The Johnson household has compiled the following financial information. They live in a house that has lost some of its market value due to zoning changes nearby; the best estimate for their house's worth is $150,000. While the Johnsons still owe $160,000 on their mortgage, they make payments of $1,200 each month. Groceries cost the family approximately $1,000 per month. The Johnsons also have a car (valued at $9,000; with loan balance of $10,870; monthly payments of $297), an SUV (valued at $15,900; with loan balance of $20,560; monthly payments of $498), and a boat (valued at $500; with loan balance of $2,210; monthly payments of $153). They have roughly $5,000 of furniture that includes mattresses, a couch, beds, an entertainment center, and several other items (they still owe about $1,670 on these items). Mr. Johnson is an avid baseball fan and has a card collection worth $1,400. Their credit card debt totals $15,000 with monthly payments of $485. To fund their higher education, the Johnsons took out some student loans that total $37,850 with payments of $276 per month. Allegedly, they also have a treasure map valued at $699. On average, the Johnson's checking account has $2,000, and their savings account has $3,700. Their combined retirement accounts have $21,009. Using the information above create their personal balance sheet in the space provided below.  

Assets			Liabilities
Item	Amount		Item	Amount
Total Assets:			Total Liabilities:
			Net Worth:

 

2. Perform a SWOT Analysis on this household and fill in your ideas below 

Internal Factors	External Factors
Strengths	Opportunities
Weaknesses	Threats

 

1. What advice would you give the Johnsons to increase their net worth moving forward?  

If you could ask three additional questions about their financial circumstances, what would you want to know?