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The Best Financial Plan For a Laptop of all time Ever!!!!
Transcript of The Best Financial Plan For a Laptop of all time Ever!!!!
$400 initially saved, $450 provided by family
Cost of Laptop: $725-775 The financial goal in this financial plan is to earn enough money to purchase the laptop before the end of the school year. The goal of this plan is to earn at least an additional $325 be able to purchase the laptop at its minimum price. Option 1: Obtain a loan from a friend or family member to obtain the additional money required to purchase the laptop.
Option 2: Get a job to earn the money required to purchase the laptop.
Option 3: invest the current savings to gain profit through interest, dividends, and capital gain. Step 3: Identify alternative courses of action- Option 1: Pro- A loan would provide the money required in a short amount of time.
Con- If a loan is obtained, there is no guarantee that we would be able to repay it with no fixed income.
Step 4: Evaluate those alternatives- Proceed to carry out option 2. Earn a job working at least an hour a day. If paid at minimum wage, the money needed may be earned in 45 days. Step 5: Create and use financial plan of action- Because of this plan's flexibility, this plan can afford to adjust to unexpected events. For example, the time given to earn the money may be extended if the job closes unexpectedly for a certain period of time. This plan should be reevaluated, and revised if necessary at least once every week until the laptop can be purchased. Step 6: Review and Revise the plan- Step 1: Determine Current Financial Situation- Step 2: Determine Financial Goals- Option 2: Pro- A job would earn the money required with a minimal risk to finances.
Con- It may take more time to earn the money required than some alternatives. There is also the possibility of losing employment, and facing work related risks. Option 3: Pro-An investment has the potential of providing all of the money required quickly through profits.
Con- There is a significant risk of losing money through investing. If this should happen, a new plan will need to be required to purchase the laptop.