Profile #4
By Students of FPA of the Virginia Commonwealth University, under direction of FPA member John P. McFarland, CFP®
The Problem/Goal
Maria and Joseph Martinez are married and have a daughter, Isabella. Due to the economic crisis, Maria has become unemployed. They would like help creating a budget for their current situation and managing their debt. More>
The Solution
Financial planning is an ongoing process, during which new information and life events often change the course of your plan. The discussions that follow are based on Maria and Joseph's lives today, and the information that they provided. Assumptions were made regarding decreases in health care costs, increases in child care, clothing, transportation and various household costs related to re-entering the work force. More>
The Summary
Maria and Joseph took many years to create the financial situation they found themselves in. Simply going back to their old consumption patterns would make the illustrated scenario impossible to achieve. All the raw materials are in place and the required behaviors have been outlined, so it is entirely up to them as to what future they create for themselves and their daughter. More>
Past Money Makeovers
