Personal Financial Plan

Personal Financial Plan
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Personal Financial Plan
There are two main goals that I aim to achieve in the short term, that is, in the next five months. The first one is forming a habit of exercising at least three times a week. Evidence reveals that regular exercise is one of the ways to stay fit and be at a lower risk for chronic diseases of lifestyle. I plan to ensure that I inculcate both going to the gym and doing some exercises at home, such as skipping rope. There is no doubt that this goal will have some financial implications. For instance, some subscription fees will be needed at the gym. In addition, I will need to invest in some exercise wear and accessories. My total budget for this goal is $1,000. To successfully achieve this goal in five months, I plan to be saving $200 every month. We live in a world where diets have radically changed to include high sugars and fats. Further, technological advancements have greatly encouraged sedentary lifestyles. Therefore, it is important for one to come up with ways of staying physically fit. The second short-term goal is to go for a holiday to one of the coastal beaches. My plan is to visit one of these beaches for a period of three days. I plan to actualize this goal in the fourth month's time. Since the cost of such a holiday range from $300 to $500 per day, I plan to set aside $400 every month to actualize the goal. Since there are four months to the planned holiday, I will have raised $1,600, which will be enough. I have been going on holiday tours over the years. One thing that I have come to learn over those years is that planning is a key to successfully planning and actualizing a holiday.
One of the intermediate goals is to pursue a master's degree. Although I'm yet to decide on the specific master's degree I will take, I am certain that it will be in the field of finance. I purpose to do so in the next five years. I have carried out extensive research and realized that I could comfortably pursue a master's degree with $10,000. There are several ways that I plan to raise this money. First, it is important to note that I plan to raise funds within a period of four years. The first way will be personal savings. Each year, I plan to be saving $2,000 geared toward this plan. In four years, I should have raised $8,000. I purpose to raise the remaining amount by applying for a student loan. One of the reasons for pursuing a master's degree is so that I can confidently negotiate for higher ranks at my workplace. Further, I intend to start a financial literacy institution later in life. Consequently, a master's degree in finance would come in handy. The other intermediate goal is to sav...