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Smith Family Financial Plan (A)
Finance & Accounting
Pages 5 (1255 words)
Financial planning for the Smith family Name: Institution: Instructor: Course: Date of submission Introduction The Smith family is totally in a cash crunch. Despite the family’s combined gross income of $80,000 per year, their monthly outflow is greater than their inflows.
The Smith family has got a very tricky situation and their financial goals are a bit unrealistic. This is because the family wants to set aside $350 per month for their children’s college education. This from my point of view is quite high because it will amount to$ 4,200 annually. Amber’s goals on the other side are still not realistic. This is because she says she wants them to save $100,000 on their children’s school fees. This is very unrealistic because at the moment, their salary per year cannot even add up to $100,000 per year. The family has not put down in calculation the amount of money that they require for their kids’ education when they get to college. Luke for example, they have no idea how much they will pay for his college education hence they cannot plan for the future goals and how much exactly they require. Amber is thinking of overtime work so that she gets extra money for luxury items. They have made plans for a vacation, a new home theatre system, some new custom furniture and a different car for Joel. They want to apply for a new credit card with a limit of $50,000. The family has got so many plans for the extra money that they have and have forgotten the most basic things like their children’s future education and they want to pump so much money into their luxury life. ...
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