You are advising a relative that is having trouble tracking their spending and savings. Do a balance

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Question:

You are advising a relative that is having trouble tracking their spending and savings. Do a balance sheet for them and a personal income statement. Then come up with a one-year plan for them. How can they improve their spending, and how to better their income? Include ways they can save on their income taxes. At the end of that year, you help them with their income taxes. Attach their tax form to the paper. Jump ahead one year. Based on how they did, what is the next one-year plan? What does their new balance sheet look like? Discuss why savings and investment can help them. Remember they are human and may not be as disciplined as you want. Make sure you are specific in all your writing. All your recommendations should be measurable.