You have just been hired as a Level 1 Financial Coach at UNT Financial Services. Now your first clients, Latoya and Sam Kroger, have asked for your assistance in putting together a simple family financial plan. They are both 27 years old and Latoya is pregnant with their first child. They plan to have at least 2 more children over the next 5 years for a total of 3 children. They want to make sure they are taking the right steps financially. You will assist them and make recommendations to help them improve their situation in a video presentation.

Use the following information to construct basic financial statements. Develop a future recommended budget and recommendations to improve their financial ratios. You will present these in your video to the clients.(Side Note: If you were creating your own budget or balance sheet, youd do the same using your bank statements.)

Balances are as of December 31, 2022. Cash flow items are monthly or annually.

Latoyas Net (After-Tax) Salary(Real Estate Property Manager)......................$ 78,000

Sams Net (After-Tax) Salary(Videographer)..............................................$ 42,000

401k annual contribution rate(for both, from net Salary).............................. 3%

401k balances......................................................................................$ 12,482

Sams Annual Income from Winnings(Axe Throwing Pro)............................$ 6,000

Current Monthly Rent...........................................................................$ 1,800

2019 Ford F150 Trade-in Value..............................................................$ 26,500

Jewelry Value(Engagement Ring, Earrings, Custom Axe Bling)............................$ 27,700

Checking Account Balance....................................................................$ 1,500

Savings Account Balance.......................................................................$ 21,500

Car Fund Money Market Account Balance.............................................$ 6,500

Sams Custom Axe Set..........................................................................$ 3,400

Roth IRA Account($12,000 are contributions from 2015)..................................$ 17,500

Schwab Brokerage Account(Apple 200 shares @ $129.93/share on Dec 31)........$ 25,986

F150 Loan Balance, Ford Motor Credit...................................................$ 15,978

Current BOA Credit Card Balance(They want to pay it off in 9 months).............$ 16,490

Groceries HEB, Specs, Whole Foods(Monthly).......................................$ 1,800

Dining out(Monthly)..............................................................................$ 1,500

Renters Insurance(Annual)....................................................................$ 380

Auto Insurance(Monthly).......................................................................$ 310

Minimum BOA Credit Card Payment(Monthly)........................................$ 495

Gasoline (Monthly).................................................................................$ 350

Auto Maintenance, Tolls, and Tags(Monthly)...........................................$ 150

Entertainment (Peacock/Netflix, Axe Throwing, Clubbing, WinStar monthly)...........$ 2,000

Kay Jewelrys Account Balance..............................................................$ 26,850

Kay Jewelry's Monthly Payment............................................................$ 584

New Home Monthly Savings ................................................................$ 1,500

Annual Vacations ................................................................................$ 12,000

Average Water/City Utilities/Waste Services(monthly)............................$ 285

Monthly Cell Phones, Internet, and TV..................................................$ 515

Annual charitable.................................................................................10% (total income)

Student loan balance............................................................................$ 14,430

Monthly Student loan payment.............................................................$ 370

Monthly Auto loan Payment..................................................................$ 462

Car Savings(monthly).............................................................................$ 50

Crypto (Bitcoin 1 coin $16556/coin, Ethereum 10 coins $1201/coin on 12/31)........$ 28,566

Miscellaneous Expenses(just-in-case, Monthly)...........................................$ 500

use this to find Enter the total living expenses (Fixed and Variable combined):

and the Net Surplus or Negative Cash Flow