6 people...Can They Afford it ?

Question

1. Emily, age 38, Single

Wants to buy: a crusie trip from los angeles to hawaii for her whole family

Price: $40,000

Take-home Pay: 50k/year

Living Expenses: 20k/year

Rents, does not own home.

Debt: Zero

Savings: 400k (producing 5% or 20k/year before taxes)

Job Does not provide any pension

Wants to retire at age 57.

Approved or Denied?

2. Joe, 60, Ann, 63, married, both retired

Want to rent: a place for their party to celebrate their 30th Wedding Anniversery

Price: $100,000

Combined Take-Home Pay from Social Security: $15,000/year

Savings: 800k (producing 5% or 40k/year before taxes)

Living Expenses: 25k/year

Approved or Denied?

3. Lisa, 30, Samantha, 31, g*y couple in California

Want to buy: Diamond Engagement Rings, Wedding party, & Honeymoon

Price: $30,000

Combined Take-home pay: 80k/year

Living Expenses: 30k/year

They rent; do not own home

Savings: 90k

Job does not provide pension. They both want to retire at age 54.

Approved or Denied?

4. Matt, 21, Single

Wants to Buy: A Dell Labtop

Price: $600

Take Home Pay: 30k/year

Living Expenses: 10k/year

Savings: $2,000

Wants to Retire: Age 50

Approved or Denied?

5. Judy, 23, fat

Wants to Buy: surgery to lose weight

Price: $10,000

Take home: Zero, unemployed (expects to make 30k/year when she finds a job)

Living Expenses: 10k/year

Savings: 30k

Wants to Retire: age 60

Approved or Denied?

6. Andy, Age 8

Wants to buy: a toy car

Price: $300

Allowance: $30/week

Living expenses: none

Savings: $2,000

Plans to go to college at age 18

Approved or Denied?

Answer 1

here my yes/no list:

1. Denied..let them pay.

2. Denied..Have a much smaller party.

3. Denied..Get cheaper ring,small party, no honeymoon.

4. Approved. Your young and this laptop will help you in life.

5. Approved. Get skinny, find a job, get your life started.

6.Approved .. But collage a must    

Answer 2

1. no

2. yes

3. yes

4. yes

5. yes

6. no

Answer 3

1) Denied. $40,000 for a family vacation on a salary of $50,000? No way!

2) Denied. $100,000 party for family with income of $15,000? Very irresponsible.

3) Approved. Weddings are special and the rings should hold their value fairly well.

4) Approved. Laptops are a necessity today.

5) Approved. The health benefits and improvement in self-esteem make this a worthy investment.

6) Denied. A kid expecting to go to college doesn't need a $300 toy car.  

Answer 4

1) Denied

2) Denied

3) Approved

4) Approved

5) Denied

6) Denied