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Personal Financial Management 1.When TDSR exceeds the maximum allowable limit, what are four options that you could consider based on your spending ? Your future

Personal Financial Management

1.When TDSR exceeds the maximum allowable limit, what are four options that you could consider based on your spending ?

Your future income = $45,000/year

You pay $1000/month in rent

You have a cell phone bill of $85/month

You have a student loan payment of $200/month

You have a VISA card with a $1000 limit and $1000 outstanding balance

Car insurance will cost $4000/year

Groceries cost you $100/week

Gas will cost you $50/week

(8 marks)

2.Your professor (who currently drives a practical, family-friendly Mazda) is going through a mid-life crisis and announces to the class that she is going to buy a 2019 Ferrari 488 Spider with a sticker price of over $300,000 and that will be the answer to all of life's problems.

Explain three concerns you have about this purchase from a wealth management perspective

(3 marks)

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