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Personal Finance Semester Project The purpose of this assignment is to Nursing and Health Essay Help

Personal Finance Semester Project The purpose of this assignment is to provide a hands on experience to synthesize the personal finance concepts that you have learned throughout the semester by applying them to a real life individual or family. You will research your case and present the results of your analysis in a 3-5 page paper single spaced, 12 point font with double space between paragraphs. Heres what you need to do: 1. Review the Financial Case Study Scoring Sheet to learn the criteria for grading this assignment. 2. Prepare a written report of 3 to 5 pages (single-spaced, double between paragraphs) about the case study and your analysis and recommendations. Your financial case analysis should include a critique of the individual or familys financial situation as viewed through the information we have covered this semester. Based on the unique situation of the individual or family, comment on their situation as it pertains to each chapter. The following items should be included: A brief summary of the situation and discussion of the strengths and weaknesses of the individual or familys financial situation. Correction of any misinformation that the individual or family has about financial topics.

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Comments about emotional issues related to the individual or familys financial situation. Financial goals and the success to date of achieving those goals. Is the individual or family currently positioned to achieve their goals in the future, that is, is their behavior consistent with the goals they have set? o Calculate the savings required to reach financial goals using a rate of return that is consistent with the financial products you would suggest they use. Cash flow position, saving and spending habits and use of financial statements to track progress. Comments about the use of credit and the amount of debt on the balance sheet; Effective use of tax planning to minimize taxes paid and maintain adequate records; Is the family investing in appropriate assets given their, age, salary, and goals? Explain your opinion. Is the individual or family adequately insured? What insurance products would you suggest? Address Life, Health, Disability and Property and Casualty insurance. Does the family or individual have appropriate financial products such as bank accounts, mutual funds, retirement or education accounts, wills, etc. Once you have analyzed the individuals or familys situation it is time to make recommendations regarding the actions which should be taken to improve financial planning and outcomes. Be sure to address the following issues: Three to 5 recommended action steps to improve the individual or familys financial situation Available resources that can assist the individual or family to improve their finances such as websites, financial tools we have studied during the semester such as budgets, financial statements, etc. Any other information that you feel is useful and germane to the case. Finally, be sure to site references you have used to help you complete this assignment. References for source materials used to analyze the case (feel free to use your textbooks, class notes, Web sites, financial publications, and other resources to assist in your analysis). Personal Finance Case: Dan and Sue Koogler Dan and Sue Koogler, 29 and 28, are trying to get ahead financially. They also want to buy two big ticket items (a house and a car) and pay for Dan to complete his college degree requirements. Their primary financial objective, however, is to reduce debt and achieve positive cash flow. The couple also has very little savings and would like to be able to put some money aside. The Kooglers are parents of a pre-school child and Sue is a stay-at-home mom. Dan is the sole breadwinner and earns $40,000 annually. Sue is interested in returning to the labor force but concerned about whether child care costs and taxes would wipe out whatever she would earn. Unfortunately, the Kooglers are starting to face some financial difficulty. Monthly payments on their debts are consuming a greater percentage of their income and, along with their mortgage, dont leave them much income for other expenses. The couple has absolutely no money in savings for emergencies. Another indicator of financial distress is the couples negative net worth. In other words, they owe more than they own. The couples assets total $100,600 and include $1,000 in a checking account, $2,600 in Dans 401(k), a $84,000 condo, and two cars and personal property worth $13,000. On the debt side, the couple owes $84,000 on their mortgage, two personal loans totaling $10,000, $7,000 on a credit card, $7,193 on a time share, and $13,000 to Sues parents. Their net worth (assets minus debts) is, thus, minus $20,593. Dan says he would like to retire when he is 55 and live comfortably and independently. Neither Sue nor Dan has IRAs, however, and Dan has stopped contributing to his employer 401(k). The couple has no wills. I dont have money to pay a lawyer to do the will and am not sure how to do it without a lawyer, Dan explained. The couple has $300,000 of term life insurance on Dan and family health insurance with a $250,000 per person limit paid for by Dans employer. They carry $300,000 of liability insurance on their cars and $65,000 of condo insurance. There is no disability insurance to cover the loss of Dans income should he be unable to work due to accident or illness.

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