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 $110,000, 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 $440,000 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. $63.000 $44,100 Current Financial Situation Assets: Checking account Savings account Emergency fund savings account IRA balance Car (Jamie Lee) Car (Ross) Liabilities: Student loan balance $98,000 $78,400 Income: $6,300 Gross income (Jamie Lee) $21,800 Net income after taxes (Jamie Lee) $22.800 Gross income (Ross) $33,800 Net income after taxes (Ross) $10,300 Monthly Expenses: $15,800 Mortgage Property taxes $0 Homeowners Insurance $5,800 IRA contribution $3,800 Utilities Food $1,495 $580 $380 $480 $340 Credit card balance Car loans $780 $780 Baby essentials (diapers, clothing, etc.) Emergency fund savings account $22,800 Gross income (Ross) $98,000 IRA balance $33,800 Net income after taxes (Ross) $78,400 Car (Jamie Lee) $10,300 Monthly Expenses: Car (Ross) $15,800 Mortgage $1,495 Liabilities: Property taxes $580 Student loan balance $0 Homeowners insurance $380 Credit card balance $5,800 IRA contribution $480 Car loans $3,800 Utilities $340 Food $780 Baby essentials (diapers, clothing, etc.) $780 Gas/maintenance $365 Credit card payment $580 Car loan payment $307 Entertainment $215 How Much Description of Goal How Much How Will You Obtain Money Do You Time Is Level of Risk They Need? the Money? Needed? Will/Can Assume? Pay off credit card Pay off car loan Save for college tuition for the triplets Save to purchase a beach house at retirement Is this Goal Reasonable? 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 $110,000, 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 $440,000 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. $63.000 $44,100 Current Financial Situation Assets: Checking account Savings account Emergency fund savings account IRA balance Car (Jamie Lee) Car (Ross) Liabilities: Student loan balance $98,000 $78,400 Income: $6,300 Gross income (Jamie Lee) $21,800 Net income after taxes (Jamie Lee) $22.800 Gross income (Ross) $33,800 Net income after taxes (Ross) $10,300 Monthly Expenses: $15,800 Mortgage Property taxes $0 Homeowners Insurance $5,800 IRA contribution $3,800 Utilities Food $1,495 $580 $380 $480 $340 Credit card balance Car loans $780 $780 Baby essentials (diapers, clothing, etc.) Emergency fund savings account $22,800 Gross income (Ross) $98,000 IRA balance $33,800 Net income after taxes (Ross) $78,400 Car (Jamie Lee) $10,300 Monthly Expenses: Car (Ross) $15,800 Mortgage $1,495 Liabilities: Property taxes $580 Student loan balance $0 Homeowners insurance $380 Credit card balance $5,800 IRA contribution $480 Car loans $3,800 Utilities $340 Food $780 Baby essentials (diapers, clothing, etc.) $780 Gas/maintenance $365 Credit card payment $580 Car loan payment $307 Entertainment $215 How Much Description of Goal How Much How Will You Obtain Money Do You Time Is Level of Risk They Need? the Money? Needed? Will/Can Assume? Pay off credit card Pay off car loan Save for college tuition for the triplets Save to purchase a beach house at retirement Is this Goal Reasonable