Create a Budget and Financial Plan for a Vacation Trip

Here is your opportunity to dream! Choose a vacation destination anywhere in the world (to which you must fly) fo
(assume you have vacation time from work to take the trip) that you would like to take exactly 10 years from today
be an individual vacation, a couple trip, or a family excursion, depending on your life circumstances. After you pic
destination (remember, dream big), determine the following:
Determine travel expenses for all members of the group.
Identify lodging expenses for the entire time period of the trip.
Estimate the daily food expenses.
Make a list of activities that you would like to engage in every day of the trip. Determine a cost for each day’s activ
tickets to amusement parks, museum entrance fees, boat trips, scuba diving, deep sea fishing, entertainment ven
Make a list and associated cost estimate of any other expenses that you believe should be included in a total cos
your vacation (e.g., pet boarding, house sitting, airport parking fees).
Determine if someone earning a high income or someone earning minimum wage would be able to afford this trip
Note: You must research all aspects of your list to substantiate your cost estimates; that is, you must demonstrate
document how you derived each cost estimate in the list.
After gathering and organizing all collected data, prepare a document describing your destination (including your
choosing that location), listing (and substantiating) all costs of the trip (this can be done in a table and must be cle
sufficient detail so that the reader understands your interest and passion for your vacation), and determining a tot
dream vacation from the time you leave to the time you return.
Assuming that your estimated total cost will grow by 2.5% per year (due to inflation), demonstrate how you would
expected future cost of your dream vacation.
Suppose that you can invest money every month into a fee-free mutual fund and that this fund is expected to hav
annual rate of return. Using your estimated future cost (including inflation) as future value, determine the amount
must save each month for the next 10 years (i.e., 120 months) to achieve your goal. Then, determine the monthly
must save if you delay your trip for an additional 5 years (that is, you will take the trip 15 years from today = 180 m
of 10 years from today. (Note: Be sure to add the 5 additional years of inflation to the estimated future cost.) Write
for your calculations so the reader is completely clear on how you derived your required monthly deposits.
Based on this numerical representation of your dream vacation, write a well-contemplated critical analysis of your
example, explore questions such as: is this something that you think is worth saving for, have you changed your m
the reality of the required sacrifice, are you rethinking the location or luxury level of your accommodations or daily
on.