CaseStudy - 1.The Dumonts are in the early years of the...

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Unformatted text preview: 1.The Dumonts are in the early years of the accumulation of wealth stage of the financial life cycle. During this longest stage of the life cycle, the Dumonts will establish their lifestyle and build a foundation for the two later stages. This phase is characterized by: 1. The Dumonts are in the early years of the accumulation of wealth stage of the financial life cycle. During this longest stage of the life cycle, the Dumonts will establish their lifestyle and build a foundation for the two later stages. This phase is characterized by: Family formation. Goal setting. Home buying. Debt planning. Savings accumulation (emergency fund, home down payment, childrens education fund, and retirement). Insurance planning (medical, disability, liability, property, life). Estate planning. 2. Cory and Tishas short-term goals (less than one year) might include the following: Cory and Tishas intermediate-term goals (1 to 10 years) might include the following: Cory and Tishas long-term goals (greater than 10 years) might include the following: Cory and Tishas short-term goals (less than one year) might include the following: Begin savings to accumulate an emergency fund. Continue savings for home down payment. Continue payments on debt and credit cards. Start saving for retirement. Review property, health, disability, life and liability insurance needs and purchase as needed. Write a will. Cory and Tishas intermediate-term goals (1 to 10 years) might include the following: Accumulate emergency fund. Save for Chads and Haley's college education. Continue saving for home down payment and purchase home. Pay off debt and credit cards. Replace autos. Continue saving for retirement. Review property, health, disability, life and liability insurance as their family situation changes. Review estate plans as family situation changes. Cory and Tishas long-term goals (greater than 10 years) might include the following: Save for and pay for Chads and Haley's college education. Save for and fund retirement plans to maintain current standard of living. Review property, health, disability, life and liability insurance needs as family situation changes. Review estate plans as family situation changes. W 7 WORKSHEET Simplified Income Statement A. Total Income A. $ 73,000 B. Total Income Taxes- B. $ 15,000 C. After-Tax Income Available for Living Expenditures or Take-Home Pay (line A minus line B) = C. $ 58, 000 D. Total Housing Expenditures D. $ 16,200 E. Total Food Expenditures + E. $ 6,200 F. Total Clothing and Personal Care Expenditures + F. $ 3,100 G. Total Transportation Expenditures + G....
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CaseStudy - 1.The Dumonts are in the early years of the...

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