During in college, Jenny worked part-time and was never concerned about long-term financial planning. Rather than creating a budget, she used her checkbook and savings account (which usually had a very low balance) to handle her financial needs.
As soon as she's finishing college, she started her career as a teller in the bank. One year later, her assets consist of a 2010, a computer, some electronic entertainment equipment, and clothing and other personal belongs, with a total value of about $8,200.
Life Situation Financial Data
Starting a career
No dependents Monthly income $2,600
Living expenses $2,180
Emergency fund $530
Question: What are financial actions and revised goals Jenny might want to consider at this time?© BrainMass Inc. brainmass.com October 10, 2019, 8:12 am ad1c9bdddf
The financial goals at this time, which Jenny should consider, are as below:
• To save $30000 in next 10 years and to increase balance in saving account
• To invest in the different investment to have a better financial position at the time of retirement
• To increase assets by double in next 3 years
These goals are effective in the current environment as Jenny does not have good financial position due to lower saving and lower balance in saving account. It may influence her ability to obtain the finance in future at the time of requirements. So, for accomplishing these goals, Jenny should considering proper financial planning (Gitman, ...
Financial planning is very important. As one moves from college life to professional life, starting a job, some financial actions are required to be taken as well as re-framing of goals. This response analyses and provides guidelines for financial planning with regard to the given case of Jenny.