Jim and Jackie are married with three children at home and a mortgage. Jim’s net pay per year is $67,000 and Jackie does not have income. Their mortgage payment of $2,800 includes insurance on their home. They have additional monthly expenses of $2,700.Jim contributes 15% of his earnings to a retirement fund and they have $5,000 in savings. There is a $500,000 life insurance policy on Jim and a $100,000 policy on Jackie.

As their financial advisor, what part of Jim and Jackie’s financial plan would you encourage them to work on?

Answers

Answer 1

Answer:

Jim and Jackie should work on their plan for managing income. The correct option is A.

What is an expression?

Expression in maths is defined as the collection of the numbers variables and functions by using signs like addition, subtraction, multiplication, and division.

Numbers (constants), variables, operations, functions, brackets, punctuation, and grouping can all be represented by mathematical symbols, which can also be used to indicate the logical syntax's order of operations and other features.

They are currently spending too much money and they should either lower their costs or Jackie will have to find a job:

Jim's net pay = $67,000

Jackie's net pay = $0

total monthly expenses = $2,800 (mortgage and extras) + $2,700 other expenses = $5,500 x 12 months = $66,000

Since Jim contributes 15% of his income to a retirement fund, they are currently having a deficit = net income - total expenses = ($67,000 x 85%) - $66,000 = $56,950 - $66,000 = -$9,050

They will not to able to handle this deficit for a long time, so they should decide which expenses to cut (out of the $2,800 additional expenses).

Therefore, Jim and Jackie should work on their plan for managing income. The correct option is A.

To know more about an expression follow

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Answer 2

Answer: The savings and life insurance on Jackie

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Answers

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Answers

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Answers

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