The Sampsons is a continuing case that occurs at the end of every chapter. You will help the Sampsons develop their financial plan using the key concepts presented in each chapter. You can fill in the blanks on these worksheets electronically at.

Dave and Sharon Sampson are 30 years old and have two children, who are five and six years old. Since marrying seven years ago, the Sampsons have relied on Dave's salary, which is currently $50,000 per year. Sharon recently obtained a part-time job that pays an annual salary of $15,000. Now that Sharon is also earning income, they hope to use her income to accumulate savings for their children's college education in the distant future and also to buy a new car for Sharon, because her existing car is very old and constantly needs repairs.

 

Help the Sampsons prioritize their financial goals. Specifically, assess whether their primary goal at this point should be saving for their children's college education in the future, versus buying a new car for Sharon.

                                                                                   

                                                                                                                                                                

The Sampsons hope that $1,000 per month of Sharon's salary can be used to boost their savings. How can they monitor this goal over time to ensure that the money is used in this manner?