FINS2643 Financial Task Assignment

4 Found helpful • 23 Pages • Essays / Projects • Year: Pre-2021

Here is my weekly final task from W1 to W12. Executive summary 1. Client profiles Name: xxx Gender: Male Date of Birth: xx/xx/xxxx Risk tolerance: Balanced Current occupation: Student Current financial situation: Current cash surplus=Yearly income-yearly expenditure=$31,476-$13,904=$17,572 Future occupation: Financial Planner Current financial situation: Current cash surplus=Yearly income-yearly expenditure=$93,074-$58,000=$35,074 2. The most desired goals of client ● Short term: Buying an Apple Macbook and going to New Zealand for a travel ● Long term: Buying a car, a house, pay for children’s tuition, insured to be paid compensation if unhappy things happened for me and expect to retire at 65 with $40000pa. 3. Recommendations based on current situation: - Now, using your cash surplus of $15,000 to invest in one or two managed fund, which can generate 10% annual return for you. Recommendations based on future situation: - Based on your future balance sheet, you pay off your personal debt including the car loan and mortgage of $419,400. - You open a high yielding savings account and place $6,000 within as an emergency fund. - Pay attention on the affairs that can deduct your taxable income and offset your tax payable. - Invest $10,000 in a balanced managed fund, which can be accessed when your children’s university tuition. - Innvest $20000 in a growth managed fund for the build up of retirement wealth. - Maintain current super arrangements and review in 12 months time. - Take out a life insurance and private health cover. - Write a will in case of your death 4. Expected outcomes if you implement our advice - You will have enough money to buy an Apple Macbook and going to New Zealand for a travel. - Your personal debts being paid off and setting up your high savings account will generate further savings. This will allow you to enjoy the lifestyle you require with minimum worry. - Your children’s education funds should grow over time and meet the financial needs to pay for their university studies. - The growth managed funds will grow over time. This will help you achieve your retirement goals. - You will have effective insurance and health cover in the unlikely events of death, sickness or injury. - Your updated Will can protect your family in the case of unlikely events.

This document is 20 Exchange Credits