Personal Financial Management 1.When TDSR exceeds the maximum allowable limit, what are four options that you could consider based on your spending

Personal Financial Management1.             When TDSR exceeds the maximum allowable limit, what are four options that you could consider based on your spending (car)?Your future income = $45,000/yearYou pay $1000/month in rentYou have a cell phone bill of $85/monthYou have a student loan payment of $200/monthYou have a VISA card with a $1000 limit and $1000 outstanding balanceCar insurance will cost $4000/yearGroceries cost you $100/weekGas will cost you $50/week ($1000 + $200 + $50 + $321.83) / $3750       = 0.41915= 42% It is not qualified for this purchase.This ratio should not exceed 40%.2.             Your professor (who currently drives a practical, family-friendly Mazda) is going through a mid-life crisis and announces to the class that she is going to buy a 2019 Ferrari 488 Spider with a sticker price of over $300,000 and that will be the answer to all of life’s problems. Explain three concerns you have about this purchase from a wealth management perspective

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