Question & Answer: Dave and Sharon Sampson are 30 years old and have two children, who are five and six years old. Since marrying seven years a…..

Dave and Sharon Sampson are 30 years old and have two children, who are five and six years old. Since marrying seven years ago, the Sampsons have relied on Daves sal- ary, which is currently $48,000 per year. They have not been able to save any money, as Daves income is just enough to cover their mortgage loan payment and their other expenses Dave and Sharon feel they need to take control of their finances. Now that both chil- dren are in school, they have decided that Sharon will look into getting a part-time job. She was just hired for a part-time position at a local department store at a salary of $12,000 per year. Dave and Sharon are excited by the prospect of having additional cash inflows-they now feel they have the leeway to start working toward their financial goals The Sampsons own a home valued at about $100,000, and their mortgage is $90,000. They have a credit card balance of $2,000. They own two cars and do not have any car loans, but Sharons car is old and will need to be replaced soon. Sharon would really like to purchase a new car within the next year; she hopes to save $500 each month until she has accumulated savings of $5,000 to use for a down payment.
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Dave and Sharon Sampson are 30 years old and have two children, who are five and six years old. Since marrying seven years ago, the Sampsons have relied on Dave’s sal- ary, which is currently $48,000 per year. They have not been able to save any money, as Dave’s income is just enough to cover their mortgage loan payment and their other expenses Dave and Sharon feel they need to take control of their finances. Now that both chil- dren are in school, they have decided that Sharon will look into getting a part-time job. She was just hired for a part-time position at a local department store at a salary of $12,000 per year. Dave and Sharon are excited by the prospect of having additional cash inflows-they now feel they have the leeway to start working toward their financial goals The Sampsons own a home valued at about $100,000, and their mortgage is $90,000. They have a credit card balance of $2,000. They own two cars and do not have any car loans, but Sharon’s car is old and will need to be replaced soon. Sharon would really like to purchase a new car within the next year; she hopes to save $500 each month until she has accumulated savings of $5,000 to use for a down payment.

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Current Financial Position

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Major Assets Amounts
Savings Low
Money Owed $92,000
Salary $60,000 per year

Goal 1: Purchase new car for Sharon this year

How to achieve the Goal Sharon plans to save money for the down payment
How to implement the Plan Saving $ 500 per month to save at least $ 5,000 for the down pyment
How to Evaluate the plan $ 500 per month will save $6000 by the end of the year.

Goal 2: Pay for the children’scollege education 12 – 17 years from now

How to achieve the plan The savings done should be invested in child education policies to yield future benefit
How to implement the plan Sharon’s salary will be saved $ 300 p.m.
How to evaluate the plan The plan is successful if the amount is regularly saved and invested

Goal 3 : Set aside money for retirement

How to achieve the goal Extra earnings will be required in order to achieve this plan
How to implement the goal Sharon after few years can look for a full time job instead of part time
How to evaluate the goal The financial advisor’s plan will help them to plan the savings and money expenditures

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