Question

Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her Income towards savings, which includes accumulating enough money towards the $9,000 down payment she needs to begin her dream of opening a cupcake café. Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account. She would really like to sl down and get a clearer picture of how much she is spending on various expenses, including rent, utilities, entertainment and how her debt compares to her savings and assets. She realizes that she must stay on track and keep a detailed budget If she is to realize her dream of being self-employed after college graduation Use the details below to complete Jamie Lee's personal financial plan to determine her financial position. Each answer must have a value for the assignment to be complete. Enter "O" for any unused categories Current Financial Situation Assets Checking account Emergency fund savings account Car Computer & iPad Uabities Student loan Credit card balance Income: Gross monthly salary Net monthly salary Savings allocation Regular savings Rainy day savings Monthly Expenses: $1250 Rent obligation $3,100 Utilities/electricity $4,000 Utilities/water $500 Utilities/cable TV Food $5,400 Gas/maintenance $400 Credit card payment Car Insurance $2,125 Clothing $1,560 Entertainment Cake decorating class $150 Movies with friends $25 Assets Liquid assets Checking account balance Savings/money market accounts, funds "$ Cash value of life insurance Other Total liquid assets 1,250 3,100

Answer 1

Jamie Lee Jackson- Assets & Liabilities
Liquid assets	Amount $	Amount $
Checking account balance	1250
Savings/money market accounts, funds	3100
Cash value of life insurance	0
Total liquid assets		4350
Household assets and possessions
Current market Value of home	0
Market value of automobiles	4000
Furniture	0
Computer, electronics, camera	500
Jewellary	0
Other	0
Other	0
Total household assets		4500
Investment assets
Savings certificates	0
Stocks and bonds	0
Retirement accounts	0
Mutual funds	0
Other	0
Total investment assets		0
Total assets		8850
Liabilities
Current liabilities
Charge account and credit card balances	400
Other	0
Total current liabilities		400
Long-term liabilities
Mortgage	0
Loan Balances	5400
Other	0
Total long-term liabilities		5400
Total liabilities		5800
Net Worth
(Assets minus liabilities)		3050
Jamie Lee Jackson has a net worth of $ 3050 to invest in a self employment