Financial Goal and Objective

I’m going to apply to my local microfinance bank for a $10,000 loan, where I will give both my car and my grandmother’s car as collateral for the loan. My aim is to use the $10,000 loan in 2 years to earn a $3 million profit, which I will use to facilitate my college education and to help pay my ailing grandmother’s medical bills.
The following is an action plan on how I expect to use the $10,000 loan to produce a $3 million profit in 2 years. TASKS
(Actions I will take to achieve the financial goal of 3 million dollars profit in 2 years)

(How I will measure progress of my success, including reports on my adherence to the action plan) RESOURCES

(The resources I need to execute each task) TIME FRAME
(Activity timetable and target frame for each stage)

1) I will apply for a part-time job at a restaurant or a bar near my home. If I successfully secure the part-time job, I will ensure that I save up 40% of the salary every month.
I will open a savings account with a different bank, specifically for saving 40% of my salary. The account will stay locked until after two years and I will be doing monthly account reconciliation to see the progress of my savings. Adequate time from school to attend to the part-time job.
A well-planned timetable that will enable me schedule my class time and free time appropriately so that I do not turn up late for work or school. I will monitor the account on a monthly basis and keeping record of the progress every four months.

2) Depending on my school timetable and the time schedule of the part-time job, I will evaluate taking another part-time job, probably during the morning hours before school.

If my schedule allows for a second part-time job, I will save 100% of the earnings from that job.
I will put the money in the same locked account as the 40% of the first part-time job.
There will be zero withdrawal from the account before two years.
A well-planned timetable which will enable me to juggle through school and the two jobs without neglecting any of the tasks.
I intend to save 100% of this second part-time job. I will do monthly monitoring of the account to see the progress of my savings and at the end of two years, I will sum up the savings with the profits of the businesses to assess the progress of my financial plan and the feasibility of attaining my financial goal.

3) I will use 1,600 dollars from my loan to buy two pinball machines. I will rent space inside a barber shop near my homestead and mount the other one in a bar that is adjacent to my home. I will reach out to my friends to help me control the businesses whenever they are free from school and pay them on commission.
I will ensure the pinball machines are started by 8a.m. every day and close at 10p.m.
I will keep a book of accounts where I will record the daily earning of the two machines. In the days that report losses, I will lower the charges to attract more customers.
I will save 70% of the businesses profit in a lock savings account.
Two pinball machines of approximately $800 each.
Two volunteer friends to help manage each machine, who I will pay on daily commissions.
The business will run on a daily basis and 70% of the profit will be put into savings.
Evaluation of business progress will be done once monthly and balance sheets drawn after every four months.

4) I will use 1,000 hire a technology expert to train me on web and android development. After five months of training, I will develop an android gaming application for young children alongside the supervision of my trainer. I will put the application out for download and use $1000 to advertise the application. The advertisement will include search engine optimization. People will pay a fee to download the application and a smaller fee to update the application every six months.
I will do vigorous marketing of the gaming application, and monitor its progress by the number of downloads it will get.
I will analyze customer critique on a daily basis and employ expertise services once in a while to help make the product competitive in the market.
I will need an IT expert to train me and help me develop the application.
A website for hosting the application and for advertising the gaming app.
Money to hire the expert, maintain the app, and advertise.
At most 5 months to develop the app.
One-month of vigorous marketing where I expect at least 3 downloads will happen on a daily basis.
After 2 months, I will include additional features depending on customer feedback which I predict will increase the number of downloads.

5) I will register my car with a car hire company such as Uber. I will hire a trustworthy driver to control the car during the weekdays, but I will drive do the job myself on weekends and on days when I am not in school.
I will service my car to the best condition and make a monthly service schedule to ensure it remains fit for the job.
I will run the business by myself on weekends and ensure the services are reliable at any time of the day.

A car, which should be in perfect condition.
A reliable and disciplined driver.
A car-hire company to facilitate the hiring of the car and payment for services offered by the car.
Evaluation of money earned will be done on a daily basis by the driver who will remit a repot at close of business.
The savings will be put in a lock savings account and progress analyzed once every four months.
Profits of the business will be used to service the car once every three weeks

6) Two months after introducing the pinball machines, I will buy a barbecue machine and a pop-corn machine, for 1,800 dollars, which I will mount beside each of the pin ball machines. I will sell sausages, meat balls, meat pies and pop-corns.
During Friday nights and weekends, I will make cookies and smoothies which I will give to esteemed customers at the pinball at very discounted prices.
Since the target client are people playing at the pinball machines, I will ensure that I sell the meat balls, sausage and pop-corns at very discounted prices.
I will grant free offers for winners in the games and bonuses for people who play over 5 games.

A barbecue machine for $900- $1100.
A pop-corn machine for $500-$700.
A friend to help give the game offers and help prepare smoothies and cookies on weekends.

After one month of using profits in marketing, I will start saving the profits.
I will make a daily report of every day’s earning.
The profits will be put in a lock savings account where I will do analysis of business progress every month.

7) I will use the remaining money to buy shares in three different newly established parlors, SPA and salons around my hometown. I will consult with an economist on the beauty points that have highest potential for growth and I will inject the money proportionally. After two years, I will resell the shares and buy new shares in some other beauty shops that will be coming up.
After buying the shares, I will evaluate the progress off each beauty parlor with the help of the economist.
I will inject dividends from the three parlors into the parlor that registers fastest growth rate by way of buying more shares.
Capital from the loan which I will use to buy the shares.
Continuous advice and evaluation from the economist

Evaluation of progress will be done every six months so that I can plan on the parlor to increase shares in.
I will evaluate share prices every month and if any business is reducing in value, I will sell off my shares after one year.
After two years of operations, I will sell out all shares in the three parlors and buy new shares in new parlors.

Fox, J., Bartholomae, S., & Lee, J. (2005). Building the case for financial education. Journal of consumer affairs, 39(1), 195-214.
SAFARI, M., MANSORI, S., & SESAIAH, S. (2016). Personal Financial Planning Industry in Malaysia: A Market Survey. Journal of Wealth Management, 18(4), 29-35.
Warschauer, T., & Sciglimpaglia, D. (2012). The economic benefits of personal financial planning: An emperical analysis. Financial Services Review, 21(3), 195-208.

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