The triplets are now three and a half years old, and Jamie Lee and Ross, both 38, are finally beginning to settle down in to 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 $150,000, 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 $375,000 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: Checking account Savings account Emergency fund savings account IRA balance Car (Jamie Lee) Car (Ross) Liabilities: Student loan balance Credit card balance Car loans Income: $5,000 Gross income (Jamie Lee) $9,000 Monthly Expenses: $14,500 Mortgage Property taxes $50,000 $20,500 Net income after taxes (Jamie Lee) $35,000 $21,500 Gross income (Ross) $85,000 $32,500 Net income after taxes (Ross) $68,000 $1,300 $450 $0 Homeowners insurance $250 $4,500 IRA contribution $350 $2,500 Utilities $275 Food $650 Baby essentials (diapers, $650 clothing, etc.) Gas/maintenance $300 Credit card payment $450 Entertainment Car loan payment How Will You Obtain the Money? How Much Time Is Needed? $294 $150 Level of Risk They Will/Can Assume? How Much Description of Goal Money Do You Need? Pay off credit card Pay off car loan Is this Goal Reasonable? Save for college tuition for the triplets Save to purchase a beach house at retirement