Description In this assignment, you will analyze a.

Description

In this assignment, you will analyze and respond to a case study. First, use the checklist below to help you analyze and take notes as you read the case study prior to writing up your final response.

Step 1: Read the Case Study below.

Step 2: Perform a case study analysis. Write a response to the case study addressing the following questions.

What financial management issues does each case face?

What is their most pressing problem from a financial planning perspective?

What is their most valuable opportunity from a financial planning perspective?

What are the top three strategic financial planning actions you would recommend to each of these individuals? The actions should address their most pressing problem and most valuable opportunity.

How should career management and financial planning be used to help these individuals be financially prepared for the future?

Adhere to the following guidelines for your response:

Case Study one 275-300 words

Tim and Jill Taylor are retiring this year! Tim has worked for a utility company since his co-op job in college and has participated in all of the company’s retirement savings plans. Jill has worked since the kids were in high school. Although they never consulted a financial planner, they have been careful to keep their insurance policies updated, to keep debt to a minimum, and to save regularly. As a result, the Taylors have a very large retirement portfolio—and now, without the restrictions of their companies’ plans, lots of other investment options. Jill would like to live “the good life” for a while, yet, is concerned about “outliving” their money. Tim says, “I earned it, I’ll spend it.” Now Tim and Jill think that consulting a professional might be good idea to keep them on track through retirement. They haven’t made too many plans, but know they want to help pay for their grandchildren’s college costs.

After talking to their broker, they have decided to leave the investment money with her. But they have also decided that they are going to begin a controlled cash management system, due in no small part to Tims purchase of a 1963 Corvette. Jill has gathered all of their financial statements and records but does not know how long or where to keep anything. She was also appalled at how all the little stuff they bought for cash accounted for such a large bill at the end of the month.

Case study two 275-300 words

Su Chang, 22, has just moved to Denver to begin her first professional job. She is concerned about her finances and, specifically, wants to save for a rainy day and a new car purchase in two years. Sus new job pays $30,500, of which she receives $24,000 after taxes, but her monthly expenses total $1,600. Sus new employer offers a 401(k) plan and matches employees contributions of up to 6 percent of their salary. The employer also provides a credit union and U.S. savings bond purchase program. Su also just inherited $5,000.

Sus older brother, Wen, has urged Su to start saving from day one on the job. Wen has lost a job twice in the last five years through company downsizing and now keeps $35,000 in a 4 percent money market mutual fund in case it happens again. Wens annual take-home pay is $46,000.

Su has started shopping around for accounts to hold her liquid assets. Shed like to earn the highest rate possible and avoid paying fees for falling below a specified minimum balance. She plans to open two accounts–one for paying monthly bills and another for short-term savings.

Case study three 275-300 words

Maria will be a college sophomore next year, and she is determined to have her own credit card. She will not be employed during the school year but is convinced that she can qualify for a card based upon her summer earnings. Marias parents have read a number of articles about the problems of credit cards and college students, including examples of students leaving school after overusing credit cards: overspending, working to pay bills, worrying about bills, working more hours to pay bills, and eventually withdrawing from school altogether. When Maria showed up with a handful of applications, including Visa, a Gold MasterCard, Discover, a Visa sponsored by her university, an American Express, a secured MasterCard, and a gas company card, her parents were overwhelmed. Maria admitted she didnt want them all. Im not stupid, she declared.

Maria and her parents have decided on the Affinity Visa card offered through her university because a portion of the interest charged funds scholarships for those having financial needs. She uses the card wisely spending only $150 per month, but she is now realizing that even though she has always made her minimum payment on time, the charges never end. Her card has a rate of 14.50 percent and an $18 annual fee.

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