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: Checking account $6,000 Gross income (Jamie Lee) $60,000 Savings account $21,500 Net income after taxes (Jamie Lee) $42,000 Emergency fund savings account $22,500 Gross income (Ross) $95,000 IRA balance $33,500 Net income after taxes (Ross) $76,000 Car (Jamie Lee) $10,000 Monthly Expenses: Car (Ross) $15,500 Mortgage $1,450 Liabilities: Property taxes $550 Student loan balance $0 Homeowners insurance $350 Credit card balance $5,500 IRA contribution $450 Car loans $3,500 Utilities $325 Food $750 Baby essentials (diapers, clothing, etc.) $750 Gas/maintenance $350 Credit card payment $550 Car loan payment $304 Entertainment $200 How Much How Much How Will You Obtain Level of Risk Description of Goal Money Do You Time Is | They Will/Can the Money? Need? Needed? Assume? Is this Goal Reasonable? 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: Checking account $6,000 Gross income (Jamie Lee) $60,000 Savings account $21,500 Net income after taxes (Jamie Lee) $42,000 Emergency fund savings account $22,500 Gross income (Ross) $95,000 IRA balance $33,500 Net income after taxes (Ross) $76,000 Car (Jamie Lee) $10,000 Monthly Expenses: Car (Ross) $15,500 Mortgage $1,450 Liabilities: Property taxes $550 Student loan balance $0 Homeowners insurance $350 Credit card balance $5,500 IRA contribution $450 Car loans $3,500 Utilities $325 Food $750 Baby essentials (diapers, clothing, etc.) $750 Gas/maintenance $350 Credit card payment $550 Car loan payment $304 Entertainment $200 How Much How Much How Will You Obtain Level of Risk Description of Goal Money Do You Time Is | They Will/Can the Money? Need? Needed? Assume? Is this Goal Reasonable? Pay off credit card Pay off car loan Save for college tuition for the triplets Save to purchase a beach house at retirement