Finance & Accounting
Pages 8 (2008 words)
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Personal Finance Phillip and Belinda Jameson are in dire need of a financial plan, particularly after the death of Belinda’s mother who had left her home to Belinda. The couple has to choose between renting the house as an investment property or to sell it and invest on the proceeds.


The two children attend a nearby secondary school and likely to attend university. As a planner, I will ensure that the advice give to the Jameson family is suitable to the financial circumstances, and situation of the family and the financial plan will match their level of financial literacy. This paper will produce a comprehensive financial plan for the Jameson family under the following headings: 1. Current financial situation Before setting goals and strategies, it is important for the Jameson Family to determine its current financial standing. Determining the current financial position is the first step in the creation of a personal financial plan (Gitman and Joehnk, 2008). Having a thorough understanding of ones current financial position will help in the formulation of well informed and realistic goals. Therefore, the Jameson will need to determine the family’s current net worth by getting the total of their current liabilities less the total current assets. The following charts will be used in the calculation of the net worth of the Jameson Family- it is simply a family balance sheet for the Jameson Family. ...
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