Identify the stated and implicit financial goals

Assignment Help Financial Management

Reference no: EM132894811

Case Study - Financial Planning for a Family

Instructions

Using the information provided in the case study that begins on the next page, answer the questions at the end of the case study.

Be sure to clearly indicate the question numbers within your submission (e.g., 1a, 2c, etc.). Do as much in point form as possible to make it easier to read. You are expected to proofread your submission for accuracy in grammar and spelling and marks are deducted for errors. While completing this case study, participate in Case Study #1 Discussion in the Brightspace Discussions area. You can share your ideas with other students in this class, but you must submit your own assignment and work to avoid any plagiarism. Be sure to reference any outside sources you use - see the Getting Started > Academic Honesty and Citing Sources page in the Content area.

Note: If you choose to use Microsoft Excel to create the net worth statement and cash flow statement, submit your assignment as a .zip file containing all of your case study files. Submit your answers to the case study questions as a Word document to the Brightspace Assignments area. If you have questions regarding the assignment, please contact the instructor.

Questions(be sure to number each section):
1. Prepare a net worth statement for this couple using a similar format to the one on page 52 in Chapter 2 in the textbook or in the Personal Finance Planner document on the textbook companion website.

2. Prepare a monthly cash flow statement for this couple, noting which expenditures are fixed and which are flexible (variable), similar to the one on page 54 in Chapter 2 in the textbook. What is this couple's total cash surplus or deficit for an average month?

3. Identify the stated and implicit financial goals for this family and sort them into short, medium and long-term. Stated goals are the ones that are obvious from the case; implicit goals are ones you as a financial planner will tell the couple to consider.

4. What future difficulties do you foresee for this family if they continue on their current financial path? What do you think are the underlying problems/issues causing this financial situation?

5. Thinking of the deficit you identified in Question 2, what are the various range of options this couple could consider to eliminate it? Try, where possible, to quantify your suggestions to demonstrate their effect on the deficit you've identified.

6. This couple has come to see you (a financial planner). Outline the approach you would take with this couple to help them to improve their overall financial situation, get things back on track and stay on track. This may include relevant steps in a financial plan, setting goals and budgets, or other areas you will discuss with them to consider.

Attachment:- Financial Planning for a Family.rar

Reference no: EM132894811

Questions Cloud

Financing challenges and solutions for sustainable : Submit a report (2500-3000 + or - 10% words) with the aim to discuss the linkages between business operations and the environmental and societal challenges with

Identify the top three threats to the homeland : Identify the top three threats to the homeland and describe why you chose those as the primary threats. Considering specific terrorist tactics

What would Mr Ds car expense deduction : What would Mr. D's car expense deduction be in 2020, using the standard mileage rate, if the auto was driven 20,000 miles for business use

Work-related disagreements to twitter : Your organization took their work-related disagreements to Twitter, and disciplinary action has been taken against both according to company policy.

Identify the stated and implicit financial goals : Identify the stated and implicit financial goals for this family and sort them into short, medium and long-term. Stated goals are the ones that are obvious

What are nigeria multilateral trade agreements : What are Nigeria Multilateral Trade Agreements with other countries?

How to make the transition from police to other organization : How to make the transition from police to the other organization you identified (keep in mind law enforcement might not be able to stop performing)

Proposal for addressing identified issues or improvements : Using your approved healthcare organization and the knowledge you have gained on capital budgets, identify what capital budget item or items will be used as the

Aggressive sales quotas or unfair business practice : What are virtues Peter needed to act as he did? What do you think motivated him? What were the risks Peter faced in making this decision?

User Account

All Pages