Question

What might be the common financial goals of a client who is 24 years old and un-married with an income of $40,000? You are to think of this question in terms of helping a client set up a beginning financial plan for the next 5 years. Where do you see their goals?

Answer 1

Solution:

The financial goals of a 24 year unmarried client can be

1. Travel : Save money to plan a trip to some place.

2. Purchase a Car: He might be interested in buying the car with his savings

3. Education: He might be interested in saving so that he can afford some proffesional education fees.

4. Marriage: He might save for his married as he is unmarried and 24 years old , so in 5 years he might be interested in getting married as well.

5. Start his own small business: He may have some business idea and he wants to work on his idea after some savings.