This website uses cookies to ensure you have the best experience.

# Personal Finance A Couple Is Planning For Their Future, In The Event Of Death Or Loss Of Employment

1531 words - 6 pages

PAGE PAGE 6 Unit 3 IP
Unit 3 Individual ProjectPersonal Finance ConceptsChristopher StanglewiczMay 17, 2007Tom and Sue Wright are planning for their family's future. In the event that one of them would die, they would like the survivors to be able to comfortably maintain their current lifestyle. The planning they complete now will save the remaining family members from undue financial hardship. This process may seem daunting, but taking it step by step, the Wrights can easily plan for their financial future in the event of a death.The family maintenance fund is an integral part of planning for your family's future. This fund will provide the remaining family members with the extra money they will need to maintain their current standard of living when one spouse is no longer alive. This will lessen the financial burden on the survivors. With a total loss of one income, a family could be financially devastated very quickly. The surviving parent may be forced to get a second job, sell the house, or other drastic measure in order to keep 'afloat'. It is for this reason that the family maintenance fund is so important. Calculating a family maintenance fund is basically a five step process.The Wrights have begun calculating the amount they will need in a family maintenance fund. This is the first step in the process; finding the monthly expenses of the survivors. The amount must assume that one adult has died. Expenses such as an extra car and extra lunch costs may not be needed but child care might be necessary. They estimate the remaining family members will need about 75% of their current combined take home pay of \$80,000. They have also found that they will need an extra \$50 a month for child care. This amount, based on their current after tax income, is \$5050.\$80,000 current income / 12 months = \$6667 current monthly income\$6667 current income x 75% = \$5000 survivors expenses\$5000 survivors expenses + \$50 child care = \$5050 total monthly survivors expensesThe second step is to calculate the survivors take home pay. Assuming that the remaining parent will continue to work full time, this will be \$3333 per month. (40,000 yearly take home / 12 months) With both children in school full time, the remaining parent should be able to work full time. If the children were younger they would need to consider the possibility that the surviving parent may only be able to work part time. In the Wright's case, both adults are employed at a local university. So, they will most likely have the summers off and be able to rearrange their schedule to accommodate the children's needs.The Wrights have already calculated their estimated Social Security survivors benefits if one parent was to die. This is step three. Both children would receive benefits until age 18 and the remaining spouse would receive benefits until the youngest child is 16. They calculated this amount to be about \$1000 per month if one of them was to die today.Step four is simply taking the...

## Find Another Essay On Personal Finance- A couple is planning for their future, in the event of death or loss of employment

### Planning for the Future in ChevronTexaco

944 words - 4 pages planning or for example, capital planning for fiscal year 2006. In order to have the capital budget in place by the start of the year, planning is already underway. Planning is defined as "the management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue in the future (Bateman and Snell, 2004). ChevronTexaco utilizes situational analysis and

### THE EFFECTIVENESS OF SCENARIO PLANNING IN DETERMINING THE FUTURE STRATEGIES (A STUDY ON HOSPITALITY INDUSTRY)

2548 words - 10 pages Rotarian, 2001). One way to deal with this problem in a holistic and systematic manner is to use the process of scenario planning (Hiejden et al., 2002). By favoring a holistic, creative and future idea process an organization can produce a culture of wisdom and change, where frontward thoughts become the standard rather than a one off project condition or crisis management philosophy; hence the reason for designing a scenario planning process

### Event Planning – A Process for Many Events

701 words - 3 pages organizers are not side-tracked and spend budget money unwisely. By ensuring that the objective is followed, decision-making is easier, budgets are kept in check, and the event will be more successful. Also, communication is important in planning an event, whether it is a corporate meeting, a fundraiser or a wedding. Consistent communication within the planning committee, the invitation or meeting content is vital to the success of an event. It is

### Ethical Behavior, a Myth of the Past or a Necessity for Future Development

2384 words - 10 pages , organizational, contextual or environmental, they all play a significant role in shaping the behaviors of people and thus act as tremendous forces for building the societies we live within.I. Defining the term "ethics"II. Introducing the main factors influencing ethical behaviorsIII. Causes of nowadays' deterioration of ethical behaviorsIV. Examples of personal characteristics and their effects on ethical behaviorsA. Individual CompetitivenessB. AgeV

### Moss Park, the Struggles of a Couple in the Heart in Toronto

1496 words - 6 pages A very familiar scene from the poor areas of Toronto is upon the stage with piles of trash, a mistreated teddy bear and steel fences. In front of this decrepit background and the two park benches covered in coats of graffiti and anarchist icons, gather the melancholy of two kids and their inevitable struggles. Thus setting the stage for Moss Park, a new real-time play written by the acclaimed playwright George F. Walker who won many awards

### Roman Parents Did Grieve for the Death of Their Children

2706 words - 11 pages How the death of a relative in ancient Rome was treated, by the surviving family varied over time and social status. However a common theme seems to be a perceived lack of grieving for their children. There were various social conventions and laws that seem to treat the death of children as less important than an adult. It is the intention of this essay to argue that Roman parents did grieve for the loss of their child but that

### Domestic Violence in New Zealand is the Loss of Innocence

627 words - 3 pages has on children is enormous. Whether they are witness to violence between parents or the victims of child abuse they are still going to be adversely affected. Children in this situation believe they are to blame for the abuse and may develop anxiety, depression or exhibit aggressive or antisocial behaviours. They are also more likely to exact the same abuse on their families later on in life. This means it is passed down through the generations

### The Loss of a Dream

795 words - 4 pages In “Winter Dreams”, by F. Scott Fitzgerald, the lifestyle is all about the American Dream. Dexter Green, the main character, has been searching for that ideal American Dream since he was a young boy. Dexter spent his entire life seeking wealth and Judy Jones, who was in fact the ideal women. In the end of the story the loss of Judy revealed Dexter’s dream for his life, his values, and the values of those around him. With Dexter’s loss of Judy

### The loss of a mentor

816 words - 4 pages of greater responsibility with in the Army. Those men now pass that same leadership on to their soldiers. I can’t recall where, but I remember someone said; once exposed to greatness it is something that stays with a man. I am in no way claiming to be great, but Mike McKinnon greatness is something that will live on with me for the rest of my life.

### What is your personal evaluation of Napoleon? Was he a great soldier in the ongoing war for human dignity and liberty or something else? What information do you offer to support your case?

836 words - 3 pages development of the French economy, permitting French society to strive. Napoleon's public works projects erected numerous monuments for the entire nation to be proud of and approve of. The most notable monument is the Arc de Triomphe which still stands as a landmark in Paris. Napoleon Bonaparte should be considered a hero for all of the contributions and accomplishments he gave not only to France but to the entire civilized world. The domestic

### Discuss Whether or not Globalisation is the Death of Culture

2174 words - 9 pages often for wealth and trading purposes, and can at times come at the expense of culture. Culture is an expression, rather than a simple definition. It links us to places and peoples through mediums such as religion, clothing, food, or the media. The media in particular is continuously advertising different cultures across the globe.Globalisation also presents us with the dissolution of national state boundaries, representing the magnitude and

## Similar Essays

### The Journey Of A Couple In Midlife

1335 words - 6 pages would like each of the boys to have their own bedrooms. This is an example of generativity in that Pete and Jill recognizes that in order to allow their teenage boys to develop and become more responsible adults in the future, the kids need their own space to take care of. They are also hoping to create a more comfortable home environment that does not seem so claustrophobic. They are investing in the future personal welfare of their children in

### Analysis Of Death And Loss In Death Of The Moth

1712 words - 7 pages the end that “death is stronger than I am” (3). The speaker then concludes that the battle they have just witnessed is more important than whether an individual lives or dies. As long as one gives life as much meaning as they can and then dies with dignity after putting up a noble fight, their life will have value. The only way for humans to learn the value of life is to fight as hard as the moth did in overcoming whatever obstacles they might

### The Misconceptions Of Hope In Economics And Finance: A Hidden Message Of Hope For The Little Fish Of A Brighter Economic Future

1949 words - 8 pages The cover of this issue of The Economist depicts one of the greatest misconceptions I have encountered regarding economics and finance in my professional career as quantitative analyst as well as in my personal pursuits regarding the subject matter. “Hope” for a brighter economic future is depicted as a center piece of “White Light”, whereas the politicians that the world population of “Little Fish” looks to for answers are far

### The Planning Process For A Live Public Event

3356 words - 13 pages in the lockdown rooms there is only two fire exits, there is a double door exit to allow access for emergency vehicles and one in the main room where the main stage will be located Management of attendees Attendance is an important measure of an events success and how the attendees are monitored and counted will enable the event manager to plan for future events. Monitoring this event will be done by using a device that you click each