Objective 1.01 Task: Your financial team will meet with the client to gain a better understanding of who the client is. The team must then determine the positive and negative characteristics of each well-being domains for the client. Determine if the client has high well-being or a low well-being. The team will share their findings with the client, explain how this impacts their overall well-being, specifically how it impacts their finances. Design a visual aid, such as a chart, to better assist the client’s understanding.
Objective 2.03-.05 Task: Your financial team will meet with the client to gain a better understanding of their income, expenses, and/or spending habits. Depending on the clients current reason for meeting with your team will determine which forms will be completed. There are three main money management tools that can be used to assist clients. Statement of Financial Position (present), Income and Expense Statement (past), and a Spending Plan (future). Once your team discovers the client’s need select appropriate form(s) and begin assessing the client’s financial situation. Provide a written detail feedback to client as well as helpful tips that can improve client’s financial future.
Client #2
Olivia I. Jefferson is a 31 year old clinical mental health counselor for the Federal Government. She has been in this practice for five years and thoroughly enjoys her occupation. Her yearly salary is $78,000. After taxes ($950: State- $315, Federal-$260, Social Security-$187, Medicare-$188), insurances (dental $130, vision $120, short-term disability $100), and 401k retirement ($650) she brings home about $4550 a month (paid once a month). Olivia typically works roughly 50 hours a week, sometimes more depending on her case load.
Carolina Credit Union is the depository institution of choice when it comes to handling her finances. She currently has $2534.70 in her checking account, $4500.80 in savings, $3250 in her individual retirement account, $39,000 in her 401k, and generally keeps $80 in her pocket. The market value of Olivia’s home is $185,000 and she owes $102,450. Olivia has two credit cards one is paid in full but owes $2540 on the other. As far as her student loans she originally owed $180,850 but now she only owes $28,750.
The following are Olivia’s monthly financial expenses:
Mortgage: $417Homeowners Insurance: $205Property Taxes for Home: $190
Auto Loan: $412Auto Insurance: $107Gas: $200Cell Phone: $47Credit Card: $220
Groceries: $250Dining Out: $300Household Products: $40Student Loans: $280
Personal Care Products: $90Gym Membership: $50Internet/Cable/Phone: $150
Olivia is not married and not currently dating. She does have a few close friends that she does hang out with from time to time. Her friends tell her regularly that she is a workaholic and needs to slow down before she give herself a stroke. Olivia socializes somewhat with a few co-workers but for the most part she is consumed with work, which has been rather stressful lately. She is phenomenal in her field of work, which is evident when reflecting on her rapid advancement in the hierarchy ranks of her company. She advanced three ranks within five years. Her friends, co-workers, even her supervisor states she is loyal to her field of work and determined to give her best no matter what it takes.
Olivia’s health is average but she has been experiencing excessive headaches the last three weeks and has not been eating enough due to long hours at work. She pays for a gym membership but rarely makes it to the gym. She may work out two or three times a month.