Blakes Financial Mentor Case Study

As the Blakes financial advisor, I would first advise them to determine a rough estimate of the amount they will have to pay each month for Fran's mother's care. This piece of information is crucial to their financial plan. I believe the Blakes will need to adjust their intermediate and long-term financial goals. Goals that have time frame form one to five years are intermediate goals (Kapoor, Dlabay, & Hughes, 2014). Long-term goals involve financial plans greater than five years such as retirement and saving for college. The Blakes need to decide how they will cover Fran's mother's additional cost not covered by her Social Security and her pension. It needs to be determined if they can cover this cost monthly or if they will have to borrow from their retirement or the children's college fund. I would suggest they take a small percentage five to ten percent of their children's college fund and put in an investment to create a fund for Fran's mother's needs.
As Patrick's financial advisor, I would suggest he try to stretch his three months worth of living expense as far as he can. Patrick's case lacks quite a few details needed to provide him …show more content…
I would also recommend she pay off credit debt to keep from acquiring further interest charges on the debt. Per Frank (2011), credit cards today often have several different interests rates depending on activity and those interest rates frequently change for a variety of reasons. Credit cards in 1980 had a single interest rate. If there is enough money left after paying the debt, I would suggest she complete the courses for the technology certification she desires as the will enhance her future earning power. If there is any additional money, I would recommend she put in savings for retirement or a down payment on a