Q1

prepare a personal balance sheet for Johnny RealCool. it must have at least 10 lines in it Johnny RealCool He is married, with a cat named Spot and a dog named Whiskers. Has a stable job making $50,000/year. Owns a house, worth $200,000, has $50,000 equity. (dont worry about interest for any of these) Owns an El Camino, worth $30,000, has $20,000 equity. Owns a computer worth $1,500. Owns furniture worth $3,000. Gave brother-in-law $5,000 loan, so far brother-in-law has not repaid any of the loan Johnnys credit card bills are $9,000. Has $60,000 remaining in student loans, Has $10,000 in homeowner type equipment. Has retirement account of $5,000. Has $1,000 under his bed. Has $2,000 in firearms.

Q2

Based on the previous information; how much, if any, life insurance should Johnny have? Why?