Describe the sources available for asset management

Question description

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University of Phoenix Material

Case Study: Carol Jones

Carol works as a business representative for an import/export company. Her job provides her with the opportunity to travel and experience new things. Because she travels so much, Carol feels that she does not have a handle on her finances. She has decided to pay a visit to a financial advisor for help.

Carol’s Salary $2,000 Auto Payment $262
Home $100,000 Mastercard $5,000 Int 15%
Gas/Heating $100 Visa Card $3,000 Int 15%
Electric $125 Bloomingdale Card $1,500 Int 29%
Water $60 Personal Loan $5,000 Int 5%, 60 mths
Internet/Cable $150 Mortgage $95,000
Phone $50 Mortgage Payment $796
Cell Phone $200 Car $20,000
Food $250 Gym Membership $20
Mortgage Payment $796 Personal Loan Payment $94
Car Insurance $165 Carol’s 401K $50,000
Savings $500 Auto Loan $15,000
Checking $1,000 Visa Payment $60
Lawn Service $100 Bloomingdale Payment $30
Mastercard $100

Write a 700- to 1,050-word paper that addresses the following items from the case study:

  • Apply financial planning concepts to advise Carol and explain how Carol can benefit from financial planning. Describe the benefits of using financial statements in financial planning.
  • Utilize and explain strategies that Carol can use to increase her net worth. How does this affect her cash flow?
  • Describe the sources available for asset management.
  • Compile a list oflegal protections that can be used to protect Carol’s assets.
  • Using the information provided for Carol create a balance sheet and cash flow statement. Estimate Carol’s overall net worth.

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