Length: The whole report should be 2-3 pages.
• Tables and figures: Students are encouraged to make and use tables and figures to convey
information and support their arguments. However, the tables and figures should be carefully
chosen and well explained.
• Reference: Use MLA System of Referencing. To avoid plagiarism, you must fully reference
each source of information that you use in your report.
• Font and font size: Times New Roman, 12
• Double line spacing
• Normal margin spacing (2.5cm for top, bottom, left, and right)
Suppose you are
the financial advisor for the individual or family in your case and:
• Provide a brief description of the individual or family’s current financial situation.
• Discuss the financial strengths and weaknesses of the individual or family’s situation.
• Explain any misunderstanding the individual or family has about financial issues.
• You should comment about their cash flow situation.
• Use appropriate ratios to discuss the financial situation of the individual or family.
• You should also calculate the savings required to reach financial goals.
You are also asked to provide 2 recommendations that the individual or family should implement to
improve their financial situation. Feel free to add any other information you think would improve the
financial position of the individual or family.
Case 4: Peter and Pamela Gibson.
Peter (aged 62) and Pamela (aged 58) Gibson are hoping to retire within two years. Their short-term
financial goals are to pay off nearly $10,000 of credit card debt and spend $7,000 on their daughter’s
wedding. They want to pay off their $70,000 mortgage, which has 8 years left. They also hope to buy
a new car, travel, and do some work on their aging home. The Gibson’s long-term goals are to just
enjoy life and have sufficient funds to do so. Peter and Pamela both have jobs that total $80,000
together, which equates to roughly $5,000 a month in gross earnings. Their expenses are estimated to
be $3,000 for household expenses, which includes the $900 mortgage principal and interest, $400 in
property taxes, $300 utilities, $300 for insurance, and $300 for a brand new car loan with 52 payments
remaining. They help their younger child with living expenses totaling $800 a month. With regards to
their assets, they have no cash assets, but have their $250,000 house, $230,000 in Peter’s company
profit-sharing plan, two cars worth $20,000 together, and $75,000 of personal property. For debt, they
owe $70,000 on their mortgage, $12,000 for their car loan, $10,000 on visa credit cards, and $4,000
on a personal loan. Peter and Pamela have health insurance through Peter’s employer for a premium
payment of $100 a month. However, in 3 years Peter will be able to receive Medicare. Pamela will
still receive health insurance through Peter’s company but at a higher premium of $350, once Bruce
retires. The couple does not have disability insurance. Their home and auto coverage have $300,000
liability limits. They may inherit $150,000 from Pamela’s father. Neither Peter nor Pamela have IRAs,
although Pamela’s company offers a 401(k). They each have wills that were revised six years ago but
have been told by their attorney to get a living will.
This is the case that has to be used.
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