1 - Cengage
CRITICAL THINKING CASES
LG1, 2,3,4 1.1 Bill’s Need to Know: Personal Finance or Tennis?
During the Christmas break of his final year at Ohio State, Bill Bledsoe plans to put together his résumé in order to seek full-time employment as a medical technician during the spring semester. To help Bill prepare for the job interview process, his older brother has arranged for him to meet with a friend, Cathy Smith, who has worked as a medical technician since her graduation from Ohio State 2 years earlier. Cathy gives him numerous pointers on résumé preparation, the interview process, and possible job opportunities.
After answering Bill’s many questions, Cathy asks Bill to update her on Ohio State. As they discuss courses, Cathy indicates that of all the electives she took, the personal financial planning course was most useful. Bill says that, although he had considered personal financial planning for his last elective, he’s currently leaning toward a beginning tennis course. He feels that the course will be fun because some of his friends are taking it. He points out that he doesn’t expect to get rich and already knows how to balance his checkbook. Cathy tells him that personal financial planning involves much more than balancing a checkbook and that the course is highly relevant regardless of income level. She strongly believes that the personal financial planning course will benefit Bill more than beginning tennis—a course that she also took while at Ohio State.
Critical Thinking Questions
1. Describe to Bill the goals and rewards of the personal financial planning process.
2. Explain to Bill what is meant by financial planning and why it is important regardless of income.
3. Describe the financial planning environment to Bill. Explain the role of the consumer and the impact of economic conditions on financial planning.
4. What arguments would you present to convince Bill that the personal financial planning course would benefit him more than beginning tennis?
LG5, 6, 1.2 Jon’s Dilemma: Finding a New Job
Jonathan Lansing, a 47-year-old retail store manager earning $75,000 a year, has worked for the same company during his entire 28-year career. A major economic recession has caused massive layoffs throughout the retail industry, and Jon is among the unlucky people who lost their jobs. He is still unemployed 10 months later, and his 10 months’ severance pay and 6 months’ unemployment compensation have run out. Fortunately, when he first became a store manager, Jon took a personal financial planning course offered by the local university. Because he then adopted careful financial planning practices, he now has sufficient savings and investments to carry him through several more months of unemployment. His greatest financial need is to find a job.
Jon actively seeks work but finds that he is overqualified for available lower-paying jobs and underqualified for higher-paying, more desirable positions. There are no openings for positions equivalent to the manager’s job he lost. Although Jon attended college for 2 years after high school, he didn’t earn a degree. He lost his wife several years earlier and is very close to his two grown children, who live in the same city.
Jon has these options:
• Wait out the recession until another retail store manager position opens up.
• Move to another area of the country where store manager positions are still available.
• Accept a lower-paying job for 2 or 3 years and then go back to school evenings to finish his college degree and qualify for a better position.
• Consider other types of jobs that could benefit from his managerial skills.
Critical Thinking Questions
1. What important career factors should Jon consider when evaluating his options?
2. What important personal factors should Jon consider when deciding among his career options?
3. What recommendations would you give Jon in light of both the career and personal dimensions of his options noted in Questions 1 and 2?
4. What career strategies should today’s workers employ in order to avoid Jon’s dilemma?
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