A successful business owner, Sam along with his wife and three children have the following in assets and liabilities:

$250,000 RRSPs for Sam and Sam's wife has $100,000 in RRSPs;

Corporate account jointly held worth $1,000,000;

They are 43 years old and there children are 10, 8 and 6 years old;

They own their home worth $450,000 and have a mortgage of $250,000.

Use the six essential components of financial planning to provide sound financial advice to the clients.