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Finance Planning - Assignment Example

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The most critical issues that Mark and Ava should consider while planning for their finance, in order of priority are an emergency fund, their planned children’s education and purchasing a home and saving for their retirement. An emergency fund should be constituted…
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Finance Planning
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Download file to see previous pages Their monthly expenditure on insurance for their properties is high and does not comprehensively cover their assets since some assets such their stereo is not insured.
The critical issues raised above should be addressed in their order of priority. Recommendation for the emergency fund would be to sum up Mark’s 401(k) contribution and bank savings as previously intended, since they are available. Then the Lanes should top up the remaining amount from reductions in their expenditure and by that their emergency fund objective will have been met. Recommendation for the second and middle term objective would be to make a fixed income investment and channel the proceeds to a child education fund. The long term goal of purchasing a house should be met by freeing up money that was used to pay debts and once these are cleared they can channel the income towards payment of a mortgage.
They have a short fall of $18,877.5- $3,070= $15,807.5 Recommendation for funding the shortfall includes implementing the proposed debt management plan so as to reduce debt expenses such as payment of credit card interests. The proceeds realized can then be channeled to the emergency fund.
The Lanes have been having a poor debt management plan as they have a negative balance sheet and a negative cash flow balance. They should consider implementing the proposed debt management plan as it will assist them clear their debts systematically from the smallest to the largest debt.
In order to save a monthly amount for retirement at the age of 55, both Mark and Ava should cut down on their expenditure and reduce their insurance expenditure. In order to do this, they can consider the emergency fund as a form of self-insurance then save the amounts used to pay insurance premiums to save for retirement.
The Lanes should not sell any of their investments to ...Download file to see next pagesRead More
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