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 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 budget and recommendations to improve their financial ratios. You will present these in your video to the clients. Balances as of December 31, 20XX, some expenses are monthly, quarterly, or annually. Latoyas Net (After-Tax) Salary (Real Estate Manager) ...............................$ 70,000 Sams Net (After-Tax) Salary (Videographer) ..............................................$ 45,000 401k annual contribution rate (for both, from net Salary) ......................... 2% 401k balances .............................................................................................$ 4,000 Sams Annual Income from Winnings (Axe Throwing Pro) .........................$ 15,000 Current Monthly Rent .................................................................................$ 1,850 2015 Chevy Sonic Trade-in Value................................................................$ 11,500 Jewelry ........................................................................................................$ 6,500 Checking Account Balance ..........................................................................$ 1,500 Savings Account Balance.............................................................................$ 4,500 Car Fund Money Market Account Balance .................................................$ 3,500 Sams Custom Axe Set.................................................................................$ 2,800 Roth IRA Account ........................................................................................$ 1,200 Schwab Brokerage Account ........................................................................$ 6,352 Sonic Loan Balance, GM Financial Credit ....................................................$ 5,068 BOA Credit Card Balance (used for expenses, paid-in-full each month).....$ 2,350 Groceries (Monthly) ....................................................................................$ 1,400 Dining out (monthly)...................................................................................$ 1,800 Renters Insurance (Annual)........................................................................$ 280 Auto Insurance (Monthly) ...........................................................................$ 116 Gasoline (Monthly) .....................................................................................$ 140 Auto Maintenance (Annual)........................................................................$ 1,200 Entertainment (Netflix, Axe Throwing, monthly)........................................$ 400 New Home Savings Fund Balance ...............................................................$ 8,000 New Home monthly savings ......................................................................$ 800 Annual Vacations ........................................................................................$ 6,000 Water/city utilities and Electricity ..............................................................$ 245 Cell Phones, Internet, and TV......................................................................$ 490 Annual charitable ........................................................................................$ 13,000 Student loan balance ..................................................................................$ 13,475 Monthly Student loan payment ..................................................................$ 385 Monthly Auto loan Payment .......................................................................$ 362 Car Savings (monthly) .................................................................................$ 400 Miscellaneous Expenses (monthly).............................................................$ 500

QUESTION

Enter the total monetary assets: