You are a fresh graduate of 22 years of age. You plan on buying a car at age of 25, and a new car every 5 years thereafter. You plan on getting married at age of 30, and 1 child at age of 31. You and your spouse both plan on buying a house at age 35 to be financed by a loan which requires a 20% deposit over a twenty-year term. The house will provide you with a place to stay and will provide some rental income. You need to save for the education costs of your child. You both then need to plan for your comfortable retirement.

Please discuss the major goals of the family and how would they go about achieving each goal. Please be specific to how they would achieve each goal, and show the necessary, hypothetical calculations in the form of annuities, time value of money, budgets etc.