Financial Plan for Olivia Ogilvie

November 30, 2017

Personal Finance - MWF 8-8:50
Age: 23
Net Income: $14,605/year (exhibited on page 2)
Net Worth: $6,136 (exhibited on page 3)
Monthly Savings: $300/month
Investor Profile: Balanced (exhibited on page 4)
Credit Score: 756 - plans to increase include opening more lines of credit and
paying off current debt.
Tax Bracket: 15%
Emergency Savings: $5,000 GS Online Savings Bank (hypothetical)
Life Insurance: $500,000 20 Year Term Policy AIG (hypothetical)
Savings Goals:
Goal #1 - Saving up for an emergency fund.
Start date: September 20, 2017
Deadline: Depends on life. An emergency fund can be used for anything
that comes up that wasnt planned for- such as car repair, medical
expenses etc.
Dollar amount: I want this to be a pretty well stocked account. I want to
have around $5,000 in this account.
Monthly investment: $200-$300
Goal #2 - Completely rid myself of debt.
Start date: September 20, 2017
Deadline: I want to have my debt to be gone in the next year (May of
2018).
Dollar amount: I currently have $1,000 in credit card debt that I need to
pay off. I pay around $100-200 a month towards this.
Monthly investment: $200
Goal #3 - Continue saving for retirement.
Start date: Present
Deadline: Retirement usually comes at age 65. This is when I plan to need
these funds- however I want to take into account the need for early
retirement that might arise. (August of 2059)
Dollar amount: I would love to have saved up $500,000+ for retirement.
Monthly investment: $375 (401k which allows a percentage to be matched
by my employer.)