Swot Analysis For Mike Darling

I created a Financial Goal Plan for Mike Darling in April 2017. Mike is a 50-year old divorced male who resides in St. Charles, Missouri and has one dependent, his 12-year old son, Jack. Mike and his ex-wife, Amy have joint custody of Jack, and they are currently planning on how to cover Jack’s life expenses. Mike is an estimator at College Hunks Hauling Junk and a coach at All American Gymnastics. With Mike’s 2 part-time jobs, he earns an annual income of $50,000. Mike currently does not have a life insurance policy. Mike is recently divorced and lives in an apartment in St. Charles, Missouri with Jack. By using MoneyGuidePro, I was able to calculate how much life insurance is needed to cover Jack’s expenses. When Mike retires, he expects to live a quiet lifestyle and is highly concerned about running out of money, the cost of health care or long-term care, living too long, or his parents
There is a significant amount of weaknesses in purchasing a life insurance policy for Mike at the moment. Mike’s recent divorce has served as a “financial reset” for him. Purchasing a life insurance policy is not a high priority for Mike at the moment as he lives paycheck to paycheck currently. There are opportunities for Mike to invest in a life insurance policy as it is better to purchase one sooner rather than later so the investment has the opportunity to provide Jack with financial support in the event of his death. Mike would like Jack to attend college and a life insurance policy may help Jack have a better opportunity to attend college if Mike passes away unexpectedly before Jack goes to college. There is a threat of Mike running out of money from purchasing a life insurance policy at the moment. If Mike purchases a life insurance policy, he may have to sacrifice some of his goals such as purchasing a new vehicle or