FIN1020 PERSONAL FINANCIAL PLANNING CASE DUE: Friday December 4th by 11:59pm Ravi and Anjali were seeking financial advice as they have not done any real planning in the past. They have questions but they also know there may be issues that they don't know and would like to be advised regarding any issues you feel appropriate. The following are some details you collected: Ravi was in his 12th year of employment at a Kitchener auto parts company. Anjali had found success as an IT specialist, though at this point she was enjoying maternity leave following the birth of Arvind, the couple's first child nine months ago. They did plan to have a second child within two years. After one year of maternity leave the couple planned to have Anjali return to work and pay for daycare. The couple had high incomes: $73,000 for Ravi, and $105,000 for Anjali. Both are 35 yrs old. The couple just got the news that Anjali is pregnant with their second child. ar Over the years, to cover their bills, the couple have repeatedly dipped into their line of credit (owing $45,000) and carry balances on credit cards ($25,000). They have one car worth $25,000 with 4 years of payments left on a loan that is currently $20,000. They have another truck worth $30,000. Sects car loan payment They have not made much of an effort to track their spending. In fact, the first time they tried to estimate their annual spending they could not account for a large portion of their income. entertainment they can lower this entoistament cost to Entertainment is about $3,600 a year, and they expect it will remain the same for the next few years. Anjali further explained that "after the birth of our second child we want to do something special. When the youngest of the two children is five, we want to take them Disney in Florida. We also want to take them both to Europe for two weeks when the youngest is eight." They believe the Disney trip would cost about $15,000 today and the European trip about $25,000 today. Saving for trip had hoth FIN1020 PERSONAL FINANCIAL PLANNING CASE DUE: Friday December 4th by 11:59pm Ravi and Anjali were seeking financial advice as they have not done any real planning in the past. They have questions but they also know there may be issues that they don't know and would like to be advised regarding any issues you feel appropriate. The following are some details you collected: Ravi was in his 12th year of employment at a Kitchener auto parts company. Anjali had found success as an IT specialist, though at this point she was enjoying maternity leave following the birth of Arvind, the couple's first child nine months ago. They did plan to have a second child within two years. After one year of maternity leave the couple planned to have Anjali return to work and pay for daycare. The couple had high incomes: $73,000 for Ravi, and $105,000 for Anjali. Both are 35 yrs old. The couple just got the news that Anjali is pregnant with their second child. ar Over the years, to cover their bills, the couple have repeatedly dipped into their line of credit (owing $45,000) and carry balances on credit cards ($25,000). They have one car worth $25,000 with 4 years of payments left on a loan that is currently $20,000. They have another truck worth $30,000. Sects car loan payment They have not made much of an effort to track their spending. In fact, the first time they tried to estimate their annual spending they could not account for a large portion of their income. entertainment they can lower this entoistament cost to Entertainment is about $3,600 a year, and they expect it will remain the same for the next few years. Anjali further explained that "after the birth of our second child we want to do something special. When the youngest of the two children is five, we want to take them Disney in Florida. We also want to take them both to Europe for two weeks when the youngest is eight." They believe the Disney trip would cost about $15,000 today and the European trip about $25,000 today. Saving for trip had hoth