Scenario A: Rachel is 28 years old and just gave birth to her first child. Rachel’s maternity leave just expired and she has the baby attending daycare that is quite expensive. After she returns to work after maternity leave, Bill, her husband, is laid off from his job. Rachel and Bill recently bought a house and have a mortgage in addition to student loans and other household expenses.
Malik is forty-two years old and has worked for a sales company for over seven years. He took his current job after he completed his MBA (Master of Business Administration) and is currently making a sufficient income to meet all of his expenses and his retirement objective: retire at sixty-two years old. Each week Malik deposits 10% of his gross income into a retirement fund (e.g., 401K program). His employer matches 3% of this 10% contribution. Malik’s elderly mother, Sharon, was recently diagnosed with an aggressive case of cancer. She is living on Social Security and cannot afford the medical bills accumulating in order to treat her cancer. Malik decides that he wants to help his mother with her medical bills.
What would you do if this was you? Answer the following questions from each scenario:
1. Identify Rachel and Bill’s short term objective(s) or goal(s). What are the different options Rachel and Bill have to achieve or meet these objectives?
2. What are Rachel and Bill’s (likely) long-term goals?
3. What are the different options Rachel and Bill have to achieve or meet these objectives?
1. Identify Malik’s short term objective(s) or goal(s). What are the different options Malik has to achieve or meet these objectives?
2. What are Malik’s long-term goals?
3. What are the different options Malik has to achieve or meet these objectives?
Post a response to the Work-Life Balance Discussion Board How do your suggestions compare to other responses? Do you suggest the goals change or the behavior of the individuals change? Which and why? Please note that this activity is not graded.