Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jamie Lee Jackson, age 24, has recently decided to switch from attending college part-time to full-time in order to pursue her business degree and aims

image text in transcribed
image text in transcribed
Jamie Lee Jackson, age 24, has recently decided to switch from attending college part-time to full-time in order to pursue her business degree and aims to graduate within the next three years. She has 55 credit hours remaining in order to earn her bachelor's degree, and knows that it will be a challenge to complete her course of study while still working part-time in the bakery department of a local grocery store, where she earns $410 a week. Jamie Lee wants to keep her part-time job at the grocery store as she loves baking and creates very decorative cakes. She dreams of opening her own cupcake caf within the next five years. She also realizes that by returning to school full-time she will forgo any free time that she enjoys now socializing with friends. Jamie Lee currently shares a small apartment with a friend and they split all of the associated living expenses, such as rent and utilities, although she would really like to eventually have a place of her own. Her car is still going strong, even though it is seven years old and she has no plans to buy a new one any time soon. She is carrying a balance on her credit card and is making regular monthly payments of $70 with hopes of paying it off within a year. Jamie has also recently taken out a student loan to cover her educational costs and expenses. Jamie Lee also began depositing $1.400 a year in a savings account that earns 3% Interest, in hopes of having the $7,000 down payment needed to start the cupcake caf two years after graduation Current Financial Situation: Checking account $1,320 Emergency fund savings account $3,450 Car $4,700 Student loan $6,100 Credit card balance $750 Gross annual salary $2,300 Net monthly salary $1,630 Based on her personal and household needs and values, use the drop-down menus in each cell below to identify Jamie Lee's short- term financial goals, intermediate and long-term financial goals, and non-monetary goals, Short-Term Monetary Goals Description Amount Needed Months to Achelve Action To Be Taken Priority Open Cupcake Cafe Intermediate and Long-Term Goals Description Amount Needed Months to Achelve Action To Bo Taken Priority Non-Monetary Goals Description Time Frame Action To Be Taken Jamie Lee Jackson, age 24, has recently decided to switch from attending college part-time to full-time in order to pursue her business degree and aims to graduate within the next three years. She has 55 credit hours remaining in order to earn her bachelor's degree, and knows that it will be a challenge to complete her course of study while still working part-time in the bakery department of a local grocery store, where she earns $410 a week. Jamie Lee wants to keep her part-time job at the grocery store as she loves baking and creates very decorative cakes. She dreams of opening her own cupcake caf within the next five years. She also realizes that by returning to school full-time she will forgo any free time that she enjoys now socializing with friends. Jamie Lee currently shares a small apartment with a friend and they split all of the associated living expenses, such as rent and utilities, although she would really like to eventually have a place of her own. Her car is still going strong, even though it is seven years old and she has no plans to buy a new one any time soon. She is carrying a balance on her credit card and is making regular monthly payments of $70 with hopes of paying it off within a year. Jamie has also recently taken out a student loan to cover her educational costs and expenses. Jamie Lee also began depositing $1.400 a year in a savings account that earns 3% Interest, in hopes of having the $7,000 down payment needed to start the cupcake caf two years after graduation Current Financial Situation: Checking account $1,320 Emergency fund savings account $3,450 Car $4,700 Student loan $6,100 Credit card balance $750 Gross annual salary $2,300 Net monthly salary $1,630 Based on her personal and household needs and values, use the drop-down menus in each cell below to identify Jamie Lee's short- term financial goals, intermediate and long-term financial goals, and non-monetary goals, Short-Term Monetary Goals Description Amount Needed Months to Achelve Action To Be Taken Priority Open Cupcake Cafe Intermediate and Long-Term Goals Description Amount Needed Months to Achelve Action To Bo Taken Priority Non-Monetary Goals Description Time Frame Action To Be Taken

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management Theory And Practice

Authors: Prasanna Chandra

7th Edition

0070656657, 978-0070656659

More Books

Students also viewed these Finance questions