Overview: This project requires you to take on the role of various financial planning professionals for the purpose of considering best practices in personal financial planning. Read the excerpt below about the Constantine family and then follow the instructions in the assignment section.
In a recent month, the Constantine family had a budget deficit, which is something they want to avoid so they do not have future financial difficulties. Jason and Karen Constantine and their children (ages 10 and 12) are in the process of developing a comprehensive financial plan. Jason has a bachelor’s degree in meteorology but did not have the confidence to market himself in the job market when he graduated so he never got any experience in his field and has been working as a processor at a bank for the last 10 years making $15 per hour. Jason has a 401(k) plan where his employer matches 100% up to 6% of his salary. But because he is always struggling with money, he chooses to only contribute 3% of his paycheck to his 401(k). Karen is a few hours shy of having her bachelor’s degree in accounting and she works part time as an accounting clerk at a local firm, and also runs a very lucrative ETSY shop out of her home. Karen does not know if her accounting firm employer offers a 401(k) plan.
Jason and Karen currently live paycheck to paycheck out of a joint checking account. They do not have a savings account and regularly overdraw their account due to poor cash management. Neither of them use mobile banking or online banking because they are afraid of the security risks so they have trouble keeping up with their account balances because they use the VRU phone service.
The Constantine Family currently live in a 2 bedroom, 1.5 bedroom house. Their children are sharing a bedroom and they all share a bathroom. They are currently paying a rate of 8% on their mortgage and they know there are better rates available but they are afraid to pursue refinancing or buying a bigger house at a lower interest rate because they are not sure if their credit score would qualify them. Karen and Jason own two cars that they currently have car payments and insurance on.
Karen and Jason do not have a Will or any form of Life Insurance, other than a basic policy provided through Jason’s employer for $5,000 upon his death to assist with funeral expenses.

Budget Advisor
• Offers budget guidelines
• Savings, credit use Banker
• Savings, payment services
• Loans, other services Real Estate Agent
• Housing Alternatives
• Home buying activities
Career Counselor
• Current career situation
• Career advancement Investment Broker
• Investment alternatives
• Risk perspectives Lawyer
• Legal concerns
• Estate planning
Financial Advisor
• Focus on financial goals
• Coordination of elements Insurance Agent
• Assess insurance needs
• Suggested coverages Tax Preparer/Accountant
• Wise tax strategies
• Small business assistance

Suggested Internet Resources http://financialplan.about.com
www.finance.cch.com
www.bankrate.com www.financial-planning.com
http://money.msn.com
www.kiplinger.com www.finweb.com/financial -planning http://www.cfp.net
www.money.com http://20somethingfinance.com/ www.nerdwallet.com
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