Mark and Jane are getting ready to be married. They look forward their future together and be a successful couple in their finances until death do them apart.

They have short and long term goals in their future life together. They have hired you as their personal finance planner to assist them. They have some goals as follows:

Buy a house

Buy a car

Plan for retirement

Investment of their money

Tax planning

Obtain joint credit cards

You as their financial planner will advise on topics discuss in each chapter during your Personal Finance Course in the following subjects:

Scenario 1

You will develop for them the financial process plan discussed in chapter 1. First, evaluate their current financial situation; define their goals as a couple (above given); develop an action plan, implement a plan and review it; reevaluate and revise their plan. You can be creative in financial plan process as long as you apply the concepts in the book. (You can use your personal plan or a friend/relative you may use bogus name). (HINT process in Chapter 1).

Scenario 2

Develop a basic personal balance sheet of their current assets and liabilities (you may come up with your own numbers, assets and expenses). Also, develop a simplified income statement.

Their current income and expenses monthly are as follows: Total income $6,000; income taxes $1,000; rent $2000; food$600; clothing and personal care $300; transportation $500; recreation $100; medical insurance $400; car insurance $200

Start by classifying expenses as variable of fixed to determine where their money come from and determine where the majority of their money is going to. Asses their finances with current ratio; months living expenses ratio; debt ratio; long-term debt ration; savings ratio. Advise them on how they can minimize their expenses.

Scenario 3

As personal finance planner what is the best federal tax filing for Jane and Mark. If their total gross income is $68,000 annually what would be their standard deduction as a couple and inform them about what would be their taxable income. Advise them on what is the best tax form they can use. Explain two major reasons why they cant not use other forms.

Scenario 4

Advise Mark and Jane what would be the best savings account for them and its advantages. (Chapter 5)

Scenario 5

Mark and Jane would like to obtain credit cards(s). What are the advantages of obtaining a credit card? Also, counsel them to avoid credit card abuse problems and what are the major rules to follow when using a credit card. (Chapter 6)

Scenario 6

Jane plans to go back to school and she is interested in student loans. Advise her to avoid debt and inform her of other possible ways to pay for college. Explain the difference between subsidize and unsubsidized loans. Mark wants to consolidate his student loans. Discuss the advantages and disadvantages of loan consolidation (Chapter 7).

Counsel them what If both cannot repay their student loans what would be the consequences of not paying them back.

Scenario 7

Mark and Jane would like to purchase a house. Advise them what would be the best mortgage for them.

Advise them why they should consider borrowing money from a credit union instead of a bank.

Furthermore, warn them on the possible costs to maintain a house (Chapter 8)

Scenario 8

Advise them on how they should invest their money on stocks, bonds or mutual funds topic discussed in chapter 11 thru chapter 14. Select one to two options and in your opinion, what explain why is the best investment for them and its advantages?

Scenario 9

Advise Mark and Jane what is the best plan of retirement for them (chapter 15)

Mark and Jane would like to get assistance with estate planning process (chapter 16)