FIN 1209 Financial Plan Assignment Spring 2020 Customer Profile: Mr. & Mrs. Austin Mary and Steve Austin have been married for 5 years and have a 4-year-old daughter named Lindsay. The Austins are starting to think more about their future with the aim of implementing their short-term and long-term lifestyle goals and financial plans. Mary and Steve are both aged 35. For their immediate future they have decided they want to purchase a house and a car. They are looking to purchase a house with an approximate value of $600,000 and they are very excited as both Mary and Steve have never owned a home before. They would also like to buy a new BMW with a total retail price including taxes of $52,604.00, (). The Austins are unsure whether to purchase the vehicle using their savings or borrow the funds from the bank or take advantage of BMWs dealership financing available.Steve Austin works as a manager for a robotics manufacturer and earns $100,000 gross annual income ($75,384 after tax). Mary works for a small local manufacturing business as a chief accountant earning $125,000 gross annual income ($89,322 after tax). Mary and Steve are keen to retire at age 60 and are willing to take on some additional risk if this assists in them achieving their lifestyle goals faster. Two years ago, Mary received an inheritance from her late father in the amount of $200 000. With this money they each opened a TSFA (Tax Free Savings Account) and invested $15000 each. They also opened a RSP for the first time and contributed $10,000 each. The residual balance of the inheritance, $150,000 was deposited into a savings account at the bank because they were unsure how to invest their money. They also wish to set up a RESP for Lindsay, so she has her education costs covered when she goes to school.