Question

In: Accounting

Angle, age 24 and single, is a recent college graduate. They have just accepted a job...

Angle, age 24 and single, is a recent college graduate. They have just accepted a job offer with Financial Planning Pals, LLC, as a financial planner making $100,000/ yr.    Angle has some student debt and lives in an apartment without any roommates. They have $0 savings currently. Additionally, Financial Planning Pals, LLC is a cheap employer and they do not offer any type of Qualified Retirement Plan.

Angle is confused about how to pay down their student loan debt, establishing an Emergency Fund and beginning to save for their retirement.   Angle did not take FIN 440 in college and did not pursue a CFP® Designation. Therefore, they have come to you, a planner who has taken FIN 440 in college and who is working towards their CFP® Designation, for help planning their finances.

  1. Provide a short written explanation to Angle illustrating how they can use a ROTH IRA to accomplish their goals.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Angle, age 24 and single, is a recent college graduate. They have just accepted a job...
Angle, age 24 and single, is a recent college graduate. They have just accepted a job offer with Financial Planning Pals, LLC, as a financial planner making $100,000/ yr.    Angle has some student debt and lives in an apartment without any roommates. They have $0 savings currently. Additionally, Financial Planning Pals, LLC is a cheap employer and they do not offer any type of Qualified Retirement Plan. Angle is confused about how to pay down their student loan debt, establishing...
Grady​ Zebrowski, age​ 25, just graduated from​ college, accepted his first job with a ​$45 comma...
Grady​ Zebrowski, age​ 25, just graduated from​ college, accepted his first job with a ​$45 comma 000 ​salary, and is already looking forward to retirement in 40 years. He assumes a 3.5 percent inflation rate and plans to live in retirement for 20 years. He does not want to plan on any Social Security benefits. Assume Grady can earn a 6 percent rate of return on his investments prior to retirement and a 6 percent rate of return on his...
Grady​ Zebrowski, age​ 25, just graduated from​ college, accepted his first job with a $47,000 ​salary,...
Grady​ Zebrowski, age​ 25, just graduated from​ college, accepted his first job with a $47,000 ​salary, and is already looking forward to retirement in 40 years. He assumes a 2.1 percent inflation rate and plans to live in retirement for 20 years. He does not want to plan on any Social Security benefits. Assume Grady can earn a 9 percent rate of return on his investments prior to retirement and a 5 percent rate of return on his investments​ post-retirement...
A recent college graduate has taken a new job at Work LLC, and since the company...
A recent college graduate has taken a new job at Work LLC, and since the company does not offer a traditional pension plan, she plans to take advantage of a tax-free investment account backed by a reputable financial institution that offers a guaranteed 8% annual return for as long as she lives. The graduate plans on working for 45 years before retiring and will save a fixed amount each year until retirement, starting at the end of this year and...
Final Scenario You're a recent graduate of Champlain College and landed a great job in New...
Final Scenario You're a recent graduate of Champlain College and landed a great job in New York as a junior financial analyst for Chuck Schwable, a leading investment firm whose name bears no resemblance to a well known investment firm. Schwable has recently been hired by Giggle, a leading tech giant, to provide some capital budgeting recommendations for a major building project in downtown Manhattan. This is it...it's your big chance to make a great first impression and show off...
A recent college graduate has taken a new job at Work LLC, and since the company...
A recent college graduate has taken a new job at Work LLC, and since the company does not offer a traditional pension plan, she plans to take advantage of a tax-free investment account backed by a reputable financial institution that offers a guaranteed 8% annual return for as long as she lives. The graduate plans on working for 45 years before retiring and will save a fixed amount each year until retirement, starting at the end of this year and...
Seth Erkenbeck, a recent college graduate, has just completed the basic format to be used in...
Seth Erkenbeck, a recent college graduate, has just completed the basic format to be used in preparing the statement of cash flows (indirect method) for ATM Software Developers. All amounts are in thousands (000s). ATM SOFTWARE DEVELOPERS Statement of Cash Flows For the year ended December 31, 2021 Cash Flows from Operating Activities Net income $ Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities Cash Flows from Investing Activities Net...
You are a recent college graduate with a bachelor’s degree in accounting and have little to...
You are a recent college graduate with a bachelor’s degree in accounting and have little to no experience and applying for your first job. Write a cover letter to apply for this job posting. be sure to distinguish your application with a persuasive cover letter or cover message. A cover letter/message has three purposes: (a) introduce your résumé, (b) highlight your strengths in terms of benefits to the employer, and (c) help you gain an interview. Job Posting: Entry Level/Recent...
You just graduated college with your Bachelors Degree and accepted a job offer at your dream...
You just graduated college with your Bachelors Degree and accepted a job offer at your dream company. You decided to celebrate by purchasing the vehicle of your dreams. Pictured is a Dodge Challenger HellCat see picture above for $58,995). You have a 720 credit score, therefore you were able to get a 5% interest rate on a 7 year loan. You will be making monthly payments. Using Excel, prepare a professional amortization schedule for the entire 7 years. It must...
Use Worksheet 9.1. Lexi Thomas, a recent college graduate, has decided to accept a job offer...
Use Worksheet 9.1. Lexi Thomas, a recent college graduate, has decided to accept a job offer from a nonprofit organization. She’ll earn $44,000 a year but will receive no employee health benefits. Lexi estimates that her monthly living expenses will be about $2,000 a month, including rent, food, transportation, and clothing. She has no health problems and expects to remain in good health in the near future. Using the Internet or other resources, gather information about three health insurance policies...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT