FIN 420 - WEEK 2 Case Study: Carol Jones

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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 of legal 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.

Click the Assignment Files tab to submit your assignment.

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