Case study
KELLY AND MATHEW GRADUATED TOGATHER, GOT MARRIED AND MOVED TO TEXAS.THEY ARE LIVING IN TEXAS FOR THE LAST 8 YEARS.KELLY AGED 28 YEARS IS A HOUSE WIFE.MATHEW AGED 29 YEARS IS WORKING AS A SALES EXECUTIVE IN A PRIVATE CO. HE IS EARNING $30 THOUSAND PER ANNUM.HE GETS BONUS AT YEAR END WHICH IS EQUIVALENT TO ONE MONTH SALARY.HE IS COVERED UNDER CO.’S MEDICAL AND DISABILITY PLAN BUT NOT HIS FAMILY.THEY HAVE TWO KIDS AGED 7 AND 3.THE ELDER ONE GOES TO SCHOOL FOR WHICH THE MONTHLY EXPENDITURE IS $150. THEYOUNGER ONE WILL START GOING TO SCHOOL FROM NEXT YEAR. THEY ARE PRESENTLY LIVING IN A RENTED HOUSE FOR WHICH THEY PAY MONTHLY RENT OF$200.THE COUPLE WANTED TO SAVE MONEY FOR DOWN PAYMENT PURCHASE OF A HOUSE.THE KIND OF HOUSE THEY ARE LOOKING FOR WILL COST TO THE TUNE OF $1,000,000.MR.MATHEW HAS PLANNED TO RETIRE AFTER 25 YEARS.HE ALSO PLANS TO PURCHASE HIS OWN AUTOMOBILE AS SOON AS POSSIBLE WHICH COULD COST HIM$15,000.MR.MATHEW HAS NO OTHR SOURCE OF INCOME. IN ORDER TO BOOST HIS INCOME HE HAS RECENTLY JOINED AN EXCUTIVE MBA EVENING PROGRAM FOR WHICH HE HAS TO PAY MONTHLY FEES OF $300. MR. MATHEW’S PURELY PERSONAL EXPENDITURE IS $100 PER MONTH. THE EXPENDITURE ON ACCOUNT OF FOODS, ELECTRECTY, TRANSPORTATION ETC… IS $800
• HOW SHOULD MR. MATHEW DO HIS PERSONAL FINANCIAL PLANNING? PLEASE DISCUSS THE ISSUES INVOLVED AND GIVE YOUR SUGGESTIONS.
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