55. Investment Objectives The triplets are now three and a half years old, and Jamie Lee and Ross, both 38, are finally beginning to settle down in to a regular routine now that their children are a little more self-sufficient. The first three years were a blur of diapers, feedings, baths, mounds of laundry, and crying babies! Jamie Lee and Ross finally had a welcomed dinner out on their own as Ross's parents were minding the triplets. They were having a conversation about their future and the future of the triplets. College expenses, which they figured to be $130,000, and their eventual retirement seemed to be a major worry of the both of them. They both have dreamed of owning a beach house when they retire. That could be another $425,000 thirty years from now. They wondered how could they possibly afford all of this? They agreed that it was time to talk to an investment counselor, and they need to organize all of their financial information and determine their family's short- and long-term goals for investing before meeting with an advisor. Use the information below to complete their investment objectives and organize their information. Current Financial Situation Assets: Income: $6,000 Gross income (Jamie Lee) $60,000 Checking account Savings account $21,500 Net income after taxes (Jamie Lee) $42,000 $22,500 Gross income (Ross) $95,000 Emergency fund savings account IRA balance $3,500 Net income after taxes (Ross) $76,000 Car (Jamie Lee) Car (Ross) $10,000 Monthly Expenses: $15,500 Mortgage $1,450 Liabilities: Property taxes $0 Homeowners Insurance $550 $350 Student loan balance $5,500 IRA contribution $450 Credit card balance $3,500 Utilitles $325 Car loans $750 Food $750 Baby essentials (diapers, clothing, etc.) Gas/maintenance $350 Credit card payment $550 $304 Car loan payment $200 Entertainment How Much How Much Time is How Will You Obtain the Money? Is this Goal Reasonable? Level of Risk They Will/Can Assume? Money Do You Need? Description of Goal Needed? Pay off credit card Pay off car loan Save for college tuition for the triplets Save to purchase a beach house at retirement 55. Investment Objectives The triplets are now three and a half years old, and Jamie Lee and Ross, both 38, are finally beginning to settle down in to a regular routine now that their children are a little more self-sufficient. The first three years were a blur of diapers, feedings, baths, mounds of laundry, and crying babies! Jamie Lee and Ross finally had a welcomed dinner out on their own as Ross's parents were minding the triplets. They were having a conversation about their future and the future of the triplets. College expenses, which they figured to be $130,000, and their eventual retirement seemed to be a major worry of the both of them. They both have dreamed of owning a beach house when they retire. That could be another $425,000 thirty years from now. They wondered how could they possibly afford all of this? They agreed that it was time to talk to an investment counselor, and they need to organize all of their financial information and determine their family's short- and long-term goals for investing before meeting with an advisor. Use the information below to complete their investment objectives and organize their information. Current Financial Situation Assets: Income: $6,000 Gross income (Jamie Lee) $60,000 Checking account Savings account $21,500 Net income after taxes (Jamie Lee) $42,000 $22,500 Gross income (Ross) $95,000 Emergency fund savings account IRA balance $3,500 Net income after taxes (Ross) $76,000 Car (Jamie Lee) Car (Ross) $10,000 Monthly Expenses: $15,500 Mortgage $1,450 Liabilities: Property taxes $0 Homeowners Insurance $550 $350 Student loan balance $5,500 IRA contribution $450 Credit card balance $3,500 Utilitles $325 Car loans $750 Food $750 Baby essentials (diapers, clothing, etc.) Gas/maintenance $350 Credit card payment $550 $304 Car loan payment $200 Entertainment How Much How Much Time is How Will You Obtain the Money? Is this Goal Reasonable? Level of Risk They Will/Can Assume? Money Do You Need? Description of Goal Needed? Pay off credit card Pay off car loan Save for college tuition for the triplets Save to purchase a beach house at retirement