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P e r s o na l F i na nc e P la n
Prepared for: CFA Society of Pittsburgh
Prepared by: Michael C. Sundberg
Date: 13 March 2015
Introduction.............................................................................................................................................1
Current Situation.....................................................................................................................................1
Start Date..................................................................................................................................................1
Career Path...............................................................................................................................................1
Living Arrangement................................................................................................................................ 1
Monthly Expenses ...................................................................................................................................1
Goals........................................................................................................................................................... 1
Year One Plan (May 1, 2015 – April 30, 2016) ..................................................................................2
Year Three Plan (May 1, 2017 - April 30, 2018) ...............................................................................4
Year Five Plan (May 1, 2019 - April 30, 2020)...................................................................................5
Appendix...................................................................................................................................................6
Exhibit 1..................................................................................................................................................................................................6
Exhibit 2..................................................................................................................................................................................................6
Exhibit 3..................................................................................................................................................................................................6
Exhibit 4..................................................................................................................................................................................................7
Exhibit 5..................................................................................................................................................................................................8
Exhibit 6..................................................................................................................................................................................................8
Exhibit 7..................................................................................................................................................................................................8
Exhibit 8..................................................................................................................................................................................................9
Exhibit 9..................................................................................................................................................................................................9
Exhibit 10...............................................................................................................................................................................................9
Exhibit 11............................................................................................................................................................................................10
Exhibit 12............................................................................................................................................................................................10
Exhibit 13............................................................................................................................................................................................10
Exhibit 14............................................................................................................................................................................................11
Exhibit 15............................................................................................................................................................................................11
Exhibit 16.....................................................................................................................................Error! Bookmarknot defined.
Bibliography...........................................................................................................................................12
S u n d b e r g | 1
Introduction
I created this personal financial plan to begin preparing for the financial realities of life after
college and take ownership of my financial future. In detail, I planned out my financial expectation
in year one, three, and five post graduation. Throughout my college education, I had the privilege
of being taught the essentials of financial planning. With the help of my professors’ input and
guidance, I have been able to apply all of my knowledge into developing this personal financial
plan.
Current Situation
I am a student at Penn State Erie, The Behrend College. I will be graduating on May 8, 2015, with a
degree in Finance. Post graduation, I will be moving from Erie, PA to Glendale, AZ.
Start Date
To assess my financial future, I deemed May 1, 2015 to be my starting date in years one, three, and
five.
Career Path
I have chosen to pursue a career with AXA Advisors and will start preparing for my insurance
licensing tests at the beginning of June 2015. The length of time it will take to receive my licenses
will be 4-5 months. During this time, I will not be paid by AXA. To provide a source of income, I
have accepted a bank teller position and an assistant coaching job in the local area of Glendale, AZ.
Exhibit 1 shows the income projections for each job.
Living Arrangement
Upon graduation, I will be moving into a condominium with my girlfriend. I am very fortunate
that my girlfriend’s parents have purchased the condominium, in Glendale, for us to live in. Since
it is paid for, we do not need to pay rent. We will assume the responsibility of utilities and the
homeowners association (HOA) fees. This cuts my living costs and will allow excess money for
other expenses.
Monthly Expenses
I broke down my expenses into ten separate categories: home, daily living, transportation,
entertainment, vacations/travel, recreation, dues/subscriptions, personal, financial obligations,
and miscellaneous payments. Under each category, there follows a relative list of expenses.
Goals
I have thought out financial and personal goals I would like to strive for in the short and long–
term. In determining what goals to set, I weighed out a majority of my unneeded wants and
focused more on my essential needs for living.
Short-Term Goals
1. Budget
2. Save/Set up emergency fund
3. Purchase my first car
Long-Term Goals
1. Pay off student Loan
2. Save for engagement ring
3. Stay out of debt
S u n d b e r g | 2
Year One Plan (May 1, 2015 – April 30, 2016)
I. Banking Accounts (as of May 1, 2015)
a. All accounts held with Northwest Savings Bank
i. Checking account balance: $100
ii. Statement Savings: $1,000
iii. Passbook Savings: $5,000
II. Income Projections
a. Average monthly income of $4,363.58 (Exhibit 2)
i. Total income projection for year one is $52,363, respectively
b. Monthly income after taxes of $3,389.50 (Exhibit 3)
i. Total annual income after taxes of $40,674.05
III. Average Monthly Expenses (Exhibit 4)
i. Home: $382.50
1. HOA and utilities fees: $350
2. Home repairs: assumed $30
3. Gardens: $10 - $20 depending on time of year
ii. Daily Living: $404.83
1. Groceries: $215 (Exhibit 5)
2. Dry cleaning every other month: $15.50 (Exhibit 5)
3. Dinning out: $200-$250
a. Based on past year expenses
iii. Transportation: $370.22
1. Car Payment: $87 (Exhibit 6)
a. Used 2003 Volvo S60 2.4T
b. Price: $4,988
c. Down Payment: $1,500
2. Progressive Auto Insurance Quote: $60
3. Gas/Fuel: $137.97 (Exhibit 7)
4. Repairs and inspections: $100
5. Detailing/Parking: $10
iv. Entertainment: $57
v. Vacations/Travel: $60 (average of annual expense)
1. Annual Expense: $720
a. Plane Tickets: $350 - $400 round trip
vi. Recreation: $35
1. Gym Fee
vii. Dues/Subscriptions: $58
1. Newspaper: $28
2. Internet Connection: $25
3. Charity: $5
viii. Personal: $324.78
1. Roth 401k: $179.34 (Exhibit 8)
a. Contributions start in October
2. Emergency Fund: $100
a. Start contributions in October
3. Roth IRA: No contributions for the first year
S u n d b e r g | 3
4. Engagement Ring: $50
a. Start saving for in January of 2016
5. Savings: $100
a. Also starting contributions in October
6. Other Personal Expenses: $100-$300 (clothing, gifts, barber, and
books)
ix. Financial Obligations: $1,063.56
1. Student Loan: $214.78 (Exhibit 9)
2. Taxes: $974.07 (Exhibit 3)
x. Misc. Payments: $10-$20
IV. Personal Budget (Exhibit 10)
a. Average monthly income: $4,446.92
b. Average monthly expenses: $2,770.89
c. Cash Extra: $1,676.03
S u n d b e r g | 4
Year Three Plan (May 1, 2017 - April 30, 2018)
I. Income Projections
a. AXA Advisors
i. With hard work and dedication, my monthly income will increase 30% to
$3,885.70
b. Assistant Basketball Coach
i. Assuming 15% increase in monthly salary to $2,300
c. Bank Teller
i. I will not be working at a bank by year three
1. Initial reason for working at a bank is to help cover expenses until
AXA income begins and it presents a great building block to meet
potential clients for my advisor career
d. Average monthly income of $5,035.70 (Exhibit 11)
i. Total income projection for year three is $60,428.40, respectively
e. Monthly income after taxes of $3,817.11 (Exhibit 12)
i. Total annual income after taxes of $45,805.32
II. Average Monthly Expenses
i. Home: $382.50
1. Same living arrangement as in year one
ii. Daily Living: $419.42
1. Groceries: $220
iii. Transportation: $442.36
1. Car Payment: $87
2. Insurance: $60
3. Gas/Fuel: $210.11
iv. Entertainment: $59.50
v. Vacations/Travel: $92.50 (average of annual expense)
1. Annual Expense: $1,110
vi. Recreation: $47.50
vii. Dues/Subscriptions: $63
viii. Personal: $797.69
1. Roth 401k: $310.86
a. 8% of monthly income
2. Emergency Fund: $100
3. Roth IRA: $100
4. Engagement Ring: $100
5. Savings: $100
6. Other Personal Expenses: $100-$300
ix. Financial Obligations: $1,308.08
1. Student Loan: $214.78
2. Taxes: $1,218.59 (Exhibit 12)
III. Personal Budget (Exhibit 13)
a. Average monthly income: $5,077.37
b. Average Monthly Expenses: $3,627.55
c. Cash Extra: $1,449.82
S u n d b e r g | 5
Year Five Plan (May 1, 2019 - April 30, 2020)
I. Income Projections
a. AXA Advisors
i. By year five, I plan to have a stable career with AXA and my monthly income
will increase 55% to $6,022.84
b. Assistant Basketball Coach
i. Assuming 25% increase in monthly salary to $2,875
c. Average monthly income of $7,460.34 (Exhibit 14)
i. Total income projection for year five is $89,524.02, respectively
d. Monthly income after taxes of $5,347.30 (Exhibit 15)
i. Total annual income after taxes of $64,167.57
II. Average Monthly Expenses
i. Home: $502.50
1. Making apartment improvements
ii. Daily Living: $434.42
1. Groceries: $235
iii. Transportation: $434.30
1. Car Payment: $0 (Paid off in 2018)
2. Insurance: $60
3. Gas/Fuel: $245.13
iv. Entertainment: $59.50
v. Vacations/Travel: $96.67 (average of annual expense)
1. Annual Expense: $1,160
vi. Recreation: $47.50
vii. Dues/Subscriptions: $73
viii. Personal: $1,297.45
1. Roth 401k: $602.28
a. 10% of monthly income
2. Emergency Fund: $100
3. Roth IRA: $200
4. Engagement Ring: $200
5. Savings: $100
6. Other Personal Expenses: $100-$300
ix. Financial Obligations: $2,238.32
1. Student Loan: $214.78 (Last payment in November 2019)
2. Taxes: $2,113.03 (Exhibit 15)
III. Personal Budget (Exhibit 16)
a. Average monthly income: $7,502
b. Average monthly expenses: $5,198.64
c. Cash Extra: $2,303.36
S u n d b e r g | 6
Appendix
Year One
Exhibit 1
Exhibit 2
Exhibit 3
S u n d b e r g | 7
Exhibit 4
S u n d b e r g | 8
Exhibit 5
Exhibit 6
Exhibit 7
S u n d b e r g | 9
Exhibit 8
Exhibit 9
Exhibit 10
S u n d b e r g | 10
Year Three
Exhibit 11
Exhibit 12
Exhibit 13
S u n d b e r g | 11
Year Five
Exhibit 14
Exhibit 15
Exhibit 16
S u n d b e r g | 12
Bibliography
"Arizona State Tax Calculator 2015/2016 | Online Tax Calculator." US Tax Calculator. Accessed March 1,
2015. http://www.taxformcalculator.com/state_tax/arizona.html.
"AXA Advisors Salaries." Glassdoor. Accessed March 1, 2015. http://www.glassdoor.com/Salary/AXA-
Advisors-Salaries.
Caldwell, Miriam. "Five Financial Goals - New Year Resolutions." About Money. Accessed March 1,
2015. http://moneyfor20s.about.com/.
"Progressive Auto Insurance and Mobile." Progressive Auto Insurance And Mobile. Accessed March 2,
2015. https://autoinsurance1.progressivedirect.com.
"2003 Volvo S60 2.4T." Cars. Accessed March 1, 2015. http://www.cars.com/.

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Pfp final

  • 1. P e r s o na l F i na nc e P la n Prepared for: CFA Society of Pittsburgh Prepared by: Michael C. Sundberg Date: 13 March 2015
  • 2. Introduction.............................................................................................................................................1 Current Situation.....................................................................................................................................1 Start Date..................................................................................................................................................1 Career Path...............................................................................................................................................1 Living Arrangement................................................................................................................................ 1 Monthly Expenses ...................................................................................................................................1 Goals........................................................................................................................................................... 1 Year One Plan (May 1, 2015 – April 30, 2016) ..................................................................................2 Year Three Plan (May 1, 2017 - April 30, 2018) ...............................................................................4 Year Five Plan (May 1, 2019 - April 30, 2020)...................................................................................5 Appendix...................................................................................................................................................6 Exhibit 1..................................................................................................................................................................................................6 Exhibit 2..................................................................................................................................................................................................6 Exhibit 3..................................................................................................................................................................................................6 Exhibit 4..................................................................................................................................................................................................7 Exhibit 5..................................................................................................................................................................................................8 Exhibit 6..................................................................................................................................................................................................8 Exhibit 7..................................................................................................................................................................................................8 Exhibit 8..................................................................................................................................................................................................9 Exhibit 9..................................................................................................................................................................................................9 Exhibit 10...............................................................................................................................................................................................9 Exhibit 11............................................................................................................................................................................................10 Exhibit 12............................................................................................................................................................................................10 Exhibit 13............................................................................................................................................................................................10 Exhibit 14............................................................................................................................................................................................11 Exhibit 15............................................................................................................................................................................................11 Exhibit 16.....................................................................................................................................Error! Bookmarknot defined. Bibliography...........................................................................................................................................12
  • 3. S u n d b e r g | 1 Introduction I created this personal financial plan to begin preparing for the financial realities of life after college and take ownership of my financial future. In detail, I planned out my financial expectation in year one, three, and five post graduation. Throughout my college education, I had the privilege of being taught the essentials of financial planning. With the help of my professors’ input and guidance, I have been able to apply all of my knowledge into developing this personal financial plan. Current Situation I am a student at Penn State Erie, The Behrend College. I will be graduating on May 8, 2015, with a degree in Finance. Post graduation, I will be moving from Erie, PA to Glendale, AZ. Start Date To assess my financial future, I deemed May 1, 2015 to be my starting date in years one, three, and five. Career Path I have chosen to pursue a career with AXA Advisors and will start preparing for my insurance licensing tests at the beginning of June 2015. The length of time it will take to receive my licenses will be 4-5 months. During this time, I will not be paid by AXA. To provide a source of income, I have accepted a bank teller position and an assistant coaching job in the local area of Glendale, AZ. Exhibit 1 shows the income projections for each job. Living Arrangement Upon graduation, I will be moving into a condominium with my girlfriend. I am very fortunate that my girlfriend’s parents have purchased the condominium, in Glendale, for us to live in. Since it is paid for, we do not need to pay rent. We will assume the responsibility of utilities and the homeowners association (HOA) fees. This cuts my living costs and will allow excess money for other expenses. Monthly Expenses I broke down my expenses into ten separate categories: home, daily living, transportation, entertainment, vacations/travel, recreation, dues/subscriptions, personal, financial obligations, and miscellaneous payments. Under each category, there follows a relative list of expenses. Goals I have thought out financial and personal goals I would like to strive for in the short and long– term. In determining what goals to set, I weighed out a majority of my unneeded wants and focused more on my essential needs for living. Short-Term Goals 1. Budget 2. Save/Set up emergency fund 3. Purchase my first car Long-Term Goals 1. Pay off student Loan 2. Save for engagement ring 3. Stay out of debt
  • 4. S u n d b e r g | 2 Year One Plan (May 1, 2015 – April 30, 2016) I. Banking Accounts (as of May 1, 2015) a. All accounts held with Northwest Savings Bank i. Checking account balance: $100 ii. Statement Savings: $1,000 iii. Passbook Savings: $5,000 II. Income Projections a. Average monthly income of $4,363.58 (Exhibit 2) i. Total income projection for year one is $52,363, respectively b. Monthly income after taxes of $3,389.50 (Exhibit 3) i. Total annual income after taxes of $40,674.05 III. Average Monthly Expenses (Exhibit 4) i. Home: $382.50 1. HOA and utilities fees: $350 2. Home repairs: assumed $30 3. Gardens: $10 - $20 depending on time of year ii. Daily Living: $404.83 1. Groceries: $215 (Exhibit 5) 2. Dry cleaning every other month: $15.50 (Exhibit 5) 3. Dinning out: $200-$250 a. Based on past year expenses iii. Transportation: $370.22 1. Car Payment: $87 (Exhibit 6) a. Used 2003 Volvo S60 2.4T b. Price: $4,988 c. Down Payment: $1,500 2. Progressive Auto Insurance Quote: $60 3. Gas/Fuel: $137.97 (Exhibit 7) 4. Repairs and inspections: $100 5. Detailing/Parking: $10 iv. Entertainment: $57 v. Vacations/Travel: $60 (average of annual expense) 1. Annual Expense: $720 a. Plane Tickets: $350 - $400 round trip vi. Recreation: $35 1. Gym Fee vii. Dues/Subscriptions: $58 1. Newspaper: $28 2. Internet Connection: $25 3. Charity: $5 viii. Personal: $324.78 1. Roth 401k: $179.34 (Exhibit 8) a. Contributions start in October 2. Emergency Fund: $100 a. Start contributions in October 3. Roth IRA: No contributions for the first year
  • 5. S u n d b e r g | 3 4. Engagement Ring: $50 a. Start saving for in January of 2016 5. Savings: $100 a. Also starting contributions in October 6. Other Personal Expenses: $100-$300 (clothing, gifts, barber, and books) ix. Financial Obligations: $1,063.56 1. Student Loan: $214.78 (Exhibit 9) 2. Taxes: $974.07 (Exhibit 3) x. Misc. Payments: $10-$20 IV. Personal Budget (Exhibit 10) a. Average monthly income: $4,446.92 b. Average monthly expenses: $2,770.89 c. Cash Extra: $1,676.03
  • 6. S u n d b e r g | 4 Year Three Plan (May 1, 2017 - April 30, 2018) I. Income Projections a. AXA Advisors i. With hard work and dedication, my monthly income will increase 30% to $3,885.70 b. Assistant Basketball Coach i. Assuming 15% increase in monthly salary to $2,300 c. Bank Teller i. I will not be working at a bank by year three 1. Initial reason for working at a bank is to help cover expenses until AXA income begins and it presents a great building block to meet potential clients for my advisor career d. Average monthly income of $5,035.70 (Exhibit 11) i. Total income projection for year three is $60,428.40, respectively e. Monthly income after taxes of $3,817.11 (Exhibit 12) i. Total annual income after taxes of $45,805.32 II. Average Monthly Expenses i. Home: $382.50 1. Same living arrangement as in year one ii. Daily Living: $419.42 1. Groceries: $220 iii. Transportation: $442.36 1. Car Payment: $87 2. Insurance: $60 3. Gas/Fuel: $210.11 iv. Entertainment: $59.50 v. Vacations/Travel: $92.50 (average of annual expense) 1. Annual Expense: $1,110 vi. Recreation: $47.50 vii. Dues/Subscriptions: $63 viii. Personal: $797.69 1. Roth 401k: $310.86 a. 8% of monthly income 2. Emergency Fund: $100 3. Roth IRA: $100 4. Engagement Ring: $100 5. Savings: $100 6. Other Personal Expenses: $100-$300 ix. Financial Obligations: $1,308.08 1. Student Loan: $214.78 2. Taxes: $1,218.59 (Exhibit 12) III. Personal Budget (Exhibit 13) a. Average monthly income: $5,077.37 b. Average Monthly Expenses: $3,627.55 c. Cash Extra: $1,449.82
  • 7. S u n d b e r g | 5 Year Five Plan (May 1, 2019 - April 30, 2020) I. Income Projections a. AXA Advisors i. By year five, I plan to have a stable career with AXA and my monthly income will increase 55% to $6,022.84 b. Assistant Basketball Coach i. Assuming 25% increase in monthly salary to $2,875 c. Average monthly income of $7,460.34 (Exhibit 14) i. Total income projection for year five is $89,524.02, respectively d. Monthly income after taxes of $5,347.30 (Exhibit 15) i. Total annual income after taxes of $64,167.57 II. Average Monthly Expenses i. Home: $502.50 1. Making apartment improvements ii. Daily Living: $434.42 1. Groceries: $235 iii. Transportation: $434.30 1. Car Payment: $0 (Paid off in 2018) 2. Insurance: $60 3. Gas/Fuel: $245.13 iv. Entertainment: $59.50 v. Vacations/Travel: $96.67 (average of annual expense) 1. Annual Expense: $1,160 vi. Recreation: $47.50 vii. Dues/Subscriptions: $73 viii. Personal: $1,297.45 1. Roth 401k: $602.28 a. 10% of monthly income 2. Emergency Fund: $100 3. Roth IRA: $200 4. Engagement Ring: $200 5. Savings: $100 6. Other Personal Expenses: $100-$300 ix. Financial Obligations: $2,238.32 1. Student Loan: $214.78 (Last payment in November 2019) 2. Taxes: $2,113.03 (Exhibit 15) III. Personal Budget (Exhibit 16) a. Average monthly income: $7,502 b. Average monthly expenses: $5,198.64 c. Cash Extra: $2,303.36
  • 8. S u n d b e r g | 6 Appendix Year One Exhibit 1 Exhibit 2 Exhibit 3
  • 9. S u n d b e r g | 7 Exhibit 4
  • 10. S u n d b e r g | 8 Exhibit 5 Exhibit 6 Exhibit 7
  • 11. S u n d b e r g | 9 Exhibit 8 Exhibit 9 Exhibit 10
  • 12. S u n d b e r g | 10 Year Three Exhibit 11 Exhibit 12 Exhibit 13
  • 13. S u n d b e r g | 11 Year Five Exhibit 14 Exhibit 15 Exhibit 16
  • 14. S u n d b e r g | 12 Bibliography "Arizona State Tax Calculator 2015/2016 | Online Tax Calculator." US Tax Calculator. Accessed March 1, 2015. http://www.taxformcalculator.com/state_tax/arizona.html. "AXA Advisors Salaries." Glassdoor. Accessed March 1, 2015. http://www.glassdoor.com/Salary/AXA- Advisors-Salaries. Caldwell, Miriam. "Five Financial Goals - New Year Resolutions." About Money. Accessed March 1, 2015. http://moneyfor20s.about.com/. "Progressive Auto Insurance and Mobile." Progressive Auto Insurance And Mobile. Accessed March 2, 2015. https://autoinsurance1.progressivedirect.com. "2003 Volvo S60 2.4T." Cars. Accessed March 1, 2015. http://www.cars.com/.