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What are your recommendations to susan

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Reference no: EM131885020

Discussion

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.

Her ex-husband pays $600 a month in child support.

He also maintains a $75,000 life insurance policy with Susan as beneficiary.

Susan's monthly rent is $900.

Susan will receive $40,000 when former residence is sold.

Susan has $5,000 credit card debt @ 18% interest.

$2,500 in savings

Maximum payment on credit cards are $300

Susan received inheritance of $20,000 which she has placed in a 90-day Certificate of Deposit

Susan has never had a budget her income or expenses

Susan's goals:

To get control of her finances

Purchase a $95,000 condominium

Save money for retirement

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? Explain.

Reference no: EM131885020

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