Case Study: Carol Jones
Carol works as a business representative for an import/export company. Her job provides her with the opportunity to travel and experience new things. Because she travels so much, Carol feels that she does not have a handle on her finances. She has decided to pay a visit to a financial advisor for help.
Carol’s Salary
$2,000
Auto Payment
$262
Home
$100,000
Mastercard
$5,000
Int 15%
Gas/Heating
$100
Visa Card
$3,000
Int 15%
Electric
$125
Bloomingdale Card
$1,500
Int 29%
Water
$60
Personal Loan
$5,000
Int 5%, 60 mths
Internet/Cable
$150
Mortgage
$95,000
Phone
$50
Mortgage Payment
$796
Cell Phone
$200
Car
$20,000
Food
$250
Gym Membership
$20
Mortgage Payment
$796
Personal Loan Payment
$94
Car Insurance
$165
Carol’s 401K
$50,000
Savings
$500
Auto Loan
$15,000
Checking
$1,000
Visa Payment
$60
Lawn Service
$100
Bloomingdale Payment
$30
Mastercard
$100
Write a 700- to 1,050-word paper that addresses the following items from the case study:
Apply financial planning concepts to advise Carol and explain how Carol can benefit from financial planning. Describe the benefits of using financial statements in financial planning.
Utilize and explain strategies that Carol can use to increase her net worth. How does this affect her cash flow?
Describe the sources available for asset management.
Compile a list of legal protections that can be used to protect Carol’s assets.
Using the information provided for Carol create a balance sheet and cash flow statement. Estimate Carol’s overall net worth.
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