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What are recommendations to susan

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Reference no: EM132494450

Susan Smith is an office administrator for a small company that does not have a retirement plan. Susan is 38 years old, divorced with a 14-year-old daughter.

  1. Her ex-husband pays $600 a month in child support.
  2. He also maintains a $75,000 life insurance policy with Susan as beneficiary.
  3. Susan's monthly rent is $900.
  4. Susan will receive $40,000 when former residence is sold.
  5. Susan has $5,000 credit card debt @ 18% interest.
  6. $2,500 in savings
  7. Maximum payment on credit cards are $300
  8. Susan received inheritance of $20,000 which she has placed in a 90-day Certificate of Deposit
  9. Susan has never had a budget her income or expenses

Susan's goals:

  1. To get control of her finances
  2. Purchase a $95,000 condominium
  3. Save money for retirement

Question 1: What are your recommendations to Susan? What does she need to do to reach her goals? What steps are necessary for Susan to get her finances in order?

Reference no: EM132494450

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