Choose a client or yourself. For confidentiality purposes, use a fictitious name.
Prepare a personal budget, balance sheet, and cash flow statement.
Write a memo that includes the following:
- A summary of the facts, including ages of the client, spouse, and dependents; educational background; income status of client and spouse; and two major concerns and goals.
- Summary of key items and findings from the personal budget, balance sheet, and cash flow statement.
- Recommendations and support for improving the financial situation