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 Familys financial make-up. Using the family demographics and financial information above, consider and 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 masters degree. In your opinion, what are this familys primary financial considerations? How should they plan to achieve their educational goals? What timeframe do you suggest the family use?

2. What are some ways the family could work to eliminate their debt given their employment situation?

3. What are some budgetary constraints the family should consider before buying a bigger house?

4. List and describe two legal documents you think this family should have.

5. Outside of daycare, what are some costs associated with having children The Greens should list in their budget?

6. What types of insurance should a family this size have, in order to be reasonably secure?

7. 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?

8. What values or principles might contribute to the way the Greens do or dont spend their money?

9. Name some types of debt you feel would be appropriate for the family to obtain. Why do you think these would be acceptable?

10. As a New Years 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 on page 9 of your textbook to guide your thinking