Her personal property consists of a 2005 car ($5,550) that gets great gas mileage, a television set with a DVD player ($400), a digital camera ($50), a laptop computer ($400), clothing ($300), and some furnishings valued at $600 (bed, dresser, lamp, clock, couch) with a total value of $7,300.
Shelby’s life situation: Single, Age 21, No dependents, College student
Shelby’s financial data: Monthly income $1,750; Living expenses $1,210; Personal property $7,300; Savings $2,000; Student loan $3,000; Credit card debt $2,400.
- Given her current situation, list various personal financial decisions that Shelby may be considering at this point in her life.
- Describe what short-term, intermediate and long-term goals Shelby should develop using the “Setting Personal Financial Goals” sheet located at the back of the text.
- What types of time value of money calculations would be helpful for Shelby?