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Your client, Bob Jones called and said that as part of his homework from your last meeting he had compiled a list of assets
Your client, Bob Jones called and said that as part of his homework from your last meeting he had compiled a list of assets and other financial information and would email it in. Later that day, you received his information. His assets included a house worth $300,000, around $350,000 in marketable securities, a Roth IRA with a $42,000, two cars worth $40,000 with loans against them of $15,000, jewelry worth $5,000, artwork valued at $5,000, and a 401k plan at work that his wife has with a balance of $78,000. Their household furniture and furnishings are worth about $25,000. Bob and his wife also have a money market account at the local bank with a balance of $1,500 and a checking account worth $3,200. Bob has earned a bonus at work that has not yet been paid net of taxes of $4,200. The have current credit card balances of $12,000 and a mortgage owed of $180,000. lication Tasks and Questions: Construct a complete balance sheet for the Joneses. How does it look to you? What would you explain to Bob and his wife about it?
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