business program, and many opportunities are now arising. Tyler plans on starting the career of his dreams immediately. He has been looking at marketing jobs in sports business, and has found many positions. His hopes of beginning at an annual salary of $45,000 and building that up over the years.
Recommendations for Tyler would be to spend the money he has now wisely, and think of saving some in case theirs no employment directly after university. If there is no employment right after university, he should not give up on his goal. His business degree could be used in another field, if marketing doesn’t pan out.
3. Personal Balance Sheet
Tyler Sisson
Personal Balance Sheet as of December 31, 2010
Assets
Liquid Assets
Chequing
By
ADM 3445 E. Otuteye
March 31st, 2010
1. Personal Characteristics/Goals
The following consist of a constructed financial plan for Tyler Sisson. He is a single 22 year old and is completing his fourth year in the business program at University of New Brunswick. He has an apartment on Montgomery street, were he walks to school everyday, and plans to purchase a vehicle after university. He has been working a part-time job at Canadian Tire during the school year. Tyler’s main focus at university is marketing and is looking forward to commencing a career in that field.
2. Sources of Income Tyler’s source of income is through working at Canadian tire were he receives $10.50 per hour while working 25 hours per week. For working with Canadian Tire, he gets 20% off anything in the store. This helps him purchase things needed at a lower price. He just receives pay for the hours worked, with no bonuses. Tyler has no pension plan set in place.
He has future plans of finding a marketing position and become successful in that field. Since he’s currently in the last year of the business program, and many opportunities are now arising. Tyler plans on starting the career of his dreams immediately. He has been looking at marketing jobs in sports business, and has found many positions. His hopes of beginning at an annual salary of $45,000 and building that up over the years.
Recommendations for Tyler would be to spend the money he has now wisely, and think of saving some in case theirs no employment directly after university. If there is no employment right after university, he should not give up on his goal. His business degree could be used in another field, if marketing doesn’t pan out.
3. Personal Balance Sheet
Tyler Sisson
Personal Balance Sheet as of December 31, 2010
Assets
Liquid Assets
Chequing