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 $415,000 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: $5,800 Gross income (Jamie Lee) $58,000 $21,300 Net income after taxes (Jamie Lee) $40,600 $22,300 Gross income (Ross) $93,000 $33,300 Net income after taxes (Ross) $74,400 $9,800 Monthly Expenses: $15,300 Mortgage $1,420 Property taxes $530 $0 Homeowners insurance $330 $5,300 IRA contribution $430 $3,300 Utilities $315 Food $730 Baby essentials (diapers, $730 clothing, etc.) Gas/maintenance $340 Credit card payment $530 Car loan Davment $302 Description of Goal How Much Money Do You Need? How Will You Obtain the Money? How Much Time Is Needed? Level of Risk They Will/Can Assume? Is this Goal Reasonable? Pay off credit card Pay off car loan Save for college tuition for the triplets Save to purchase a beach house at retirement