Below you have a scenario.You are to evaluate the personal finances.You are to make a plan for this family.The family plan will include a monthly budget (all expenses included).You will be sure they have everything in their monthly budget that is recommended by all financial specialists.You will then move onto their investment plan.What type of risks are they willing to take?What are their investment options?What do they need most?What willtheir future hold?What will they do in retirement?Where will their income come from?What do they do with their assets?Do they have options other than stocks?What suggestions do you make for them?

The Washington Family

Joe Washington - 37 -mechanic - annual salary $50,000

Mary Washington - 36 - teacher - annual salary $40,000

Susie - 10

Little Joe - 7

They own their house $150,000 with a mortgage of $105,000.Payment with taxes and insurance is $1250

Assets

1999 Honda AccordValue $5,000 no loan

2010 Honda Odyssey Value $20,000 loan $5,00012months left at $600

2 acres in the country and a mobile home - $20,000

IRA - Joe $50,000

Susie - no IRA but state retirement when she hits 65 for $2,000 a month

Checking account at ABC bank $2000

Money Market Savings $10,000

529 college fund Susie $8,000

529 college fund Little Joe $3,000

Credit Card balance -$3,500 at 17% interest.

Here are a few websites that may help you:

http://cgi.money.cnn.com/tools/budget101/budget_101.jsp

http://financialplan.about.com/cs/budgeting/l/blbudget.htm

http://money.cnn.com/magazines/moneymag/money101/lesson2/index.htm

http://money.msn.com/personal-finance