Fiona’s Financial Situation

Fiona’s Story
You have known your friend Fiona since freshman year of
undergraduate studies. You and Fiona have often spoken of her
dreams to see the world. She wants to visit all seven wonders of
the world.
Fiona has been dreaming of this travel for years; however, as
a frst-generation college student who comes from a family of
modest means, these dreams have seemed unattainable.
Her father works as a custodial engineer and her mother works at
a small retailer.
Fiona’s Financial Situation
Fiona graduated from college last year and has student loan debt
totaling $30k. She owns a car that she bought 50 weeks ago for
$5,000 (with straight line depreciation of 20%). She also owes
$8,000 to her best friend, Albert, whereas the total amount in her
checking account is $3,000. Even though she works full time as a
barista, she has not yet been very lucky in landing her dream job.
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Fiona Dillon
Age
24 years old
Occupation
Recent college
graduate, full-time
Barista
Hometown
Odanah, WI USA
Goals
Travel, support family
High-Net-Worth Investor Client Profile

Student Loan Debt $30,000.00
Car Loan $5,000.00
Personal Loan $8,000.00
Lottery Winnings $20,000,000.00
Checking Account $3,000.00
Fiona, however, has been very fortunate on another front. Fiona has
been purchasing lottery tickets where she works as a barista and,
guess what?! She won the lottery—she won $20 million after tax.
Fiona’s First Ideas About Spending
Lottery Money
Fiona was thrilled when she learned that she had won the lottery.
When she told you about her winnings, she shared her ideas of
travelling the world, buying fancy cars, and buying a big house for
her parents. She hopes to support her parents and her four siblings
so that her parents can retire.
Fiona, however, does not have a clear understanding of her own
fnancial situation. She initially thought that she had won more than
$20 million. She cannot clearly understand the diference between
net and gross.
Because you know Fiona well and because you are a fnancial
planner, you agree to help her and you act as her fduciary.
Your initial thoughts are that Fiona is about to make some mistakes
with managing her new-found wealth. You would like to help your
friend and client to plan for the future and achieve her personal and
fnancial goals.
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