2 or more paragraph
With three dependent children, the Brocks are assessing their life insurance. Pam has $5,000 of coverage. Josh has life insurance coverage equal to approximately eight times his annual salary.
With approximately 20 years to retirement, Pam and Josh Brock want to establish a more aggressive investment program to accumulate funds for their long-term financial needs. Josh does have a retirement program at work. This money, about $110,000, is invested in various conservative mutual funds.
In addition, the Brocks established their own investment program about four years ago, and today they have about $36,000 invested in conservative stocks and mutual funds. In addition to their investment program, the Brocks have accumulated $11,000 to help pay for the children’s college educations. Also, they have $5,000 tucked away in a savings account that serves as the family’s emergency fund. Finally, both will qualify for Social Security when they reach retirement age.
Life Situation
Pam, 43
Josh, 45
3 Children, ages 16, 14 and 11
Financial Data
Monthly income$4,900/ Living expenses $4,450/ Assets$262,700/ Liabilities$84,600/ Emergency Fund$5,000
Q1. What would you view as the strengths and weaknesses of the Brocks’ financial situation at this stage in their lives?
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