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Outine Finance Assignment 2023

You have been assigned a married couple with 3 children as clients. They earn over $120,000 annually and want a large home with a pool to host parties. Your tasks are to create a monthly budget for the family and summarize the results. Research will be needed to determine housing, vehicle, and other expense amounts. The budget must accommodate the clients' goals of saving for retirement, education, and a comfortable lifestyle.

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Jessica Mehra
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22 views

Outine Finance Assignment 2023

You have been assigned a married couple with 3 children as clients. They earn over $120,000 annually and want a large home with a pool to host parties. Your tasks are to create a monthly budget for the family and summarize the results. Research will be needed to determine housing, vehicle, and other expense amounts. The budget must accommodate the clients' goals of saving for retirement, education, and a comfortable lifestyle.

Uploaded by

Jessica Mehra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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BBI2O – Introduction to Business

FINANCE ASSIGNMENT – YOU: THE FINANCIAL PLANNER

THE SITUATION
You have been hired by a commercial bank and started your new role as a financial advisor.
CONGRATULATIONS! You have each been assigned a specific client(s). You are required to get to
know your client’s current situation and future goals. Once you understand what they are looking for
you will need to prepare a personalized budget for your client(s).

YOUR OVERALL TASKS:


1. Prepare a monthly budget for your client(s)
2. Summarize the results of your budget for your client (s)

TASK 1 – The Budget

To create the monthly budget for your client(s) you will use the following tool:
https://itools-ioutils.fcac-acfc.gc.ca/BP-PB/budget-planner
Click Start Budget
Answer the questions from the perspective of your client
You are ready to add numbers to the budget

Under Income:
Using your client profile enter the amount of income your client(s) make
● every client gave you a salary for one year, convert this salary to monthly
● make sure the online budget tool is set to monthly

Under Expenses:
Here you will find all the categories of expenses for your client.
● some expenses will apply to your client and some may not
● if an expense does not apply to your client, leave the amount blank.

To find the numbers for each expense you will need to do some research. You will also have to make
some assumptions based on your client’s profile.
● some clients will require you to find a place for them to live
● your job is to find a home that is affordable and in the area they want to live
● a great website to look for rental properties: https://www.realtor.ca/

You are expected to keep track of each expense by completing the Budget Breakdown.
● you are required to explain how you calculated each expense and provide your reason as to
how you calculated this number
● you are also required to add any links from sources you used to help calculate the expense

Remember you will need to make assumptions about your client’s situation and provide
recommendations- can they really get all their wants?

TIP
★ RESEARCH ALL OF YOUR EXPENSES FIRST AND THEN ENTER THEM ON THE
BUDGET
Under Savings:
Each client has a specific financial goal they would like to achieve. Incorporate that goal into your
budget under savings.
● follow the format for creating a financial plan (as learned in class)

Under Results:
Take a screenshot of the results page (the graphs are created for you) and paste this into the Results
page below.

Submission for Task 1:


Finance Assignment Report Template
Results screenshot

TASK 2 – Budget Explanation


Now that you have prepared a budget for your client, you need to summarize the results
Imagine your client is coming in for a face to face meeting to discuss the budget you made for
them. How would you prepare for this meeting? What would you highlight for them?
You can prepare a slideshow, write your clients a letter, or create any visual you think is
appropriate to summarize your results
Here you will explain if you were able to accommodate their goals or if they need to make any
changes to their daily spending. Make suggestions for them!
Make sure the client is aware why you made certain decisions and what the benefit will be if
they follow your personalized budget

Submission for Task 2:


Budget summary for client (visual media to be determined by you)
Budget Breakdown

Task One: Client Monthly Budget


Expenses Breakdown
Expense Amount Link (website address) to support
How did you calculate it? your calculation (you may not have
one for each expense)

Debt Repayment

Housing

Communications

Food

Insurance

Transportation
Education

Recreation

Personal Care

Clothing

Medical

Pets
Fees

Gifts and
Donations

SAVINGS

Initial Cost Cost + Inflation When?

Monthly Amount Required to Save:

https://itools-ioutils.fcac-acfc.gc.ca/BP-PB/budget-planner-tool?uid=d710d5cf-b6f5-4f88-b00c-8a2bebeae287
CLIENT PROFILE

The list below will have clients that either have “lower income”, “middle income” or “high income”.
Basically this is known as poorer to middle income and upwards to affluent in the economic sense.

PROFILE #6
Topic Details

Members of the married couple and both make over $120,000 per year
Family 3 kids from 10, 13 and 16 - the daughter is the eldest and going to university
- dependants soon to become a lawyer

Needs 2 vehicles a minivan and big suv - both should be nice


comfortable place to live
kids are active and want to do well in school and participate in
extracurricular activities

Wants big house with space and a pool with big enough space for parties and bbq’s

Other one grandparent living with the family that needs to live on the main floor
due to bad knees

Income husband makes $97,000 as a district manager


wife makes about $92,283.50 per year as a private school teacher

Expenses mortgage, everyone has a phone


all the normal expenses in a house

Savings and - want to retire rich and have kids education and weddings taken care of
Financial Goals - love to travel, going to movies, theater, eating at restaurants and buying
kids what they want and need
- all are in extracurricular activities and have a monthly allowance
- will build a nice pool with bbq and shower facilities in the backyard

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