The triplets are now three and a half years old, and Jamie Lee and Ross, both 38, are finally beginning to settle down into a regular routine now that their children are a little more self-sufficient. The first three years were a blur of diapers, feedings, baths, mounds of laundry, and crying babies! Jamie Lee and Ross finally had a welcomed dinner out on their own as Ross's parents were minding the triplets. They were having a conversation about their future and the future of the triplets. College expenses, which they figured to be $100,000, and their eventual retirement seemed to be a major worry of the both of them. They both have dreamed of owning a beach house when they retire. That could be another $350,000 thirty years from now. They wondered how could they possibly afford all of this? They agreed that it was time to talk to an investment counselor, and they need to organize all of their financial information and determine their family's short and long-term goals for investing before meeting with an advisor Use the information below to complete their investment objectives and organize their information Current Financial Situation Assets: Income: Checking account $4.500 Gross income (Jamie Lee) $45.000 Savings account $20,000 Net income after taxes Jamie Lee) $31500 Emergency fund savings account $21000 Gross income (Ross $80,000 IRA bolonce $32,000 Net income after taxes (Ross) $64,500 Car Jamie Lee) $8.500 Monthly Expenses: Car Rossi $14.000 Mortgage $1.225 5400 Liabilities: Property taxes $200 Student loan balance SO Homeowners Insurance $300 Credit card balance $4,000 HA Critritican $250 Car loans $2.000 Utilities $600 Food $600 Baby essentials (diapers, clothing, etc) Check They agreed that it was time to talk to an investment counselor and they need to organize all of their financial information and determine their family's short and long-term goals for investing before meeting with an advisor Use the information below to complete their investment objectives and organize their information Current Financial Situation Assets: Checking account Savings account Emergency fund savings account IRA balance Cor Jamie Lee) Cor Ross Liabilities: Student loan balance Credit card balance Car loans $45.000 $31500 580000 564 500 Income $4500 Gross income Jamie Leel $20,000 Net income after taxes amie Lee) $21.000 Gross income Rosa) $32,000 Net income after taxes oss $8.500 Monthly Expenses $14.000 Mortgage Property taxes SO Homeowners insurance S4 000 Cortibutor $2.000 Urties Food Baby essentials (diapers, dothing, etc) Gas maintenance Credit card payment Car loan payment Entertainment $1225 $400 $200 $300 $250 5600 $600 $275 5400 $289 $125 D E Food Baty essentials (diapers, clothing, etc) Gas maintenance Credit card payment Car loan payment Entertainment $600 5600 $275 $400 $289 $125 A E 1 B How Much Money Do You Need? Description of Goal How Will You Obtain the Money? D How Much Time is Needed? Level of Risk They Will/Can Assume? Is this Goal Reasonable? 2 Pay of credit card 3 Pay off car loan Save for college tuition for the triplets Save to purchase a beach house at rotirement 5
