Chris And Jasmin Smith Case Summary

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Chris and Jasmin Smith (age 45 and 47) are seeking financial guidance on how to achieve their financial goals which includes: managing their cash flow and debt levels, providing financial assistance for their two children (Aiden and Jalen), and fund or maintain their retirement accounts. The Smith family would also like understanding of what steps can be taken to pay off their debt. The Smith family previously lived in McLean, Virginia but due to the housing crisis of 2008 they decided to do a short sell on their home because they were upside down on their mortgage. Due to financial situations, they moved to Portsmouth, Virginia which is a more affordable part of the state. The Smith’s realized their savings had been depleted due to the short sale on their home they could not afford a down payment on a house in Portsmouth. Now, the family rents a home for $1,500 per month.…show more content…
She wants to enroll in school again to earn her Certified Registered Nurse Anesthetist credential. If she earned this certification, her salary would then average $135,000 annually. Chris Smith was a successful engineer in DC, but due to the family’s relocation he was forced to take a pay cut and the only job available within his company was lower management level. He currently makes $90,000 annually and he was able to keep his 401K retirement plan with his employer. Chris puts $6,000 a year into his retirement plan, and his employer matches his contribution at 3%, in this case $2,700. His employer also offers health insurance and Chris and his family are on a comprehensive health

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