Assume a client has come to you after winning $50,000 in casino winnings. Explain how they should
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Assume a client has come to you after winning $50,000 in casino winnings. Explain how they should distribute the winnings the way in which aligns with a practical investment strategy. Assume the client makes $60K/year as an entry level accountant and just came into the winnings. Tell us how the client should distribute the winnings based on the following monthly budget:
Winnings $50K
Taxable @ 40%
Student Loans: $10K @ 3% interest per year
Credit Card Debt: $4K @ 24% interest per year
Rent: $1K/month
Monthly Car Payment: $500/month
Avg. utility bill: $300/month
Avg. food bill: $500/month
Avg. entertainment bill: $200/month
Checking account: Zero dollars
Retirement account: Zero dollars
Related Book For
Accounting Tools for business decision making
ISBN: 978-0470095461
4th Edition
Authors: kimmel, weygandt, kieso
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