$1.$ List the Clements$$ financial strengths and weaknesses.

$2.$ After reading the case, what additional information would you request from the

Clements to understand their personal and financial circumstances

Today is January $1,2020.$ Nicholas and Whitney Clement have come to you, a

financial planner, for help in developing a plan to accomplish their financial goals.

From your initial meeting together, you have gathered the following information.

Personal Background and Information

Nicholas Clement $($Age $25)$

Nicholas is an assistant in the marketing department for Energy Tech, Inc., a small

company with $15$ employees. His annual salary is $$39,000.$

Whitney Clement $($Age $24)$

Whitney is a legal research assistant with the law firm of Laurent, Heine & Merritt,

LLC$.$ Her annual salary is $$30,000.$

The Children

Nicholas and Whitney have no children from this marriage. Nicholas has two

children, Grant, age $4,$ and Blake, age $3,$ from a former marriage. Grant and Blake live

with their mother, Kelly.

The Clements

Nicholas and Whitney have been married for two years and live in an apartment in

a rural area. Nicholas must pay $$500$ per month in child support until both Grant and

Blake reach age $18.$ The divorce decree also required Nicholas to create an insurance

trust for the benefit of the children and contribute $$175$ per month to the trust. The

trustee is Kelly's father. The beneficiaries do not have withdrawal powers. The proceeds

of the trust are to be used for the education and maintenance of the children in the

event of Nicholas's death. The trustee has the power to invade any trust principal for

the beneficiaries at the earlier of the death of Nicholas or Blake reaching age $18.$

Personal and Financial Objectives

They would like to establish an emergency fund.

They want to eliminate debt.

They want to save for a $20\%$ down payment on their first home. The current

market value of the house is $$150,000.$ Property taxes would be $$1,800$ annually,

and the annual homeowners insurance premium would be $$1,125.$

They want to contribute to tax$-$advantaged savings plans.