Keep up with essential planning news and commentary, delivered to your inbox every Monday and Thursday.
Which of these families most needs to plan its family commitments and related budget items?
Family 1: Wife is a bankruptcy lawyer whose business is booming; husband is an executive at a growing wind-energy company and has just received a nice raise, paid out of growing profits. The kids are grown. The couple's two Polish Lowland Sheepdogs are very healthy.
Family 2: Wife is a plant manager for a U.S.-owned automobile company, facing mandatory unpaid time off this year; husband is a travel agent who sells high-end vacation packages to school teachers, planners and other middle-income individuals and families. Son has graduated from college but cannot find a job and is living at home and working part-time at a burger place. Daughter will be a college junior next year at an institution that has had its funding cut by the state and has thus announced a 15 percent tuition increase.