Answer the following about the Situations 1-3 below:
Situation 1: Fran and Ed must balance their current living expenses with increasing college costs, covering long-term care facility living expenses for Fran’s mother, and saving for retirement.
Situation 2: Patrick needs to consider his spending activities in relation to the money he has available in his emergency fund, while also taking actions related to finding employment.
Situation 3: Nina must decide whether to spend or save these funds, and how. She should consider various alternatives for both short-term and long-term financial decisions.
- In each of the above situations, what are the main financial planning issues that need to be addressed?
- What additional information would you like to have before recommending actions in each situation?
- Based on the information provided, along with Exhibit 1-1 of Ch. 1 from SmartBook and financial planning process, what actions would you recommend in each situation? Submit your assignment.