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FINS5510 Personal Financial Planning INSTRUCTIONS Financial Plan Assignment Andrew Hingston v2022.0 Overview 2 Weight 2 r>Due Date 2 Backup your work 2 Late Penalties 3 Special Consideration 3 Individual Assessment 3 Template 4 Software 4 Formatting 4 Table of Contents 5 File Format 5 File Name 5 Word Limit 5 Referencing 6 Privacy 6 Spouse or Partner 7 Foreign Countries and Currencies 7 Financial Assistance from Family 7 Religion and Interest 8 Writing Style 8 Structure and Content 8 Title Page 9 1. Current Situation (Unit 1) 10 2. Life Planning (Unit 2) 16 3. Financial Strategy (Unit 2) 20 4. Financial Independence (Unit 3) 21 5. Career Strategy (Unit 4) 21 6. Property and Loans (Unit 5) 22 7. Risk Management (Unit 7) 24 8. Taxation Planning (Unit 8) 25 9. Investment Strategy (Units 9 and 10) 25 10. Action Plan (Unit 10) 26 References 26 Appendices 26 File Size 27 Submission 27 Feedback 27 Assessment Criteria 29 Financial Plan Assignment 2 © UNSW Business School Overview The purpose of this assignment is to help you to develop a detailed financial plan that will act as a financial roadmap for the rest of your life. Each section of your financial plan provides you with the opportunity to reflect deeply on the theory covered in the course and to make practical, specific and detailed application of that theory to your expected future life stages. You should work on your financial plan gradually during the term as you cover each Unit. You should use the Microsoft Word template provided and submit the final document in Microsoft Word format. There is no word limit for this assignment but most submissions are between 3,000 and 9,000 words. The financial plan that you will develop is far more comprehensive (and useful) than a typical ‘Statement of Advice (SOA)’ that a financial adviser would prepare for a client. This is because the focus of this course is on understanding the broad issues that financial advisers need to consider when advising clients. The follow-on course to this one, FINS5537 Financial Planning Advice and Ethics, will focus on the process of developing a compliant and ethical SOA for clients. This is an individual assignment. Either copying the work of another student or basing your financial plan on another student’s work is academic misconduct and will result in a fail grade being awarded for this course. Weight The financial plan assignment is worth 40% of your assessment for this course. Due Date The due date for the financial plan assignment is as follows: Assessment component Due Date* Financial Plan Assignment 11:59PM (Sydney time) Sun 30 Jan 2022 (Week 4) * All times are Sydney time Backup your work You should be writing your financial plan assignment gradually over the term after you have completed each Unit. You need to plan for a situation in which the file may become corrupted or your device is damaged. Please create regular copies of your work and place them into a ‘Backups’ folder. Make sure this folder is synchronised onto a USB key or a cloud-based storage solution such as OneDrive or Dropbox (or an equivalent service in China for students who cannot access these services). Loss of data or a damaged device does not constitute grounds for Special Consideration. Financial Plan Assignment 3 © UNSW Business School Late Penalties The penalty for late submission of the Financial Plan Assignment is 5 marks per day (out of 100) for each day (or part day) it is submitted after the deadline. This penalty applies to your score for the financial plan (not the maximum possible score). For example, if your raw score is 70/100 and the plan is submitted 2 days late, a 10 mark penalty will apply and so your score would be reduced to 60/100. Note that there is a small ‘grace period’ of a few minutes after the submission time to allow for slow internet connections or slow website performance. No penalty will apply if the submission is within this ‘grace period’. Please do not email me asking if your submission falls within this grace period. Any financial plan received more than 7 days after the due date (without approved special consideration) will automatically be awarded a score of zero. Special Consideration Special consideration will only be granted in exceptional cases. You are responsible for developing your financial plan gradually as you work through each Unit of the course materials. You should work on your financial plan as you cover each Unit and avoid leaving it until last minute. You are responsible for completing your financial plan well before the due date/time to allow for unexpected circumstances or illness. Being ill during the last week before the date of submission will not normally constitute grounds for special consideration. Loss of data or a damaged device does not constitute grounds for Special Consideration. You are responsible to regularly backup your work and synchronise it onto a cloud-based storage solution (such as OneDrive or Dropbox). If special consideration is granted, the maximum extension that will be granted is 7 days from the original due date. Any financial plans received more than 7 days from the original due date will automatically be awarded a score of zero. An application for Special Consideration together with supporting documentation must be submitted online within 3 working days of the due date. The process for applying for special consideration is here: https://student.unsw.edu.au/special-consideration Individual Assessment This is an individual assessment. You are permitted to discuss the contents of this assessment with your family, a spouse or partner. However, all written work, research and supporting calculations must be your own work. Seeking assistance with your written work or financial modelling constitutes academic misconduct. Providing assistance to any other students also constitutes academic misconduct. Copying or paraphrasing the work of any other student (from current or previous terms) constitutes academic misconduct. Copying the work of another student and then changing the Financial Plan Assignment 4 © UNSW Business School details to reflect your situation and strategies constitutes academic misconduct. Using another student’s financial plan as a ‘reference’ for you while you complete your own financial plan is also academic misconduct. If another student approaches you for assistance, please note the time, date and details of the incident and email the details to me at
[email protected]
. UNSW has no tolerance for students who are dishonest or seek to obtain an unfair advantage over other students. Academic misconduct is a serious offence. It can result in zero being awarded for this assessment, a failure grade for the course and/or removal from the University. Template You should use the Microsoft Word Template document provided under the ‘Financial Plan’ section of the course website. Note that as a student at UNSW, you have access to the full suite of Microsoft Office 365 applications. More information about accessing this software is provided below. Software You should note that all students at UNSW have access to the full suite of Microsoft Office 365 products for free (on both Windows and Mac). This includes downloadable versions of the entire Microsoft Office suite to 15 devices (5 desktops, 5 tablets and 5 mobiles). The steps for downloading the latest version of MS Office are as follows: 1. Go to https://login.microsoftonline.com 2. Login with the same zPass that you use for Moodle using the ‘
[email protected]
’ version of your UNSW student email. For example:
[email protected]
3. Click the ‘Install Office’ button at the top right of the screen. 4. Choose ‘Office 365 apps’ and follow the on-screen directions from there. More information is available here (although it is a little out of date): https://student.unsw.edu.au/sites/all/files/uploads/group228/notices/office-proplus.pdf Formatting For headings and body text, please use the styles in the Microsoft Word template provided. Fonts: Please only use either Arial (PC) or Helvetica (Mac) fonts. Students with dyslexia who find these fonts difficult to read may use Times New Roman. Font sizes: Please use font size 11 pt for your body text. Financial Plan Assignment 5 © UNSW Business School For tables, diagrams, captions, footnotes and other minor formatting elements, you can choose your own formatting and styles. Please make sure they are easy to read. Table of Contents You should update the page numbers in the table of contents before submitting the final version of your financial plan as a Microsoft Word document. This can be done as follows: 1. User your mouse to select the table of contents on page 1 2. Go to the ‘References’ tab on the command bar at the top of Microsoft Word 3. Select ‘Update Table’ under the ‘Table of Contents’ group on the Ribbon. 4. Select ‘Update Page Numbers Only’ to only update the page numbers or select ‘Update Entire Table’ to also update your Headings. File Format You should submit your file in Microsoft Word format. File Name Please name your financial plan using the following file name format (and extension): zID Plan.docx For example, if your student zID is z1234567, your file should be named: z1234567 Plan.docx Word Limit There is no word limit or page limit for this assignment. This is your plan and so you can ‘invest’ as much time and detail into it as you like. In past terms, most financial plans are somewhere between 3,000 words and 9,000 words. Financial Plan Assignment 6 © UNSW Business School Referencing As a general principle, you do not need to reference the concepts covered in my lecture slides unless the lecture slides themselves cite another source or it makes sense to do so given how you are using the concept in your assignment. In most cases, I’m expecting you to reference other sources that you have identified to support the ideas in your financial plan including websites, articles, books or videos. For websites, I’m usually happy with just the author (or company), the date that it was accessed and a URL (preferably hyperlinked). For example: "Domain Property Group, accessed 9 December 2021, https://www.domain.com.au" As a general principle, you do not need to reference any pictures that you use in your financial plan. The standard method for referencing at UNSW is in-text (Harvard). However, it is easier for me to mark your assignment on-screen if you use the footnote and bibliography method (Oxford). As such, you may use either in-text or footnote methods for this assignment (or a combination of both). Whether you use in-text citations or footnotes, you should always include a list of references at the end of your financial plan so that I can see all your sources in one location. More information on the footnote (Oxford) method is here: https://student.unsw.edu.au/footnote-bibliography-or-oxford-referencing-system More information on the in-text (Harvard) method is here: https://student.unsw.edu.au/harvard-referencing Privacy This assignment includes personal information that is both private and confidential. Your assignment is not used for any other purpose except to provide you with a mark for this assessment. It will not be used for academic research or commercial purposes. You should also note that more than 100 students undertake this course each term and so it is unlikely that I will remember any of your personal information after I finish marking them all (my memory isn’t that good!). However, you should note that your financial plan will be uploaded onto the Turnitin plagiarism detection service for the sole purpose of checking for similarity with other assignments in past, present or future terms. If you are concerned about the privacy of the information, you are welcome to change, omit or redact any of the specific details that you are concerned about (such as information about your current income or assets). Doing so will likely make very little difference to the usefulness of your financial plan, since you can simply change those details back to the correct values after submission. Financial Plan Assignment 7 © UNSW Business School Spouse or Partner If you have a spouse or partner, you are also welcome to perform this assignment based on your ‘collective’ situation and ‘collective’ plan for the future. Discussing your financial plan assignment with your spouse or partner does not constitute academic misconduct. However, the written financial plan, supporting research and calculations should be your own work. For more information, see ‘Individual Assessment’ on page 3. Foreign Countries and Currencies The financial plan assignment is designed to assess the key learning outcomes of this course. Many of these learning outcomes are specific to the Australian financial system. This presents a problem for overseas students who plan to live abroad after they graduate, since the taxation and retirement saving systems in those countries may be quite different from Australia. Whether or not you plan to live abroad for a significant component of your life after graduation, for the purposes of this assessment you must assume that the Australian system of taxation and retirement savings (superannuation) will apply for your entire life. For instance, you may base your plan on the assumption that you will live in China for the rest of your life, but you must assume that only the Australian system of taxation will apply (not the system in China) and that you will use the Australian superannuation system to save for retirement. I understand that this could result in some unusual circumstances at times, but it is necessary for the assessment of this course. Of course, you are welcome to change your financial plan to reflect the local taxation and retirement savings system after the course is completed. Please only use Australian dollars as your currency for this assignment. You can convert any foreign values in Australian dollars at the current exchange rate. Financial Assistance from Family Some students may be expecting significant financial assistance from their families or a large inheritance from parents or grandparents after they graduate from their degrees (or later in life). This can undermine the learning outcomes assessed by the financial plan assessment because it can result in a financial strategy that basically argues, “I don’t need to do anything that this course covers because my family will provide me with everything that I need financially.” You should undertake this assignment assuming that you will not receive significant financial assistance from your family or others after you graduate in the form of a large lump-sum payment, income support or gifts of property or other investments. However, you are permitted to assume that you can move back home to live with parents while you are saving for a deposit on your first property. Financial Plan Assignment 8 © UNSW Business School Students with disability may assume ongoing support (financial or otherwise) from family. Religion and Interest Some devoutly religious students may believe that either receiving or paying interest on borrowed funds (even under a profit-sharing arrangement using Islamic Banking) is incompatible with their religious faith. Inclusiveness is important at UNSW and I personally have the utmost respect for these religious beliefs. However, being unable to borrow or lend at interest makes many of the financial strategies and products covered in this course unviable and can therefore make it difficult to assess the learning outcomes of the course. As such, if you hold these religious views, one approach that you can take with this financial plan assessment is to base it on a ‘hypothetical third- party’ (perhaps a friend) that is willing and able to borrow or lend money using Islamic Banking services under a suitable ‘profit sharing’ arrangement. Obviously, you are welcome to make appropriate changes to this financial plan document after submission to reflect your personal beliefs and your own preferred financial and investment strategies. If you have further questions or would like to discuss an alternative approach, please contact me at
[email protected]
and I will be happy to discuss it further. Writing Style This is your financial plan and so an informal writing style is acceptable in this assignment. You may write in the first-person if you would like to do so. You may also make selective use of bullet-points and tables where appropriate. However, you are reminded that this is also an assessment for a university course. You are expected to justify your ideas by linking them back to concepts covered in the course or from other cited sources wherever possible. As a general principle, it is not acceptable to justify statements in your financial plan as being true because you “feel that they are true”. For example, “I am going to invest all my money in Bitcoin because I feel as though this will be a good investment for the long-term.” This form of reasoning is generally not acceptable at university. If you believe that Bitcoin is a good investment for the long-term, you need to justify this with logical reasoning based on theories covered in this course and/or evidence from other sources (that are cited). You need to clearly explain your reasoning. Structure and Content You should use the Microsoft Word template provided under the ‘Financial Plan’ section of the course website and use the same headings provided in that document. The following instructions on the suggested content for each section are oriented towards a grade of somewhere between 65 to 80. If you are time-poor due to your Financial Plan Assignment 9 © UNSW Business School workload in other courses or work commitments, you may choose to miss out some of the suggested components in each section. However, doing so may adversely affect your overall score. If you are aiming for a score above 80, you will need to reflect deeply on the material in each Unit and ‘go the extra mile’ in applying it to your future anticipated circumstances. This may involve including content in each section that is not included in these instructions (at your own initiative). The key thing is to balance your expectations for this assignment with your time-constraints due to other commitments. Please also note that the content suggested here is far too much to complete in the week before the financial plan is due. This assessment is designed to be written each week as you work through the course material. It is designed to encourage you to think deeply about the concepts covered in each Unit and to apply it to your own life. In some ways it is like a journal. You are supposed to study the content of a Unit, then immediately apply that content to your own life by writing up the relevant sections of your financial plan. Your financial plan should contain the following sections and content: Title Page The Microsoft Word template provided contains the following table. You should complete the information in the space provided (deleting the hint text): Student ID: Replace this text with your UNSW student zID Given name Replace this text with your given name (UNSW student records) Family name Replace this text with your family name (UNSW student records) Degree program What degree are you currently studying? Country In what country do you plan to live most of your life? Word count Replace this text with your assignment word count Check the student declaration to confirm that the assessment is your own work. A table of contents is provided. You can update the page numbers as follows: 1. User your mouse to select the table of contents on page 1 2. Go to the ‘References’ tab on the command bar at the top of Microsoft Word 3. Select ‘Update Table’ under the ‘Table of Contents’ group on the Ribbon. 4. Select ‘Update Page Numbers Only’ to only update the page numbers or select ‘Update Entire Table’ to also update your Headings. Financial Plan Assignment 10 © UNSW Business School Failing to update page numbers in the table of contents before final submission will result in a penalty (see Assessment Criteria on page 29). 1. Current Situation (Unit 1) This section is a statement of your current situation. It provides a starting point for assessing the gap between your current situation and the long-term goals that you will establish in section 2 of your financial plan. When financial advisers provide advice to clients, listing the client’s current situation is a key component of a Statement of Advice because it demonstrates that the adviser understands the client’s current situation correctly. This section can be formatted using a combination of tables and bullet-points if you believe that this is a clear way to present the information. It does not need to be presented in prose (paragraphs). The information is private and confidential and will not be used for research or commercial purposes. For more information in privacy of your information, please refer to the section on ‘Privacy’ on page 6. This section should include the following information: Basic Information • Your current age. • Your preferred gender description. • Your current relationship status description (eg. single, casual relationship, defacto relationship, married). This is relevant for the estate planning and some other sections of your financial plan. • A list of anyone who is currently financially dependent on you (usually children). • Your country of residency or citizenship. If you are an overseas student, please also identify whether you plan to pursue residency in Australia in the future. • Your current residential living circumstances. Are you living in a residential college or other UNSW accommodation, renting or co-renting a property, own your own home (with or without a mortgage) or living with parents? Financial Plan Assignment 11 © UNSW Business School • Your current mode of study. Are you a part-time or full-time student? Are you a domestic or international student? What is your degree program and major? When do you expect to complete your current degree? • Your current employment status. Are you working part-time, full-time or currently not working? What is the name of your employer and what is your current job role? Income Statement An income statement estimates your income, expenses and profit over the last 12 months. As discussed in Unit 1 of the course, income statements are always measured over a period of time (often one month or one year). The key formula for an income statement is income less expenses is equal to profit. Following are a few tips: • You likely haven’t been recording your income and expenses over the last year and so some estimation will be necessary. I obviously don’t know the ‘truth’ of your income and expenses over this period. However, you should do your best to estimate your key expense categories, since they are usually needed for any home loan applications and are useful for establishing a budget. • Many students are engaged in casual work and so income earned can vary significantly between weeks and months of the year. If your income is variable, one approach is to simply calculate your total income over the last 12 months and then divide the total by 12 to calculate an ‘average’ monthly income. They key thing is that it is normal for income to be ‘lumpy’ if you are working casual jobs or pursue holiday employment. However, usually an ‘average’ monthly income across the entire year is the number that is useful to know. • It is helpful to express your income, expense and profit figures in both ‘per year’ and ‘per month’ bases (as two separate columns). For some expense categories (such as food), it may be easier to estimate a ‘typical month’ and then multiply by twelve to estimate the annual figure. For other expense categories (such as motor vehicle registration and insurance), it may easier to estimate the total expense for the year and then divide by twelve to estimate the ‘per month’ figure. • For your personal income (salary or wages), you can use either before or after-tax income. If you use before-tax income, you should also include income tax as a corresponding expense. • In most situations, your employer will have made contributions into your superannuation account. Even those these payments are not part of your ‘cash flow’, they are still a source of income. In most situations, 15% contributions tax is taken out of these employer superannuation contributions. The total contribution is income. The contributions tax is an expense. • If you received financial support from your parents and/or a scholarship, you should include the amount that you received as income (with an appropriate categorisation). If you parents gave you money in ‘instalments’, estimate the total amount that they gave you over the last 12 months and then divide by twelve for the average monthly amount. Financial Plan Assignment 12 © UNSW Business School • Income should be categorised by the different sources, similar to the examples covered in the Unit 1 course materials. You are welcome to customise these categories for your own situation. • Your estimate of expenses should be broken down into categories such as ‘Rent’, ‘Food’ and ‘Transport’. If you are not sure about your expenses, try tracking them over a month using a spreadsheet. A spreadsheet is provided under the ‘Spreadsheets’ link provided under the ‘Course Resources’ section of the course website (Moodle). • You can choose your own expense categories but don’t include too many. For most people, less than 5 categories doesn’t provide enough detail to understand your expenses but more than 15 categories creates ‘information overload’. There are some suggested categories in the course material (lecture) for Unit 1 but you can customise these for your own situation. • If you live at home with your parents, better quality submissions will include your share of various bills (such as electricity and food) in your calculation of expenses. Whether or not you pay for these expenses yourself, they are still expenses that you are incurring because you are using the service and are deriving a benefit from that service. If your parents pay for your expenses on your behalf, then the amount that your parents are subsidising you is a form of income (‘support from parents’). For instance, if you incur $100 of educational expenses (an arbitrary number) and your parents pay for the $100 on your behalf, two separate transactions have occurred. You have incurred a $100 education expense and you have received a $100 income from your parents (‘support from parents’). The net effect of these two transactions on your profit is zero because the $100 in income is offset by the $100 in expenses. • Unit 1 covers the concept of depreciation, which is a measure of how an asset decreases in value over time. Depreciation is an application of the ‘matching principle’ in accounting, in which the expense is matched to the period in which the benefit from the asset is recognised. Many assets decrease in value as a curve (diminishing value), halving in value every X years. For example, if an asset is purchased for $1000 and halves in value every 2 years, then it will be worth $500 after 2 years, $250 after 4 years and $125 after 6 years and so on. If you are not sure how much something you own is worth, look it up on Ebay or Gumtree. The current value of the asset can be placed on your balance sheet. Better quality submissions will include estimates of depreciation on key assets as an expense with a very brief explanation of how it was calculated. Note that some suggested rates of depreciation for cars and notebook computers are included in the Unit 1 lecture slides, but you are welcome to make your own estimates. However, there is no need to go overboard here. Only include depreciation for significant assets that you are expected to use over many years (such as a motor vehicle or computer). The purchase of smaller items is normally just treated as an expense at the time of purchase. • Tuition fees are an expense whether you pay them directly, your parents pay for them on your behalf or you defer payment by using a HECS or FEE-HELP loan from the government. For example, let’s assume that your course fees are $100 per month (I’m using a ridiculously small number here for simplicity!). If you pay for Financial Plan Assignment 13 © UNSW Business School these yourself via your savings, the course fees are an expense of $100 per month and your savings account (an asset) will decrease by $100 per month. If you defer payment of the tuition fees by using a HECS loan, you have still incurred an expense of $100 and your student loan (a debt) will increase by $100 per month. If your parents pay for your tuition fees on your behalf, you have a tuition expense of $100 and also an offsetting income support from parents of $100. In other words, you will have a $100 expense no matter whether you pay for them yourself, defer it onto a HECS or FEE-HELP loan or your parents pay for it on your behalf. If you pay for the course fees yourself, your savings account (an asset on your balance sheet) will decrease by $100. If you use HECS, a loan (a liability on your balance sheet) will increase by $100. If your parents pay for your student fees, you will have an income of $100 and there will be no change in your balance sheet. • For couples, there are two approaches that you can take with your income statement: (1) keep your income and expenses completely separate and only include your share of the income and expenses (like you are flatmates) or (2) combine all of your income and expenses as one combined entity (like you are one organisation). It is entirely up to you how you do this but most students who are in a stable long-term relationship prefer option (2). Balance Sheet A balance sheet is a statement of your current assets, liabilities and equity (net wealth). As discussed in Unit 1 of the course, a balance sheet is always measured at a point in time. The key formula for a balance sheet is assets less liabilities is equal to equity. Following are a few tips: • Your assets should mainly focus on ‘financial and property assets’ (such as bank accounts, property, superannuation or other investments). • You are also welcome to include other significant ‘physical assets’ such as a computer or motor vehicle (at their estimated current value). • Please avoid including ‘lifestyle assets’ such as mobile phones, clothes and furniture. Use some of your own discernment about what to include … please don’t post questions in the general forums about whether you should include your ‘pet hamster’ as an asset, since this is really not very important and wastes everyone’s time! • Your student loan (HECS or FEE-HELP) may make your balance sheet look pretty terrible (creating overall negative equity position for some students), so you are welcome to exclude your student debt from your list of liabilities and simply list it as a separate item underneath your balance sheet table. This is a bit of a ‘cheat’, but it can be a little depressing to have a negative number for ‘equity’ in your balance sheet from student loans since you are actually investing in the value of your brain (an asset), and the associated ability to produce a future income. However, please do not include the value of your brain as an asset, since this would be weird! The easiest way to find out your HECS or FEE-HELP debt is to just contact the ATO on 1300 650 225, provide them with your tax file number and ask them for your HECS or FEE-HELP debt balance (noting that the current term may not be included in that balance). Financial Plan Assignment 14 © UNSW Business School • If you have loaned money to someone else (a friend or family member), the amount of the loan is an asset (loans to friends/family). If that person fails to repay the loan, then the amount would need to be expensed (bad debt expense) and the value of the asset would be zero. If you have borrowed money from someone else, the amount of the loan is a liability (loans from friends/family). If that loan is forgiven, the amount of the loan is actually an income (gift received or loan forgiven) and the value of the liability would decrease to zero. • If you do not currently have any liabilities or debts (lucky you!), you should still specify this. For some students, the only debt that they have is their student debt. • The basic requirement for this section is to just calculate your balance sheet ‘now’. • Your current balance sheet position will have more meaning if you are able to compare it against your position at some stage in the past. An optional extension is to compare your assets, liabilities and equity with values from one year ago. You can do this by simply adding a second column of figures and labelling it accordingly. Insurance Insurance will be covered in Unit 7, but it is helpful to undertake a quick ‘stocktake’ of your current insurance situation at the start of the course. However, it could be a good idea to review this section after you have completed Unit 7 to make sure that you haven’t missed anything. This section should include details of your current insurance cover including: • Death Cover or Term Insurance (lump-sum payment upon death). Note that for many people, this will be included in their superannuation accounts. • Total & Permanent Disability (TPD) (lump-sum payment upon disability). Note that for many people, this will be included in their superannuation accounts. • Income Protection or Salary Continuance (replacement of income upon accident or illness that prevents you from working). Some people may have salary continuance in their superannuation accounts. Others may have taken out separate income protection policies. • Any other form of life insurance such as trauma or whole of life policies. • Home and contents insurance • Motor vehicle insurance • Private health insurance or overseas student health cover (OSHC) • Travel insurance that you normally take out when you travel abroad. For each of these types of insurance, you should state whether or not you currently have them. If you don’t currently have this type of insurance, you should list the insurance and state ‘None’ next to it. If it isn’t applicable (such as motor vehicle insurance for someone who doesn’t have a motor vehicle), please state ‘Not applicable’. Financial Plan Assignment 15 © UNSW Business School As an optional extension, it can be helpful (for you) to list the details of each policy as in an Appendix to your financial plan (perhaps as a table). Some suggested details include: • Insurance provider (company name) • Product name • Account number (you can redact/ delete this in your final submission for privacy, but it is a good idea to include this in your personal copy of this financial plan) • Annual premium paid • Level or amount of cover (if applicable) • Telephone number for making claims • Some notes (for you) about key inclusions or exclusions (if relevant). This is normally not a complete list, just some notable ones for your own reference. You should think carefully about how you will format this section. You may make selective use of bullet points, tables and other means to concisely and clearly communicate this information. Estate Planning Estate planning (wills etc) will be covered in more detail in Unit 7. In section 1 of your financial plan (current situation), please include details of any current wills or other relevant estate planning issues: • Do you currently have a valid will in place? If so, o Who drafted the will for you (lawyer or will kit)? o When was the will last updated? o Have you had a significant change in life circumstance since it was last updated (such as getting married or having children)? o Who is the executor of the will? o Who are the main beneficiaries? o Who are the nominated guardians for any children? o Who were the witnesses? • Have you appointed any Powers of Attorney (allowing someone to sign documents or act on your behalf)? If you do not have a current will in place, you should clearly specify this here. Anticipated Irregular Cash Outflows This section should identify any significant irregular expenses or large cash outflows that you expect to occur in the next 5 years. By ‘irregular’, I mean that they are not expected to occur each year. These might include the cost of a new motor vehicle (less Financial Plan Assignment 16 © UNSW Business School expected sale price of your existing vehicle), the costs associated with moving out of home or the funds required for a particularly expensive holiday abroad. It might also include the deposit required to buy a property. 2. Life Planning (Unit 2) This section should combine the content covered in the first half of the Unit 2 course material with your own research and life experiences to define and justify a series of life values, principles and an overall life purpose. It should also define a series of life stages and include a set of life and financial goals for each life stage. Life Values and Principles Defining a series of values and the associated life principles is an important foundation for determining your life stages and corresponding life and financial goals. Including an overall statement of ‘life purpose’ is suggested but not required. Life values and principles are similar but slightly different. Values are used to formulate principles. A value is a quality or standard of behaviour. A principle is a specific rule governing your behaviour that is based on that value, sometimes expressed in “I’ll never …” or “I’ll always …”. Values are general while principles tend to be more specific and unyielding. Below are some examples of values and a corresponding principle: Value Principle Thriftiness I’ll always practice contentment and avoid buying things just because they are ‘new’ or to impress others. Open-mindedness I’ll practice listening, compassion and empathy so that I can understand other people’s thinking and behaviour. Fairness I’ll never treat people unfairly by making judgements based on their gender, sexual orientation, age, race, cultural background or appearance. Honesty I’ll never lie, even if it is to prevent harm, hurt feelings or to avoid an uncomfortable situation. I will always be honest in a way that is also loving, compassionate and has the best interests of other people in mind. Relationships matter I’ll never be unfaithful to my friends or partner. I will always put the long-term interests of people ahead of short-term financial gain. In this section, you should briefly identify between 3 and 10 values and some corresponding life principles. You should also briefly explain why you have chosen these values and principles based on your beliefs (religious or otherwise), the principles of happiness covered in Unit 2 or your own research. Financial Plan Assignment 17 © UNSW Business School Most students write this section with a series of headings for each value (or principle). Each value (or principle) is then followed by a paragraph explaining why they have chosen that value or principle (and if possible) citing any research to support the claims. For example: Value 1: BLAH This is a paragraph supporting why I have selected BLAH to be a life value. It will also identify one or more specific life principles based on this value. There is also a justification for the value and principles by clearly articulating the beliefs on which they are based, the course material and/or your own research. Better quality financial plans will also include an overall statement of life purpose. A statement of purpose provides our reason for being. Values focus on the ‘what’ we value, principles focus on ‘how’ we may (or may not) achieve our values. Purpose explains ‘why’ our values and principles are important. Note that you don’t have to choose the values or principles covered in the course material in Unit 2. You are welcome to use any values and principles you like, so long as you clearly explain and justify the reasons why you have chosen those values and principles. Life Stages The component of this section is to clearly document the ‘Visualise your future’ activity conducted in Unit 2 of the course materials. This involves imagining that you are aged 60 and are financially independent. You should describe your closest relationship (romantic or otherwise), the nature of your relationships with your immediate family (children, parents and siblings), any paid or unpaid work to keep you engaged and serving others, any hobbies or interests (including with whom you practise them), where you are living (and with whom) and a typical holiday (and with whom you are on holiday). You can also go a bit further and discuss what you have achieved in your life, with whom you regularly spend time, what you do together, what significant health challenges have you experienced, the current status of your health, a typical daily schedule and a description of the things that you are passionate about. The key thing is to clearly visualise one possible future for yourself at age 60. The second thing that you should do is define a series of ‘life stages’ up to and including age 60. This should be based on one possible future course of events (out of many possible life paths). Your future life path can also be thought of as one ‘scenario’ amongst many possible scenarios. As a general principle, the number of life stages should be between 3 and 7 (preferably not too many since it will add unnecessary complexity to your financial plan). The following table shows two different examples of life paths based on two different scenarios (with ages in brackets). Note that you are only required to have one life path in your financial plan (two are provided here for illustration only): Financial Plan Assignment 18 © UNSW Business School Life Path 1* Life Path 2* Student (19 – 23) Student (19 – 23) Single worker (24 – 30) Single worker (24 – 30) Couple with dependent children (30 – 50) Start first business (31 – 50) Couple with adult children (50 – 60) Start second business (51 – 60) Financially independent couple (60 – 85) Financial independent investor (60 – 85) * Note that you are only expected to have one life path in your plan. The two life paths provided here are just examples. For mature age students above the age of 40, you might like to include some of your previous life stages. In other sections of your financial plan, you can briefly describe the financial strategies and choices that you made in previous life stages. It is fairly normal to feel uncertain about what path your life might go down, so it may be difficult to image one specific ‘life path’ and the associated ‘life stages’. However, it is important to have a plan in place for one possible life path. Undoubtably, your life will end up going down a different path to the one that you cover in your financial plan. However, as your life diverges from your plan, you can simply ‘update’ your financial plan document accordingly. As such, your financial plan should be a ‘living document’ that you keep updated for the rest of your life. Once you have defined a series of life stages, you should briefly describe your expected relationship, work and living circumstances in each stage. Do you expect to be single, dating, in a de facto relationship or in a committed long-term relationship? Do you expect to have children? If so, how many? Where will you be living? What will be the type of dwelling in which you will be living? Wherever possible, try to link these details back to the life principles covered under the previous section. Life Goals For each life stage, you should now define a series of life, career and financial goals. Examples of life goals include getting married, backpacking through Europe for a year or getting a ski instructor licence (or maybe all three at the same time!). An example of a career goal is to open your own General Practitioner (GP) practice by age 40. A financial goal might be to save up $X0,000 for a deposit to buy a property by age X. As discussed in Unit 2, each goal should be expressed in SMART terms. They should be Specific (well defined, clear and unambiguous), Measurable (specific criteria to assess attainment), Achievable (attainable with a reasonably probability with adequate skill and effort), Realistic (adequately resourced and consistent with your life values) and Timely (clearly defined timeline or deadline). A poorly expressed goal is “to save up enough money to buy a home”. This lacks specificity (Apartment? Townhouse? House? Sydney? Country?) and lacks a time component. A corresponding SMART goal is “to buy a two-bedroom apartment in SW Sydney for approximately $X00,000 by 1/7/20XX”. Financial Plan Assignment 19 © UNSW Business School Where possible, you should justify your financial goals with calculations to show that they are realistic. There are examples of financial calculations to support these goals throughout the course. The S.M.A.R.T. principle also helps to explain why goals are different from the ‘Life Values and Principles’ covered in the previous section. A Life Principle is a principle by which you would like to live your life and applies to your entire life. A goal is expressed in terms of S.M.A.R.T. criteria and is something you would like to achieve. Below is an example of a life principle and the associated life and financial goals: Live Value: To be an open-minded person Life Principle: To be a citizen of the world who is able to understand and empathise with people from a wide variety of cultural backgrounds Life Goal: Travel to 20 different countries by the time I am 40 years old Financial Goal: Save $X,000 by the time I graduate so that I can go backpacking in Europe for three months One important goal that you should specify in this section (under an appropriate life stage) are the funds that you require to achieve financial independence expressed in today’s dollars (adjusted for inflation). The method for calculating this amount is covered in Unit 2 of the course materials. You should show your working and explain your assumptions. If you use a spreadsheet, you can include a screenshot of the spreadsheet (or embed it) as an Appendix. However, please clearly cross-reference the Appendix in the body of your financial plan so that I don’t miss it! Unit 2 of the course material also describes how to calculate a savings plan to achieve goals. You should generally avoid including these calculations in your ‘Life Goals’ section because they are better suited to the ‘3 Financial Strategy’ in the next section of your plan. Establishing a savings plan is generally not a goal, it is a strategy used to achieve a financial goal. The goal is the objective for which you are regularly saving the money. The strategy is how you plan to save the money to achieve the objective. One really important financial goal for this course is the amount that you will need to achieve financial independence (at age 60 for instance). Unfortunately, we will not cover the financial mathematics for calculating this figure until Unit 3 of the course. As such, you might like to include a ‘guess’ placeholder number here at this stage and then update the number once you have completed Unit 3. One issue that you will face in any financial modelling that you undertake is that you need to assume an average rate or return that any savings and investments will achieve. In the formulas, this is denoted with the letter ‘r’. This is discussed in various Units (especially Units 2, 3, 9 and 10). As a general principle, you should use a ‘real expected rate of return’ in your calculations. The ‘real’ means that it should be adjusted to remove the effects of future inflation in the cost of living (price inflation). If your investments are expected to earn an average nominal return (including price inflation) of 6% per annum and you expect inflation to be 2.5% per annum, the real expected rate of return would be 6.0% - 2.5% = 3.5% per annum. Financial Plan Assignment 20 © UNSW Business School In Australia, inflation is expected to be somewhere between 2% to 3% per annum over the long-term. Interest rates in savings accounts are normally expected to achieve approximately 1% to 2% above the rate of inflation (although this is currently not the case unfortunately due to historically low interest rates). Returns on property and shares (including both price gains, dividends or rent) are normally expected to be approximately 6.5% above inflation. The derivation of these numbers will be discussed in more detail in Units 9 and 10. You are free to choose your own numbers here but you should explain your reasoning if you deviate from the above numbers. A special note in case you have absolutely no idea about what you will do after graduation. Many students struggle with setting goals and strategies in this situation. The approach taken by financial planners is to ask, “What is the most likely life path?” and to base the plan around that. You can then ask, “What would be the best strategies under various other life paths?”, and model each of those strategies separately. However, you are only required to model only one life path in this assignment. 3. Financial Strategy (Unit 2) Your financial strategy is your ‘game plan’ for achieving your financial goals for each your life stages. Your financial strategy may change (or grow in complexity) as you progress through the course, so you will likely need to revisit this section after you have completed each Unit to add more detail. Once you have completed Unit 2 of the course, you should write a ‘rough draft’ of your overall strategy. You should then come back and ‘improve this draft idea’ and/or add details as you build your financial intelligence with each Unit of the course. Towards the end of the Unit 2 course material, I cover a mainstream strategy (‘this is what most people do’ and an ‘alternative strategy’. In Unit 10 of the course material, I will go into a more detailed ‘advanced alternative strategy’. I would like to be very clear that you do not need to use these ‘alternative strategies’. They are only provided as one possible strategy (amongst many) that financial advisors recommend to some clients. It may not be appropriate for your current situation, life values, principles and goals. You should modify the provided strategy to make it appropriate for your own situation and goals or determine an entirely different strategy altogether. In the first section of your plan you identified a number of significant irregular cash outflows that anticipate over the next five years. It is important that you include some strategies to save for these cash outflows. You should explain how you plan to save for them (using calculations and/or savings plans as necessary). If you need to save for a deposit on a property, you need to explain how you plan to save for the deposit needed on that property (usually is good to aim for a deposit of at least 10% of the property value). Please also note that the values used in many Units of this course are somewhat arbitrary and often use rounded or very simplistic numbers (some of which may not be realistic for Sydney!). You should make sure that you undertake your own research on appropriate prices for properties (you will do this in later Units of the course). You should also undertake your own modelling and calculations to estimate how long each Financial Plan Assignment 21 © UNSW Business School stage will take. If you undertake this modelling in a spreadsheet, you can easily update the numbers if you decide to change your assumptions (or strategy) in future Units. Please be specific in this section about the timing and details of each step in your overall financial strategy. Better plans will also briefly explain how a strategy satisfies or is consistent with life values and/or goals. Better quality submissions may also attempt to visualise the steps (or stages) of your overall strategy using a diagram, flow- chart or other means. 4. Financial Independence (Unit 3) This section should apply the principles covered in Unit 3 to develop a long-term strategy for building and maintaining financial independence. There are three components that you should cover: 1. Overall description of the means by which you plan to achieve financial independence. This would normally involve a quick recap of the financial strategy covered in the previous section, highlighting the roles of regular saving, property, retirements savings (superannuation), other investments, any plans to start (and sell) your own business and intergenerational transfers of wealth (inheritance). 2. Detailed description of how you plan to use the Australian superannuation system to build financial independence during the accumulation phase (usually below age 60) including any superannuation strategies. 3. Detailed description of how you plan to use the Australian superannuation system to maintain financial independence during the payment phase (usually after the age of 60) including any superannuation strategies. To satisfy assessment requirements, even though you may be assuming that you live in a different country, you should discuss your strategies using the current Australian superannuation system. You should not base your strategies on any other country. 5. Career Strategy (Unit 4) This section should apply the principles covered in Unit 4 to describe your overall career strategy across your life stages. I’m mindful that there is a LOT of material that you could cover in this section, so I need to be clear that I’m only expecting one paragraph on each of the following topics: 1. Labour market: Please provide a clear definition of the labour market in which you plan to compete (the type of work, industry and geographic location). 2. Economic cycle: Briefly explain how an economic boom or recession is expected to affect employment in your labour market. Is employment highly sensitive to the state of the economy or relatively unrelated? Why? Identify the current phase of the economy (boom, normal or recession) and how you believe that it is affecting average income and employment levels. Financial Plan Assignment 22 © UNSW Business School 3. Structural change: Briefly identify how structural change in the economy from changing technology (fourth industrial revolution) and other factors (post-pandemic economy) are expected to change average income and employment levels in your industry over the next ten years. How will it change the specific work activities that you expect to perform? 4. Values: Briefly explain how your chosen labour market and the associated work aligns with your personal values and principles. 5. Personality: Briefly explain how the nature of the work in your chosen labour market aligns to your intelligences and personality. 6. Work styles: Briefly explain how the nature of the work in your chosen labour market aligns to your skills, experiences and preferred work styles and deeply embedded life interests. 7. Career goals: Briefly define some specific career goals for each of your life stages in terms of the type of company for which you will work, the job role or position and the expected income (in terms of current remuneration levels). This content can be formatted in a table. 8. Career strategy: Briefly explain the specific steps that you plan to take to achieve these career goals. This may involve pursuing specific workplace experiences, developing new skills, regular mentoring, network building, active ‘marketing’ of your skills via social media, additional part-time study (such as studying a Master of Business Administration from UNSW’s AGSM MBA Program … yes … a shameless cross-promotion there!). The content could be formatted as a bullet- pointed list but try to be specific. 9. Risk analysis: Briefly identify and discuss some risks associated with achieving your career goals, including an assessment of the likelihood of each risk occurring (low, medium or high) and the negative impact of the event (low, medium or high). Explain some steps that you can take to manage the risk through mitigation, elimination, acceptance or transfer. Explain some steps that you can take to build resilience against risks that are incurred or are unavoidable. 10. Career Action plan: What specific actions do you need to take in the short term (less than 1 year), medium term (1 to 5 years) and long-term (5+ years)? This can be covered as a bullet-point list. As indicated earlier, I am only expecting one paragraph on each of these topics to keep the scope of this section at a reasonable level! 6. Property and Loans (Unit 5) This section should apply the principles covered in Unit 5 to develop your long-term property strategy and your strategy to finance these properties using home or investment property loans. Financial Plan Assignment 23 © UNSW Business School Property Strategy Your property strategy should apply the principles covered in the first half of Unit 5 to develop a long-term property strategy, including the acquisition of your first property (if you do not currently own one) and any subsequent properties. Buying a property is an important step for creating wealth because it provides control over living expenses over the long-term. It also allows you to buy an asset that is expected to grow at a similar rate to income over the long-run using relatively low interest-rate debt. Better quality assignments will undertake some research using property websites about the type of property (or properties) that you plan to purchase at each life stage. Do you plan to live in it yourself or do you plan to rent it out while you live somewhere else? Is it an apartment, town house or free-standing house? In what country, city and suburb (or area) will it be located? Based on your research on property websites, how much would it cost to buy a property like this right now? When do you plan to buy the property? How much do you expect it to cost at the time of purchase (explaining your assumptions)? You should also consider your need for a dwelling over your various life stages. Do you plan to own your own home during various life stages or rent? How will your need for a home change over your different life stages? You should explain your reasoning and try to link the content to your life values, principles and goals. One problem that many students face is that the price of property in future years is uncertain. Over the long-term, property prices tend to increase in line with average incomes (assuming that increased demand is able to be satisfied by additional property construction). In Australia, inflation is low right now, but the long-term average tends to be between 2% and 3% per annum. Income growth is also low, but would be expected to be around 2% to 3% per annum over the next 20 years based on productivity growth. As a result, you would normally expect property prices to increase by somewhere between 4% to 6% per annum over the long-run. In the short-run, demand and supply factors will influence property prices. A recession would normally be associated with a fall in property prices. In this course, financial calculations are based on ‘real returns’ after adjusting for the effects of inflation. So if you expect property prices to increase by an average of 5% per annum (halfway between 4% and 6%) and you expect inflation to be 2.5% (halfway between 2% and 3%), you would assume that the ‘real’ increase in property prices in the long-run would be 5% - 2.5% = 2.5% per annum. These concepts are covered in more detail in various Units of this course. Property Borrowing Strategy This section should apply the principles covered in the second half of Unit 5 to develop a strategy for borrowing money to buy your first property (if you currently do not own a property) and any subsequent properties covered in your property strategy. Financial Plan Assignment 24 © UNSW Business School This section should be detailed and specific to your situation. Better quality submissions will involve calculations and some basic financial modelling of loans (however, please do not include loan repayment schedules over 300 months!). How much will you need to borrow to buy the property (or properties) you discussed in the previous section? What will be the monthly and annual mortgage repayments? Based on your projected income in the last section, what proportion of your income will be required to make these payments? Is this sustainable if interest rates were to increase or you were to be temporarily unemployed? If your life plan includes a long-term spouse or partner in the future (or currently have one), you can assume that their income will also help to service the property loan. Note that some students may prefer to avoid borrowing money and paying the associated interest for religious reasons. As discussed under ‘Religion and Interest’ on page 8, please base this section on a hypothetical person who is able to borrow money and pay interest (perhaps using Islamic Banking). Note that interest rates in Australia are currently at their lowest level in 30 years, so it may not be wise to use those as your ‘expected’ future interest rate. If you are planning on buying a property in Australia, it would be advisable to use a more ‘moderate’ interest rate for your home loan calculations, such as 6% per annum. This is more likely to be a ‘mid-cycle’ interest rate given our new low-inflation world economic environment that we are experiencing. If you are thinking of buying a property overseas, you should do some research on home loan lending rates in that country. 7. Risk Management (Unit 7) This section should apply the principles covered in Unit 7 to develop a strategy for protecting your finances and loved ones over your various life stages. Key Risks You should identify some key risks that you will face in each life stage, identifying both the likelihood (low, medium, high) and impact (low, medium, high) of each risk. If other sections of the plan included a risk-management section (such as ‘Career Strategy’, you do not need to repeat the risks covered in that section. For each of these key risks, you should very briefly explain how you plan to avoid, mitigate or otherwise manage the risk. Life Insurance You should briefly identify the appropriate types of life insurance that you will likely need at each life stage. You should be specific here including details of the product and levels of cover. Please briefly explain your reasoning and assumptions. Better assignments will also include some basic product research to identify some possible insurance products that you could use to satisfy your needs. Financial Plan Assignment 25 © UNSW Business School Health Insurance You should briefly identify the appropriate level of private health insurance cover that you will likely need at each life stage providing a clear explanation of why that insurance satisfies your needs. Best to include some product details, including levels of cover and premiums. General Insurance You should briefly identify other types of insurance that you need at each life stage, including motor vehicle and home and contents insurance. General insurance isn’t a major section of this course and so you can keep this fairly brief. Estate Planning This section should apply the principles covered towards the end of Unit 7 to develop a brief estate planning strategy to protect your loved ones in the event of an untimely death. For each life stage, you should briefly explain how you plan to structure your will. Who will you use to draft your will (will you be using a will kit, an online service or a solicitor)? Who will be executor? Who will be the beneficiaries and how do you plan to distribute your estate upon your death? You should also consider what you would like to happen in the event of an accident or illness that prevents you from making decisions for yourself over the long-run. Do you plan to grant medical power of attorney or enduring power of attorney? Why? How? 8. Taxation Planning (Unit 8) This section should apply the principles covered in Unit 8 to explain your taxation situation and strategies for each life stage. This will involve identifying the main sources of assessable income and allowable deductions at each life stage and explaining the taxation strategies that you plan to use at each life stage to pay ‘the right amount’ of tax for your situation. Note that you do NOT need to estimate your tax at each life stage in this section. This section should be based on the Australian Taxation System under the assumption that you will be living in Australia for most of your life. You should not base your strategies on the fictitious country of Snowland used in the course materials. 9. Investment Strategy (Units 9 and 10) This section should apply the principles covered in Units 9 and 10 to develop an investment strategy for your savings and other financial assets at each of your life stages. Financial Plan Assignment 26 © UNSW Business School How will you invest your various savings and investments? What is your asset allocation at each life stage (or each step in your financial strategy)? Will you use savings accounts, fixed interest products, shares, investment properties, managed funds and/or exchange traded funds? What specific product(s) are most appropriate to your current and expected future situation? Show evidence of some research here and be specific! How are the products appropriate for your tolerance of risk at each life stage and the associated investment time-horizon? 10. Action Plan (Unit 10) This section should include a specific list of tasks to implement your strategy with deadline dates for each task to be achieved. This is like a one-page ‘task list’ with tick boxes that you can put up on the refrigerator for implementing your chosen strategies (like Microsoft’s free ‘To-Do’ application). This section may repeat some elements of your various strategy sections and can be laid out using a bullet-point or check-box format. However, the key difference is that the plan of action is a brief one-page task list of things that you must do to implement your strategy (1 page) while the various strategy sections provides detailed information about the strategies themselves. One way to prevent the task list from become too complex (and long) is to be detailed about the tasks that need to be done over the next 5 years or so and then get less detailed as you get further out. References This page should include a list of references and websites that you have used to support the research in your financial plan. You generally do not need to reference me or the content in my slides and videos (unless the course materials reference another source). You should generally be referencing external research that you have undertaken. For more information on the formatting of referencing, please refer to the section ‘Referencing’ on page 6. Appendices You can include additional research or modelling that your have undertaken in Appendices that would otherwise break the ‘flow’ of the main body of the assignment. However, please avoid copying and pasting text from websites into an Appendix. There should be cross-references to your appendices in the main body of your assignment. There shouldn’t be any ‘orphaned’ appendices that just contain ‘dumps’ of information. Financial Plan Assignment 27 © UNSW Business School File Size The maximum file size permitted by Moodle is 40MB. If your file is larger than this then it is most likely because you have used some high-resolution images. Please locate the super-high-res images in your document and downscale them. More on this here: https://support.office.com/en-us/article/reduce-the-file-size-of-a-picture-in-microsoft- office-8db7211c-d958-457c-babd-194109eb9535 Submission Your financial plan should be submitted on the course website by the due date listed on page 2. The link for submitting your plan is under the ‘Financial Plan’ section of the course website. You should use the Microsoft Word template provided and submit it in Microsoft Word document format. Remember to update the page numbers in the table of contents using the instructions provided earlier (also provided in the template). The maximum file size of submissions is 40MB. If your file is too big, please decrease the size of your images. Instructions for how to do this are in the previous section. You can resubmit your assignment as many times as you like before the due date. However, the TurnItIn Originality check is only performed once on the due date. You can still submit your assignment on the link provided after the due date but a late penalty will apply. Note that resubmissions on the course website after the due-date are not possible. If you discover that you have submitted the incorrect file, you can email the correct file to me (note that late penalties may apply). If you are submitting your financial plan within one week after the due date, you should just submit your financial plan on the course website. There is no need to email me. The penalties for late submission are indicated under ‘Late Penalties’ on page 3. If you are submitting your financial plan more than one week after the due date, you should both submit your financial plan on the course website and also notify me by email at
[email protected]
. Feedback Your Final Results for this course will be made available to you by UNSW via the myUNSW website a few weeks after the exam period ends. For more details on the dates that your final results will be available and how to access them, please refer to this website: https://student.unsw.edu.au/results Your Financial Plan grade and some general feedback will be released on Moodle within 24 hours of the date that UNSW releases your final grades for the course. To access your grades and feedback: Financial Plan Assignment 28 © UNSW Business School 1. Log into the course website 2. Click on your name at the top right of the screen 3. Select 'Grades' You might be wondering why your grade and feedback for the Financial Plan will be released after UNSW notifies you of your final results for the course. This is because UNSW Assessment Policy stipulates that it must be the university (and not your lecturer) that issues you with your final results for the course. It also stipulates that I am unable to provide you with your score on your final assessment (in this case, the Financial Plan) until the university has notified you of these final results. Otherwise, you could simply determine your final results by adding up your marks for each assessment. I know you have put in a lot of work into your assignment and would like to get detailed feedback on the strategies that you have developed in your Financial Plan. My hands are a bit tied here due to Australian Corporations Law and the associated implications for legal liability for the university. Under Part 7 of the Corporations Act, providing you with written or verbal feedback on the strategies that you cover in your financial plan assignment may constitute personal financial advice. As an employee of the University of New South Wales, I am not licensed to provide you with financial advice relating to your financial plan assignment. The university is also not willing to take on the liability associated with any associated feedback that may be perceived as advice. You should note that the grade that you receive for your financial plan is based on your satisfaction of the assessment criteria of this assignment. The grade does not warrant that the strategies or products that you have selected will be effective for achieving your stated financial goals and objectives. Financial Plan Assignment 29 © UNSW Business School Assessment Criteria Your assignment will be assessed based on following criteria: Criteria Descriptor CONFORMITY (Penalties) The file name or file type does not follow the assessment instructions (5 marks). A table with required information (ID, name, degree etc) was not included on title page (5 marks) A table of contents was not provided, not accurate or page numbers not updated (5 marks) Heading titles for each section deviated from assessment instructions (5 marks) Document styles were not used consistently (5 marks) Inadequate referencing of sources (5 marks) Other deviations from assessment instructions (penalty varies) CLARITY (10%) Ideas are clearly expressed with correct use of spelling, grammar and punctuation. Use of clear and appropriate topic sentences at the beginning of paragraphs. Appropriate use of bullet-points and prose where appropriate to the content. Appropriate use of tables to summarise information. A clear flow of ideas within sections (between paragraphs). COMPELLING (10%) The content is interesting and engaging. The formatting of the document is visually attractive and easy to read on-screen. The length of the assignment strikes the appropriate balance between providing a detailed and customised financial plan without boring the reader with trivial or irrelevant information. Effective use of diagrams, graphs and pictures to visualise information and strategies. RESEARCH (20%) Use of secondary research (websites or articles) to support your financial strategies. Detailed product research to support your financial strategies. The evidence of secondary and product research is provided through clearly identified references. Appraises a full set of options, has significant original content, is lateral and adopts a wide array of perspectives. COMPLETENESS (60%) Theory from each Unit is effectively utilised to analyse your situation and to develop your strategies. The financial plan avoids simply paraphrasing the course material. Evidence of a deep understanding of the course material. A high level of specificity on how to apply the theory in the course material to your current and expected future situations, goals & objectives and your various strategies. The application of theory demonstrates a high level of critical reasoning and logic. The application of theory is novel and/or innovative. Use of financial modelling and calculations to formulate your goals and objectives. Explanation of financial modelling in your plan using spreadsheets and/or algebraic calculations. Explanation and justification of key variables in financial modelling.
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