Question

Meet Martin and Luz Marcotte. Martin is a 38 year-old successful graphic designer and Luz is a 35 year-old counseling psychologist working at a state facility in Kansas. They have a seven year-old daughter Paloma, who is in the first grade, and a two year-old son Joel, who attends the nearby daycare center.
The Marcottes will be facing numerous challenges that will require them to practice sound financial decision making, and, in instances where there is a sufficient time horizon, some prudent financial planning. Luz is currently finishing her doctoral program in Psychology, while maintaining a part-time status at the Habilitation Center where she works. The Marcottes own a home, two cars, have approximately $10,000 saved up in various savings and investment accounts, and own some assets around the house. They are also invested in their 401ks that they maintain at their respective places of employment.

This couple is facing some financial issues that they have not yet addressed. Although they both have jobs where they make decent salaries, they have not really thought about their childrens educational needs. Inflation in the cost of college education is a reality for most parents, which has to be kept in mind when planning for the future. Moreover, Martins mother is in her late seventies, and has been facing declining health. She will not be able to live by herself for much longer. Luz, who originally hails from Peru, sends money to her family regularly, but her parents are aging and may need more financial assistance in the future.
Lastly, due to the Marcottess fairly hectic lifestyle, they have not given much thought to their own retirements, or the possibility of how they would handle a layoff from work.

QUESTIONS

1. What are the areas of financial concerns that the Marcottes are currently facing?
2. The Marcottes are making some financial decisions that will help them in the future. In your estimation, what are the sound decisions theyve already made?​

Answer 1

The two answers are:-

Explanation:

1. The area of financial concerns that Marcottes is currently facing is that while both Martin and Luz get a decent salary, they still haven't thought about the education needs of their children. Martin's mother is in her late seventies, and is experiencing declining health. Luz, originally from Peru, sends money to her family regularly, but her parents are aging and may need more financial support in the future.

2. One of the concrete decisions they've already made is that they're sending money to both their parents as both of their parents are getting older and need financial needs.