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Assignment 8: Make me a Millionaire
Make me a millionaire.
Assume that you are a financial advisor. I have come to you because I want to develop a plan for retiring early.
I am currently 24 years old and I want to retire by age 55. That gives me 31 years to build wealth. I have just graduated from college and obtained my first job as an urban planner with a local city, earning $32,000 per year. People in this field usually top out at about $60,000 after 10-15 years. I have student loans totaling $43,000 at 5% interest, and a credit card balance of $3,600 at 24% interest. The city I work for has a 401K retirement program which allows me to invest part of my paycheck each month, pre-tax. I own an older car outright, and it runs okay for now. I just signed a one year lease on a modest apartment. I am not married yet. I have practically no savings.
Write me a brief plan for achieving my goal of early retirement. Write no more than one page in a Word document. When complete, submit through the dropbox titled “Financial Plan.”
Your plan must address the issues of:
- living below your means (frugality)
- avoiding (and paying off) credit card debt
- buying a house (that is easily affordable)
- saving at least 10% (or more) of my income and investing in mutual funds
To receive full credit for this assignment:
- Prepare a financial plan as instructed above.
- Address in some way each of the four rules to becoming a millionaire, bulleted above.
- Use facts from the information to calculate specifics for your report.
- Be very thorough in your advice to the client. Less thorough equals less credit.
- Use professional spelling, grammar, and formatting.
- Submit via the Assignment 8 dropbox by the week 8 submission deadline.
Email your professor with any questions.
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