Summary Of Goals, Needs And Recommendations

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Summary of Goals, Needs and Recommendations After a review of the information gathered by Mr. Bartlett during your initial meeting, we have been able to prepare a financial plan that will speak to your specified short-term and long-term goals and concerns. We have listed your goals based on your needs and time horizons. Short-Term Goals • Complete the home renovations (basement) in two years of $12,000.00 • Purchase the family business within two years - $100,000.00 • Pay off Natalie’s student loans in three years - $19,881 @8% with a payment of $600.00 per month • Start a family between three and five years. Long-Term Goals • Replace vehicle in 6years - $15,000.00 • Pay off mortgage in 12 years at age 40 - $124,569.00 @ 5.35 amortized…show more content…
We assess your net worth and analyze your financial goals and desired lifestyle. After compiling this information we will establish a cash flow strategy that will allows you to meet your goals, while building wealth for your estate. You currently have a combined net worth of $291,519.00, (total assets $416,008.00 less total liabilities $124,569.00) and a debt to asset ratio of 30%. This is quite impressive for a young couple with their own home. You have a current annual income of $102, 000 and total annual expenses of $89,520 leaving $12,480.00 annually in unallocated cash flow. Your projected income and expenses have been indexed to 2.25(assumed) as such your unallocated cash flow is indexed to be the same. Your current attitude towards debt and savings, foregoing additional savings to aggressively pay down debt, is impressive and consistent. You both hold credit cards that are paid in full with no recurring balance. You currently do not have a savings plan in place for an emergency fund, however Nicole has a checking account with $10,000.00 with no specific purpose and Chris has a checking account $ 9,626 used primarily for bill payment. Let’s review your goals and how they relate to your current and future financial situation. Payoff Natalie’s student loans in three years - $19,881 @8% with a payment of $600.00 per month p/y = 12 & c/y = 12 PV = $19,881 N = 36 I =
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