Got a tricky question? Receive an answer from students like you! Try us!

Financial planning for the Smith family - Case Study Example

Masters
Case Study
Finance & Accounting
Pages 5 (1255 words)
Download 2

Summary

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. They fully understood that they had a cash flow problem but they did not understand where their money went. …

Extract of sample
Financial planning for the Smith family

The family has had a lot of trouble in setting up their future financial goals. The family would like to save for their retirement and their children college education but they never seemed to have extra money on their side.
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. ...
Download paper
Not exactly what you need?

Related Essays

Financial Plan
Primarily The Track Table will seek for the financial stability rather than profitability, and the major task in financial stability is to produce and sales products above the breakeven even points meeting its all expenses and financial duties. The projected financial statements for The Track Table include income statement, cash flow and balance sheet for the next two operating years. Projected Sales, Expenditure and Capital Projection For preparing three major financial statements i.e. Income statement, cash flow and balance sheet necessary areas like sales projection, estimated cost,…
6 pages (1506 words)
Financial Plan
Start up costs estimates and financing 8 ii. Sales projections 9 iii. Assumptions made in revenue and costs estimates 9 iv. Projected income statement 10 v. The projected balance sheet 11 vi. The statement of cash flows 11 vii. Break even analysis 12 viii. Performance analysis 12 C. Conclusion 13 D. List of references 14 Introduction A business plan can be defined as a statement that sets forth the business goals that an individual has; the reasons that compel such an individual to believe that such goals are attainable and the steps and plans that the individual has towards that will help…
16 pages (4016 words)
Financial Performance Analysis of Fuller Smith and Turner Plc Group
It is of great significance that the ratios must be benchmarked against a standard in order for them to possess a meaning. Keeping that into account, the comparison is usually conducted between companies portraying same business and financial risks, between industries and between different time periods of the same company. The company under consideration is Fuller Smith and Turner Plc Group and in this report analysis of the financial performance of the company over two years has been conducted in order to draw attention to various financial trends and significant changes over the period. The…
11 pages (2761 words)
Financial impact on family of having a child with a life-limiiting illness
Consequently, the number of children with terminal diseases continues increasing, raising the cost of their care at family and national levels. Many research studies have been conducted to investigate the financial impact of life limiting disabilities on medical care budgets of various countries especially in the developed world. A study conducted by Michelson and Steinhorn (2007) in England investigated the palliative costs of managing various types of life-limiting disabilities on children. Though the study focused on particular standards needed to cater for patients suffering from a…
5 pages (1255 words)
Financial Planning
Financial Planning …
5 pages (1255 words)
financial plan
During this time, a majority of the students on campus leaves and return to their homes and if they have a pet, they must either take it home with them where it might not be allowed, or they have to find a boarder, which is where we come in. We will be offering not only students, but also all members of the Bloomington community, the ability board their animals for extended periods for a fee. Some of the major sources of revenue to the Hoosier Pet Palace include pet grooming and boarding, breeding, and handling. On the other hand, the expenses are in the form of food for dogs, veterinary…
5 pages (1255 words)
Business plan for a start-up ( Financial data)
With god business plan, the future of the business is certain and all future occurrences will be met with certainty. For a stat-up business, plan is used by business to determine its future survival and viability. Businesses cannot run effectively without a plan. Most plan make assumptions about the future. Any assumption made should be made with great caution as failure for the assumption to hold, the whole plan might be jeopardized. A successful business plan should be prepared based on past experiences fact and empirical data. It requires lo of expertise to prepare a concrete plan for a…
10 pages (2510 words)