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.
