Financial Accounting

Personal Financial Situation

This essay examines the personal financial statements of Manny Harris, part-time student and part-time sales associate at Wal-Mart. Manny is considering three significant life events that will affect details of his financial statements.

The first significant change in his personal circumstances that Manny is considering is whether to apply for a loan so that he can afford to attend college full-time. Manny is concerned with the trade-offs involved; he wonders whether a bachelor's degree will help him obtain a job with sufficient compensation to justify the burden of paying back student loans. According to Oloffson in her Time magazine article, Manny's concerns are well-founded. The cost of average tuition rose by 6.5% during the fall of 2009, and the average amount of student debt rose to $23,200 in 2008. However, the unemployment rate for recent graduates rose as well, and stood at a record high...
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