Reference no: EM133173092

As a financial planner, you must analyze each situation below and describe the situation in more detail.  You then must define financial planning goals and a general financial plan for the customer.

1. Life Stage 1: Young Adult

Jim has just turned 25 and graduated from college.  He has been hired as a bank management trainee and assigned to the central consumer lending office.  He is a bachelor, rents an apartment, and has an automobile for which he has a bank loan. He likes sports, especially rock climbing near his home in New Hampshire.

Given his age, job, and lifestyle, what do you think are his short-term and long-term financial goals?

Given his situation and goals, what would you propose for his financial plan?

2. Life Stage 2: Adults with Children

Paul and Yvonne are in their 30s and have a 4-year-old daughter and 2-year-old son. Both work as graphic designers; one with a large national advertising firm and the other in a pre-press publishing house.  Their children are in daycare.  They have a mortgage on their home and own two cars because both must commute to work. For recreation, they like to go fishing in Lake Michigan, an hour away from their home in the Chicago suburbs.

Given their age, jobs, and family, what do you think are their short-term and long-term financial goals?

Given their situation and goals, what would you propose for their financial plan?

3. Life Stage 3: Empty Nester

Marie is 58, a widow, and childless.  Her husband died two years ago in a hunting accident and her only son died in a motorcycle accident.  Her husband left a life insurance benefit, but now she must manage the finances alone, including the debt they once carried together as a couple.  She lives in a modest home and will soon need to retire from her teaching position in Salem, Oregon.

Given her age and pending retirement, what do you think are her short-term and long-term goals?

Given her situation and goals, what would you propose for her financial plan?