Socio-Demographic Profile Of The Family Charles Henry Is Currently 32 Years Old And Married To Wife, Gwen Who 30. They Have Twin Two-Year Old Daughters And Do Not Plan To Have More Children. They Live In Laguna Beach, CA In A 2- Bedroom Condo That They Purchased A Few Years Back For $420,000, Putting $40,000 Down. They Still Owe $368,000 On The Loan. They

Socio-demographic Profile of the Family Charles Henry is currently 32 years old and married to wife, Gwen who is 30. They have twin two-year old daughters and do not plan to have more children. They live in Laguna Beach, CA in a 2- bedroom condo that they purchased a few years back for $420,000, putting $40,000 down. They still owe $368,000 on the loan. They currently believe the market value to be $460,000. They are planning to rent out this condo when they can afford to buy a home. Their current mortgage for the condo is $1,900 per month. The property tax bill for this condo is $4800 annually, but they pay it monthly along with their mortgage. They also pay an Association fee of $320 per month. Their home is nicely furnished with furnishings they financed from Pottery Barn, worth about $10,000. Due to the recent California Fires, their home insurance (along with the rest of the state) premiums have increased recently. They used to pay $1400 annually but are now paying $150 every month. There are always repairs needed when owning a home. They might not have something monthly, but annually they usually spend around $1000 in basic home repairs and maintenance. When they purchased the condo, it was supplied with new appliances. The complex has a pool and BBQ Area, as well as a jacuzzi. So, there is not too much more they need. Their property taxes are paid with their mortgage to their bank, making the monthly mortgage payment $2300. They are saving to buy a single-family home in 5 years and anticipate needing about $30,000 as a down payment and are starting to save for this now. Charles and Gwen know buying a home will bring many expenses such as new appliances (maybe down the road) and moving expenses. They plan to start a savings plan to be able to have more than the $30,000 down payment for extra expenses for their new home, but haven't figured out how to do that at this point, or if they have extra money to put away for that extra savings. (In your final analysis, be sure to revisit this section to advise them how they can save and earn to reach this goal.) They have two cars; one is a 2013 Toyota Tacoma truck that is paid off and probably worth