Case Study: Carol Jones

Carol works as a business representative for an import/export company. Her job provides her with the opportunity to travel and experience new things. Because she travels so much, Carol feels that she does not have a handle on her finances. She has decided to pay a visit to a financial advisor for help.

Carol's Salary	$2,000	Auto Payment	$262
Home	$100,000	Mastercard	$5,000	Int 15%
Gas/Heating	$100	Visa Card	$3,000	Int 15%
Electric	$125	Bloomingdale Card	$1,500	Int 29%
Water	$60	Personal Loan	$5,000	Int 5%, 60 mths
Internet/Cable	$150	Mortgage	$95,000
Phone	$50	Mortgage Payment	$796
Cell Phone	$200	Car	$20,000
Food	$250	Gym Membership	$20
Mortgage Payment	$796	Personal Loan Payment	$94
Car Insurance	$165	Carol's 401K	$50,000
Savings	$500	Auto Loan	$15,000
Checking	$1,000	Visa Payment	$60
Lawn Service	$100	Bloomingdale Payment	$30
Mastercard	$100

Write a 700- to 1,050-word paper that addresses the following items from the case study:

Apply financial planning concepts to advise Carol and explain how Carol can benefit from financial planning. Describe the benefits of using financial statements in financial planning.

Utilize and explain strategies that Carol can use to increase her net worth. How does this affect her cash flow?

Describe the sources available for asset management.

Compile a list of legal protections that can be used to protect Carols assets.

Using the information provided for Carol create a balance sheet and cash flow statement. Estimate Carols overall net worth.