Complete Personal Financial PlanBased on the work you have done over the past several weeks
as well as any adjustment you’d like to make at this time, type your completed
financial plan or attach a file below.
You can use the hypothetical financial plan for Stephanie Spratt as a
reference, but your plan must be about you, and ideally will contain much more
detail than is contained in Stephanie’s plan.
The more seriously you consider and develop each area of the plan, the
better prepared you will be to make realistic changes as circumstances
change. Our textbook states the
following near the end of chapter 21:Your plan must address each of
these categories:1.
Plan for Budgeting, including a statement
of your goals 2.
Plan for Managing Liquidity3.
Plan for Financing4.
Plan providing Insurance5.
Plan for Investing6.
Plan for Retirement7.
Estate Plan (Note: do not disclose the
names of people who will receive your assets upon your death, just address the
issues that were raised in the previous assignments for estate planning).


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Identifying a Creditable Lender
Institution Affiliation
Identifying a Creditable Lender
The topic I chose for this analysis is identifying a creditable lender. Loans come in handy
for an organization aiming to boost efficiency and organizational success by making
investments. However, entrepreneurs must take strategic steps in ensuring that the loans they
receive do not result in bad debt and financial losses. Identifying a creditable lender allows a
business owner to avoid loan scams, which interfere with organizational growth.
How the topic affects organizational success
Identifying a creditable lender is an important topic since it affects the overall success of
an organization. When poor decisions on getting a legitimate lender are made, the management
loses money to fraudsters (Bridges, 2020). Companies that look for quick solutions to solve the
firm’s financial problems experience conflicting issues that mostly affect organizational relations
among leaders. When leaders cannot work together, the firm’s overall success is challenged
since this affects the problem-solving and decision-making dialogues.
Reason for choosing the topic
Due to the increase in loan scams, I chose this topic to understand how organizations
should spot them and learn strategic steps to solve the problem. Just like individuals who are
highly enticed by quick money lenders, organizations too can be victims if managers do not
know how to spot loan scams from illegitimate lenders (Bridges, 2020). Such lenders intend to
benefit from the high late penalties they impose when the loan payment falls behind. Therefore,
understanding how to avoid such loopholes is good for business.
Major problems that companies are facing concerning this topic, and how is it affecting
their overall performance as an organization
Detecting loan scams should be the first research that a leader should do before deciding
on taking a loan. Otherwise, the failure to do so has caused immense problems in businesses.
First, Bridges (2020) reveals that companies are experiencing bad debt due to having
accumulated loans. Illegitimate lenders fail to check credit history. Therefore, this affects the
organization by, failing to make sound financial decisions on borrowing. Another problem
companies are facing is financial losses. In most cases, illegal lenders have hidden fees that they
disclose once one has acquired the loan. Hence, such fees increase financial strains for the
business, resulting in high layoffs that affect the company’s reputation.
At least two examples from actual companies for how to address a problem related to this
To solve the identified problems, trustworthy organizations like Money Smart in
Australia advise entrepreneurs always to check credit statements frequently (Money Smart, n.d).
This should help them determine whether they are within the financial margins for acquiring a
loan in the first place. Further, Stinson (2020) from the National Funding Organization
recommends that borrowers should engage with lenders who show an interest in the
organization’s proof of income. This creates evidence that the lenders are legitimate and have
good intentions with the business.
My general recommendation for how companies should deal with this topic going forward,
and why
Due to the financial risks that a company is likely to encounter for failing to spot loan
scams, I recommend doing thorough research on lenders. Research should focus on identifying
the lenders’ physical address and transparency on their website about all the requirements needed
to service a loan. This should include information like processing fees and interest rates and
applicable insurance cuts. Additionally, Epstein and Rejc (2006) emphasize that leaders should
have several decision-making forums. This should help them bring their ideas together to find an
appropriate solution on loan acquisition measures that should be factored. These are crucial
measures because they help leaders to make the right decisions when identifying scammers to
avoid suffering substantial financial losses.
Counter-arguments to my recommendations that HR professionals are likely to face, and
how I would recommend overcoming objections
Nevertheless, as a business leader, I understand that other individuals in the company like
HR professionals are likely to face counterarguments. For example, they may encounter team
leaders pushing for the quick loan owing that the money would instead boost organizational
performance by investing in technology would increase the outputs. Therefore, I would
recommend them to overcome the objections by emphasizing the need for balancing the
company’s capabilities before taking huge leaps that would increase financial strains (Epstein, &
Rejc, 2006).
In sum, managing such risks requires an individual to research the most professional and
safe way of acquiring funds. Generally, quick lenders use enticing words to attract borrowers.
Therefore, business owners should be cautious to avoid accumulating loans that end up being a
burden when an organization cannot pay as expected.
Bridges, B. (2020). 9 ways to spot personal loan scams. Bankrate. Retrieved from
Epstein, M. J., & Rejc, A. (2006). The reporting of organizational risks for internal and external
decision making. CMA Canada. Retrieved from
Money Smart (n.d.). Banking and credit scams: How to spot and report scams and protect
yourself. ASIC. Retrieved from
Stinson, S. (2020). 5 Tipoffs to Small Business Loan Scams during the COVID-19 Pandemic.
National Funding. Retrieved from

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