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  • How can the text below be improved and corrected? Thank you.

    • According to the learning material given for this assignment, Alice’s annual disposable income (after-tax income, also known as take-home pay) is going to be about $35,720 after graduation from college.
  • Her annual loan payments are $7,720 for the student loan and $2,400 for the car loan.
  • Her annual expenses are expected to be about $10,800 for rent and $14,400 for living expenses such as food, entertainment, clothing, etc. Alice’s financial goals are: a. pay off student loan b. buy a house and save for children’s education c. accumulate assets d. retire e. travel around the world in a sailboat.
    • Those goals differ in the duration of their achievement, they definitely should be achieved in a particular order, not at once or in reverse.
  • It would be strange to start saving money for retirement before paying off a student loan.
    • In the first place, Alice has to pay off her student loan which is $53,000 in order to start proceeding with her other financial plans which are more distant in the future and less specific than this one.
    • For example, in order to calculate how much money Alice needs for buying a house, we need to know in which city district, with how many bedrooms, and by which date she wants to buy it.
    • Since buying a house considered as a long-time financial goal and takes approximately from 2 to 10 years to achieve, we can’t predict the economic situation of the future and indicators of its health such as currency value or employment rate.
    • Even the economy tends to have its expected ups and downs in a period of time, for now, a ballpark assessment would not provide sufficient information.
  • Thus, we can’t make this financial goal a S.M.A.R.T one.
  • As we know, the abbreviation S.M.A.R.T is a popular goal-setting model.
  • The abbreviation stands for Specific, Measurable, Attainable/Aggressive/Achievable, Realistic, and Time-bound.
    • In order to have more chances of being achieved a goal should have all these traits.
    • For example, we could clarify Alice’s goal to pay off the student loan.
    • A specific version of this is “ to pay the student loan of $53,000 by paying $7,720 annually in 7 years in order to proceed with other financial goals and start to accumulate assets”.
    • The goal is specific because now we have the exact answers on Whan? How? When? And Why?
    • The goal is measurable since now includes exact numbers of the loan and annual payment.
    • The goal is attainable because if Alice sets aside the decided amount of money and would follow the payment schedule she can pay off the loan.
    • The goal is relevant for her because she wants to buy a house, accumulate assets, and retire, which requires a significant amount of money left each month.
    • The goal is time-bound because it has a strict time frame of 7 years.
  • She could make this goal more aggressive and try to pay the loan off in a shorter period of time.
    • For example, if she sacrifices her spare time and gets a part-time job with a $1000 wage monthly additionally to her main position, she is expected to have a surplus of $12,000 in her budget annually.
  • Thus, she could accelerate the process of achieving the goal by paying $19,720 annually.
    • In such a case she will pay it off fully in about 2 and a half years.

SIUSPLAU, AJUDA A CORREGIR CADA SENTÈNCIA! - English