Jamison is graduating in August. He will earn a degree in marketing and he has accepted a job in Dallas as a marketing associate for a mid-size technology company. The position will require some travel. He has an opportunity for advancement, if he exceeds his job expectations. He is seeking some financial advice to help him as he begins his new career. Here's the information he provided. 

Salary - $50,900 Checking - $875 Savings - $3,750 Benefits - Health insurance premium is paid for by his employer; he could have deductibles and co-payments but he doesn't have any major problems or expect to need health care. - Life insurance is paid for by his employer; twice his salary for term insurance. - Retirement will be funded by a 401(k). If he contributes 5%, his employer will match it. Housing - Jamison has not yet decided where he will live. He would like to live alone, but he's discovered that rent, not including electricity, costs $2,700 a month for a one bedroom unit that is 3 blocks from where he will be working in Downtown Dallas. His family lives in Ft. Worth (33 miles from Dallas) and will allow him to live there for $975 per month. He has his bedroom furniture from college and a dining room table. If he lives with his family, he will have to sell his furniture or store it. Jamison's furniture is worth $2,100 total. Transportation - He drives a Honda Accord that is now 12 years old and has 195,000 miles on it and gets 28 miles per gallon. Jamison's car is valued at $4,500. There are no major problems with it but he would really like to get a newer car that gets better gas mileage. Technology - Smart Phone- his cell phone is paid for and is on his parent's plan - Cable- He wants to acquire membership of at least three streaming sites and needs internet access. His parents don't have either cable or internet access. Wardrobe - Like most college students, he will need to purchase new work attire to adhere to the company's dress code. Luckily, he can dress business casual, but on some occasions, he may need to wear a business suit. He doesn't have to buy everything at once but knows this is going to be something he will have to pay for. Debt - School loans - He has $29,500 in loans and must start repaying 6 months after graduation. - Credit cards - His Visa has a $7,500 limit. He is carrying $7,350 on it from his Summer Trip with his friends and is only able to pay the minimum every month right now. The interest rate is 28.99%. Roommate's Wedding - In July, he will be in his roommate's wedding in Galveston. His tuxedo is paid for. He will need to rent shoes if he doesn't buy a pair of black dress shoes by then. He will also have other expenses for travel, etc. for the wedding and he plans to help two other groomsmen host a bachelor party in June. They are planning a fishing trip to the Gulf and plan to rent a boat. Anticipated expenses prior to starting his new position on September 7th - Pay costs beyond deposit on college apartment. They've had a lot of parties and the walls have lots of marks on them and the carpet is - disgusting. They are pretty sure they'll have to pay when they move out. - Has to pay $525 in parking tickets (to the university) before he can receive his diploma. - Wants to go to the beach (South Padre Island) with friends after graduation for at least a week. - Wants to buy a graduation present for his girlfriend who is also graduating.

Identify and describe two short-term goals for Jamison.

Answer rating: 100% (QA)

Two shortterm financial goals for Jamison could be 1 Pay off Credit Card Debt Jamison is currently ... View the full answer