The Green Family The Greens are comprised of married parents, Carl and Barb, and three children: Ace, Bill, and Charlotte. Carl is 35 years-old; Barb is 32; the children are 10, 4, and 2, respectively. Carl has one previous marriage, to which he must pay alimony. Carl is employed as a shift manager for a local paper company ($40,000 per year + commission), and Barb is a public school teacher ($32,000). While Ace is old enough to attend elementary school, the Greens send Bill and Charlotte to a local daycare. The family owns one vehicle, but recently bought a van that requires a monthly payment of $300. They also have two credit cards with a balance of $2000 each and a mortgage payment of $1000. All regular utilities and grocery bills are also parts of The Green Family's financial make-up. Using the family demographics and financial information above, answer the following questions: 1. Carl does not have a college degree, but desires to go back to school. Barb would also like to complete her master's degree. In your opinion, what are this family's primary financial considerations? How should they plan to achieve their educational goals? What timeframe do you suggest the family use? The Greens should make sure their car, mortgage and credit cards are paid off with enough to support the kids and themselves and put extra money into a savings account to pay for school. 2. Outside of daycare, what are some costs associated with having children The Greens should list in their budget? Education and extracurriculars 3. What types of insurance should a family this size have in order to be reasonably secure? Health, dental, vision and life insurance 4. The Greens have no savings account. If you were their bank manager, what would you tell them is important about having savings and what advice and incentives would you offer them to get started? I would tell them that everyone needs a saving just in case they ever need to money and also so they can start saving for future endeavors such as school 5. As a New Year's resolution, The Greens sit down to make a list of financial goals. What do you think should be their most pressing goals (give at least three)? Use the SMART approach from your textbook to Page 1 of 9