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Unit 4

The document outlines the financial situation of Doãn Hoàng Anh Thư, detailing monthly income, expenses, and assets. It sets short, mid, and long-term financial goals, including purchasing a motorbike, saving for a house down payment, and achieving financial independence. Strategies for achieving these goals include debt repayment methods, establishing savings accounts, and monitoring progress through budget reviews and investment checkups.

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Thu Anh
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13 views3 pages

Unit 4

The document outlines the financial situation of Doãn Hoàng Anh Thư, detailing monthly income, expenses, and assets. It sets short, mid, and long-term financial goals, including purchasing a motorbike, saving for a house down payment, and achieving financial independence. Strategies for achieving these goals include debt repayment methods, establishing savings accounts, and monitoring progress through budget reviews and investment checkups.

Uploaded by

Thu Anh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Doãn Hoàng Anh Thư-24041863-24J10

1. Current Finances

 Income:

o Monthly income after taxes: 10.000.000 VND

o Other sources of income (side jobs, investments, etc.): 1.000.000 VND

 Expenses:

o Rent/Mortgage: 1.900.000

o Utilities (electricity, water, internet, etc.): 500.000

o Groceries: 1.500.000

o Transportation (gas, car insurance, public transport): 200.000

o Insurance (health, life, etc.): 1.000.000

o Debt Payments (student loans, credit cards, etc.): 100.000

o Study fees: 3.800.000

 Assets:

o Savings: 1.000.000

2. Financial Goals

1. Short-Term Goals (1-2 years):

o Buy a new motorbike: 40.000.000

2. Mid-Term Goals (3-5 years):

o Save for a down payment on study France.

3. Long-Term Goals (5+ years):

o Pay off student loan in full and achieve financial independence (i.e.,
enough passive income to cover living expenses).

3. Strategies to Achieve Financial Goals

Short-Term Goals Strategy:


 Debt Repayment:

o Use the debt avalanche method, which involves paying off the
highest-interest debt first (credit cards).

 Emergency Fund:

o Set up automatic transfers to a high-yield savings account. Aim for


saving 1.000.000 each month until the emergency fund reaches
24.000.000 in 24 months.

Mid-Term Goals Strategy:

 House Down Payment:

o Open a separate savings account specifically for the house down


payment.

o Set a goal to save 2.000.000/month toward this account for the next 4
years.

o Research down payment assistance programs and ensure I’m saving


enough for the required amount (typically 20%).

 Retirement Contributions:

o Contribute 10% of my salary to my 401k each year, ensuring I take


advantage of employer matches.

Long-Term Goals Strategy:

 Investing:

o Reinvest dividends and returns into additional investments to


compound growth.

 Student Loan Repayment:

o Set a goal to pay off the student loan by aggressively paying down the
principal over 3 years.

o Refinance the loan for a lower interest rate if possible.

 Financial Independence:

o Gradually shift more towards passive income investments, like


dividend stocks, rental income, or business ventures.

o Focus on maximizing savings and reducing expenses to increase the


savings rate.
4. Monitoring Progress

 Monthly Budget Reviews: Track income and expenses to ensure I'm


staying within budget and meeting my savings goals.

 Quarterly Investment Checkups: Assess the performance of my


investments and make adjustments as necessary.

 Annual Net Worth Update: Review assets and liabilities to track overall
financial health.

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