Length: The whole report should be 2-3 pages.
Tables and figures: Students are encouraged to make and use tables and figures to conveyinformation and support their arguments. However, the tables and figures should be carefullychosen and well explained.
Reference: Use MLA System of Referencing. To avoid plagiarism, you must fully referenceeach source of information that you use in your report.
Font and font size: Times New Roman, 12 Double line spacing Normal margin spacing (2.5cm for top, bottom, left, and right)
Suppose you arethe financial advisor for the individual or family in your case and:
Provide a brief description of the individual or familys current financial situation.
Discuss the financial strengths and weaknesses of the individual or familys situation.
Explain any misunderstanding the individual or family has about financial issues.
You should comment about their cash flow situation.
Use appropriate ratios to discuss the financial situation of the individual or family.
You should also calculate the savings required to reach financial goals.You are also asked to provide 2 recommendations that the individual or family should implement toimprove their financial situation. Feel free to add any other information you think would improve thefinancial position of the individual or family.
Case 4: Peter and Pamela Gibson.
Peter (aged 62) and Pamela (aged 58) Gibson are hoping to retire within two years. Their short-termfinancial goals are to pay off nearly $10,000 of credit card debt and spend $7,000 on their daughterswedding. They want to pay off their $70,000 mortgage, which has 8 years left. They also hope to buya new car, travel, and do some work on their aging home. The Gibsons long-term goals are to justenjoy life and have sufficient funds to do so. Peter and Pamela both have jobs that total $80,000together, which equates to roughly $5,000 a month in gross earnings. Their expenses are estimated tobe $3,000 for household expenses, which includes the $900 mortgage principal and interest, $400 inproperty taxes, $300 utilities, $300 for insurance, and $300 for a brand new car loan with 52 paymentsremaining. They help their younger child with living expenses totaling $800 a month. With regards totheir assets, they have no cash assets, but have their $250,000 house, $230,000 in Peters companyprofit-sharing plan, two cars worth $20,000 together, and $75,000 of personal property. For debt, theyowe $70,000 on their mortgage, $12,000 for their car loan, $10,000 on visa credit cards, and $4,000on a personal loan. Peter and Pamela have health insurance through Peters employer for a premiumpayment of $100 a month. However, in 3 years Peter will be able to receive Medicare. Pamela willstill receive health insurance through Peters company but at a higher premium of $350, once Bruceretires. The couple does not have disability insurance. Their home and auto coverage have $300,000liability limits. They may inherit $150,000 from Pamelas father. Neither Peter nor Pamela have IRAs,although Pamelas company offers a 401(k). They each have wills that were revised six years ago buthave been told by their attorney to get a living will.
This is the case that has to be used.
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