Shelly and Alan are both 38 years old. They are non-smokers and have 2 young children, Brandon (8) and Ally (6). They ha
Posted: Sun Jun 05, 2022 10:31 am
Shelly and Alan are both 38 years old. They are non-smokers and
have 2 young children, Brandon (8) and Ally (6). They have recently
switched financial institutions to renew their mortgage and as a
special bonus have been offered a free financial plan. The team has
met with the couple and collected the following information:
Question:
Identify Shelly and Alan’s life cycle stage and based on their
stage assess strengths, weaknesses, opportunities and threats of
their current financial situation using all applicable financial
ratios and formulas.
Description Annual Earnings Home Mortgage (not insured) Heat/Hydro/Taxes Cars (2) Car loan Savings Account Shelly's RRSP Alan's RRSP Group life insurance policies Credit card Low interest rate credit card (12%) with a limit of $12,000) General Expenses Assets $550,000 $35,000 $2,500 (joint) $25,000 (contributing $2,000/yr) $40,000 (contributing $4,000/yr) Liabilities Income $145,000 $350,000 $15,000 $5,000 owing Shelly $85M+ Alan $60M *assume an income tax rate of 30% $145,000 Shelly $85M, Alan $60M (spouse is beneficiary for both) Expenses/Payments $1,840/mo $700/mo $450/mo Minimum payment is 5% / mo Groceries/ Drug Store $600/mo Children's activities, travel clothing $8,000/yr
have 2 young children, Brandon (8) and Ally (6). They have recently
switched financial institutions to renew their mortgage and as a
special bonus have been offered a free financial plan. The team has
met with the couple and collected the following information:
- Shelly And Alan Are Both 38 Years Old They Are Non Smokers And Have 2 Young Children Brandon 8 And Ally 6 They Ha 1 (424.89 KiB) Viewed 31 times
Identify Shelly and Alan’s life cycle stage and based on their
stage assess strengths, weaknesses, opportunities and threats of
their current financial situation using all applicable financial
ratios and formulas.
Description Annual Earnings Home Mortgage (not insured) Heat/Hydro/Taxes Cars (2) Car loan Savings Account Shelly's RRSP Alan's RRSP Group life insurance policies Credit card Low interest rate credit card (12%) with a limit of $12,000) General Expenses Assets $550,000 $35,000 $2,500 (joint) $25,000 (contributing $2,000/yr) $40,000 (contributing $4,000/yr) Liabilities Income $145,000 $350,000 $15,000 $5,000 owing Shelly $85M+ Alan $60M *assume an income tax rate of 30% $145,000 Shelly $85M, Alan $60M (spouse is beneficiary for both) Expenses/Payments $1,840/mo $700/mo $450/mo Minimum payment is 5% / mo Groceries/ Drug Store $600/mo Children's activities, travel clothing $8,000/yr