Create a personal financial statement (balance sheet) and conduct a SWOT analysi
Create a personal financial statement (balance sheet) and conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) of your financial situation to gain financial literacy and self-awareness. Here’s an assignment outline that combines these elements:
Objective: To help students create a personal financial balance sheet using spreadsheet software and encourage reflection on their financial situation, strengths, weaknesses, opportunities, and threats.
Assignment Description:
Part 1: Balance Sheet Creation (40 points)
Gather Financial Data: Collect data on your financial assets and liabilities. This data can be for a specific date or period. Include sources such as bank statements, investment statements, loan statements, and any other relevant financial documents.
Create a Spreadsheet: Use spreadsheet software (e.g., Microsoft Excel, Mac Numbers, Google Sheets) to set up a new spreadsheet. Label it “Personal Financial Balance Sheet.”
Assets: On the “Personal Financial Balance Sheet” spreadsheet, create a section for listing your assets. Include categories such as:Cash and Cash Equivalents (e.g., savings accounts, checking accounts)
Investments (e.g., stocks, bonds, mutual funds)
Real Estate (e.g., home, rental property)
Personal Property (e.g., car, jewelry)
Other Assets (e.g., retirement accounts, business interests)
For each asset category, enter the current market value as of the specified date or period. Use spreadsheet formulas to calculate the total value of each category and the overall total for assets.
Liabilities: Create a section for listing your liabilities, including:Credit Card Debt
Student Loans
Mortgage
Car Loans
Other Debts
For each liability, enter the outstanding balance as of the specified date or period and the applicable interest rate. Use spreadsheet formulas to calculate the total liabilities and the net worth (assets minus liabilities).
Part 2: SWOT Analysis (25 points)
Strengths: In a separate section of your spreadsheet, list your financial strengths. These can include your stable income, low debt, good credit score, or any positive financial attributes you possess. Explain why each item is considered a strength.
Weaknesses: List your financial weaknesses. These can include high levels of debt, low savings, inconsistent income, or any financial challenges you face. Explain why each item is considered a weakness.
Opportunities: Identify financial opportunities that you can capitalize on. These could include the potential for higher income, investment opportunities, or ways to reduce debt. Explain how you plan to take advantage of each opportunity.
Threats: Identify financial threats or risks that could negatively impact your financial situation. These could include job instability, health issues, or economic downturns. Explain how you plan to mitigate or respond to each threat.
Part 3: Reflection (15 points)
Reflect on Your Financial Situation: Write a brief reflection on your overall financial situation based on the balance sheet and SWOT analysis. Discuss the key takeaways from your analysis, including what surprised you and what confirmed your expectations.
Set Financial Goals: Based on your analysis, set three specific financial goals for the short term (1-2 years) and three for the long term (5-10 years). Explain why you’ve chosen these goals and how achieving them will address your weaknesses or leverage your strengths.
Part 4: Submission (10 points)
Submit Spreadsheet: Submit the completed “Personal Financial Balance Sheet” spreadsheet, including the asset and liability sections, calculations, and the final net worth.
Submit Reflection: Submit your written reflection on your financial situation, strengths, weaknesses, opportunities, and threats, as well as your financial goals.
Grading Rubric: The assignment will be graded based on the completeness and accuracy of the balance sheet, the depth and insight provided in the SWOT analysis and reflection, and the clarity of presentation.
Additional Guidelines:
Ensure that you are proficient in using spreadsheet software.
Format your balance sheet and SWOT analysis professionally, including proper labeling and clear organization.
Ensure your data accuracy and confidentiality when handling your personal financial information.
This assignment not only will help you gain practical financial skills and also encourage self-awareness and strategic financial planning.
The rubric for this assignment is below.
CriteriaExcellent (90-100)Good (80-89)Satisfactory (70-79)Needs Improvement (60-69)Inadequate (Below 60)
Balance Sheet (40 points)Demonstrates exceptional accuracy in asset and liability data. Proper use of advanced spreadsheet functions. Clear, professional, and exceptionally well-organized. Correct net worth calculation.Demonstrates strong accuracy in asset and liability data. Effective use of spreadsheet functions. Clear and well-organized. Correct net worth calculation.Accurate asset and liability data, though with minor errors. Adequate use of spreadsheet functions. Reasonably clear and organized. Correct net worth calculation with minor errors.Contains noticeable inaccuracies in asset and liability data. Limited use of spreadsheet functions. Somewhat unclear or disorganized. Net worth calculation contains significant errors.Contains major inaccuracies in asset and liability data. Lacks appropriate use of spreadsheet functions. Unclear or disorganized presentation. Net worth calculation is fundamentally flawed.
SWOT Analysis (25 points)Provides a thorough, insightful analysis of strengths, with clear explanations. Identifies and discusses all relevant weaknesses, opportunities, and threats.Offers a strong analysis of strengths with clear explanations. Identifies and discusses most relevant weaknesses, opportunities, and threats.Presents a basic analysis of strengths with explanations. Identifies and discusses some relevant weaknesses, opportunities, and threats.Presents a limited analysis of strengths with minimal explanations. Identifies and discusses a few relevant weaknesses, opportunities, and threats.Lacks a meaningful analysis of strengths, weaknesses, opportunities, and threats.
Reflection (15 points)Provides a thoughtful, insightful reflection on the financial situation and analysis results. Sets clear, well-defined financial goals with a realistic explanation of alignment with the analysis.Offers a strong reflection on the financial situation and analysis results. Sets clear financial goals with an explanation of alignment with the analysis.Provides a basic reflection on the financial situation and analysis results. Sets some financial goals with a basic explanation of alignment with the analysis.Provides a limited reflection on the financial situation and analysis results. Sets a few financial goals with a vague explanation of alignment with the analysis.Lacks a meaningful reflection on the financial situation and analysis results. Fails to set clear financial goals or explain their alignment with the analysis.
Presentation (10 points)Presents a highly clear, visually appealing spreadsheet with excellent formatting, labeling, and organization. Visual elements (charts, graphs) are exceptionally effective.Presents a clear, well-organized spreadsheet with good formatting and labeling. Visual elements (charts, graphs) are effective.Presents a reasonably clear spreadsheet with adequate formatting and labeling. Visual elements (charts, graphs) are somewhat effective.Presents a somewhat unclear spreadsheet with limited formatting and labeling. Visual elements (charts, graphs) are minimally effective.Presents a disorganized spreadsheet with poor formatting and labeling. Visual elements (charts, graphs) are ineffective.
Submission (10 points)Submits all required components (spreadsheet and written reflection) on time.Submits all required components on time with minor delays.Submits all required components with noticeable delays.Submits some required components on time with significant delays.Fails to submit required components on time.
Total (100 points)
Note:
Excellent (90-100): Exceptional performance with high accuracy, depth of analysis, clarity, and timeliness.
Good (80-89): Strong performance with notable accuracy, clarity, and timeliness.
Satisfactory (70-79): Adequate performance with some minor errors or areas for improvement.
Needs Improvement (60-69): Subpar performance with noticeable inaccuracies and weaknesses.
Inadequate (Below 60): Fails to meet minimum expectations, with significant errors and deficiencies.
