You are the financial advisor to one of your clients, a single, $50-$something owner of a trucking $/$ shipping company here in Calgary. Her trucking company is very profitable, and the salary she pays herself has averaged $ $210,000$ in each of the last ten years.

Please examine the following information of your client:

Chequing account balance $ $1,105$

Saving account balance $800$

House $1,900,000$

Income taxes owed to government $45,000$

Household effects and personal items $160,500$

Automobiles $($car$,$ pickup truck, motorcycles$)115,000$

Tax$-$free savings account $2,300$

Visa card balance $2,100$

Master card balance $545$

Utility bills $($gas$,$ electricity, cable, etc.$)470$

Mortgage $0$

Question $1$

Calculate the client$$s net worth, by preparing a balance sheet

Question $2$

Based on the net worth number that you calculated for the client, tell us what kind of financial position would you consider her to be in: strong, weak, average, and explain why you have that opinion.

Question $3$

Do you think your client$$s financial position should be different from what it appears to be$,$ on paper, as far as her net worth is involved?

Are there any things about the client$$s net worth that do not seem to be consistent with other clients that you have, who make similar amounts of money, but have a much higher net worth?

You should have a number of questions that you would like to explore with your client, so that you might be in a position to provide her with some financial or life$-$situation advice