People who marry today have a $50/50$ chance of becoming divorced. Michelle Foxe, $28,$

recently became a statistic. Married for $3(1)/(2)$ years, she now lives at home with her

parents. Her major goal is to get on with her life$-$ both emotionally and financially.

Before her wedding, Foxe had $$8,000$ in the bank. Today, she owes $$2,000$ on credit

cards and $$1,000$ to her divorce attorney and has a $$9,000$ car loan balance. "I want to

pay off our debts as soon as possible," says Foxe. $"$My ex$-$husband just lost his job, so he

won't. Then I want to build up my savings again and start investing."

Foxe earns $$29,300$ annually, plus another $$200$ in interest. Her $$11,000$ net worth

includes $$550$ in a checking account, $$3,000$ in passbook savings, $$3,950$ in an S&P $500$

stock index mutual fund, $$2,500$ in U$.$S$.$ savings bonds, a two$-$year old car worth $$7,500,$

and a $$1,000$ computer. Her home furnishings from her previous married household,

worth $$4,500,$ are presently in a rented storage locker.

Short$-$term, Foxe would like to increase her savings to $$10,000,$ pay off her credit cards,

and be able to afford her own apartment. She is also planning to advance in her career

and is taking advanced computer courses at a local college. In $3$ to $10$ years, Foxe would

like to own a new car and a condo or house of her own. She says "I hope to be remarried

with kids and earning a good salary with money in the bank."

Foxe's monthly expenses total $$1,550.$ This includes $$150$ a month "rent" to her parents, a

$$250$ car loan payment with $36$ months remaining, $$200$ toward credit card debt and the

attorney's fees, $$100$ for tuition, $$100$ for gas and car expenses, and $$500$ for items such

as food, clothing, auto insurance, entertainment, and the storage locker rental fee. She

also saves $$250$ a month in a stock index fund and U$.$S$.$ savings bonds. Her father is a

certified financial planner$$ and recommended investing in the index mutual fund for

long$-$term growth.

Foxe has group term life insurance paying $2(1)/(2)$ times her salary and employer$-$paid health

insurance with a $$1$ million lifetime limit$.$ Her car has $100/300/50$ liability coverage and

collision and comprehensive coverage with a $$100$ deductible.

Foxe admits that she has done absolutely no planning or saving for retirement. She wants

to retire no later than age $65$ and move to a state that has lower living costs and warm

weather year$-$round. Her hope for her retirement years time is to "have money to do fun

things and not become a bag lady." Her employer provides a $401($k$)$ plan but, so far, Foxe

has not signed up$,$ even though her employer matches contributions up to $6\%$ of workers' salaries. She also does not have an IRA.

can you develop a $$solution$$ a road map advice for the families described in the cases.

Make sure your paper identifies most of the key variables involved in becoming financially independent, and explain the importance and significance of each of those key variables.