For this module's assignment, you will develop a business report for your new clients, John and Becky Warbucks, that gives an overview of the personal financial planning process. John is a school teacher, and Becky is a stay-at-home mom, and their household income is $60,000 yearly. The Warbucks have twin boys that are eight years old, Macie and Jacie. Here is a snapshot of the couple's financials:

• Mortgage balance - $175,000
• Market value of the house - $250,000
• Credit card balance - $2,500 on a credit card
• 2010 Honda Minivan - $7,500 (owned outright)
• 2011 Honda Civic - $8,000 (owned outright)
• Savings - $20,000
• Checking - $1,000
• No retirement savings
• Inheritance - $200,000
• Investments - $1,500 of Johnson & Johnson stock
• No life insurance

The report should give your prospective client enough information to understand the different steps involved in building a personal financial plan. The purpose of this document is to help your client understand the importance of having a personal financial plan. You have also agreed to create a high-level statement of net worth for the couple as well. Your report should include:

• A clear description of the steps involved in the personal financial planning process and what would be included in their plan
• A Statement of Net Worth

Be sure to write with audience-specific language and professional tone - written for the clients rather than financial professionals. Offer supporting evidence and include a reference list. Your report should be clearly organized and written in a business report format. A reference list, proper grammar, and punctuation are required.

Answer rating: 100% (QA)

Your Name Your Position Your Company Date John and Becky Warbucks Clients Address City State ZIP Dear John and Becky Subject Overview of Personal Financial Planning Process and Statement of Net Worth ... View the full answer