Financial Dna (Case Study)

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Case Study Three Financial Coaching Case Study Three Background Information Today is Monday, March 4, 2013. I had a new client that started today, Janet Murray. She is a single Christian woman who came to my office seeking help with her finances. She advised me that the main reasons to come to see a financial coach was to learn how to handle her finances correctly. She had fear associated with debt because when it comes to dealing with finances she has witnessed a lot of close family and friends whom have ruined their lives due to debt. After reviewing the questionnaire that all clients are required to complete upon coming to my office, I noticed that Janet have no real financial knowledge what so ever. She is thirty two years old with a degree in General Education and works as a teacher for a local junior high school with an annual income of 45,000. Janet has been with the school district for over 5 years. Ms. Murray has been making contributions to her retirement/401k plan for the last 5 years. Janet lives by herself in a 3 bedroom apartment which she rents for $1200.00 a month. She admits that she understands that it seems odd for a single woman to have a 3 bedroom apartment; however she wants a lot of space for her office and guest bedroom. As far as savings goes, she only has a savings account with a balance of $20 dollars. Janet expressed to me that she does not believe in having a budget, because a budget makes her depressed. When I asked her the reasoning behind this perception she explained that her monthly bills and obligation usually are more than the income she has coming in. She states that she lives by the scripture that says not to worry about tomorrow which is Matthew 6:34. So when a bill is due she pays it on the due date. If she sees something she wants to buy, she buys it. She also stated that if she retains her money to pay her bills

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