Family Budget Project – Part 3financial planning throughout the life-cyclePlease fully read all PowerPoints and materials for this week and watch the video guide before completing this assignment.You will need to select one case study to use for all 3 parts of the Family Budget Project. Please refer to the document labeled Family Budget Project Case Study Scenarios to read the descriptions. There are four available scenarios:· Lucycontent instructionsFor this assignment, you will focus on the same case study from part one and two and focus on their family situation. You will be the expert and discuss the case studys current situation and develop an action plan that will help improve the well-being of the family. After reading about your individuals/familys life situations and expenses, and assessing the individuals/familys income, spending, and debt, you will now plan for future events. The objective for this part of the budget project is for the student to integrate their knowledge of class material into a realistic future financial plan for their selected individual/family. Part 3 of the Family Budget Project is worth 50 points.objectives1. Identify 2 major life-cycle events, other than retirement (e.g., getting married, having a family, college tuition for kids, funeral expenses etc.) that your case study might experience in the future. Please discuss the scenarios in detail and feel free to be creative!2. The full 2-3 page paper should include the following:o Explain, in detail, how the individual/family will plan for and deal with two (2) major life-cycle events.o Reflect on concepts presented throughout the semester and review your submissions for Part 1 and Part 2 of the Family Budget Project. Using this information, summarize the financial management suggestions you provided to the case study for both Part 1 Monthly Income Cash Flow and Part 2 Debt Snowball.o Thinking ahead to the 2 major life-cycle events they will experience. Identify what consumption expenditures (areas of spending) they will have in the identified life-cycle events and how will they change.o *This part focuses on you.* Summarize your experience in this class by identifying the most important themes you have found to be relevant to your life situation and how you intend to implement them in your future financial plan.formattingPart 3 of the Family Budget Project should:· Be a minimum of 2 full pages (if your paper appears too short then 10 points will be deducted see rubric). For this reason, please make sure to double-check your margins.· APA format Your textbook should be a source both in-text and on the references page.· Be typed as a paper (do not fill this document out like the EL worksheets)· Be double-spaced· Have 1 margins on all four sides· Be 12 point Times New Roman fonts only· Have no cover page or report cover of any kind· Have a single-spaced heading in the upper left corner· Worth 50 Points
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