Case Study Of Jake Mackenzie's Wealth Condition
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Added on 2020-02-05
Case Study Of Jake Mackenzie's Wealth Condition
Added on 2020-02-05
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FINANCIAL PLANNING
TABLE OF CONTENTSCURRENT CIRCUMSTANCES....................................................................................................1Current wealth condition of Jake............................................................................................1Potential issues.......................................................................................................................1Objectives...............................................................................................................................1Risk Profile.............................................................................................................................1WEALTH CREATION / LIFESTYLE RECOMMENDATIONS..................................................2INSURANCE...................................................................................................................................2SUPERANNUATION / RETIREMENT PLANNING...................................................................3ESTATE PLANNING.....................................................................................................................4SOCIAL SECURITY.......................................................................................................................4MARKING RUBRIC.......................................................................................................................4REFERENCES................................................................................................................................7
CURRENT CIRCUMSTANCESCurrent wealth condition of JakeIn the current case study there is a client Jake Mackenzie who was born on 12/02/1960and in the current year he is 57 years old. He is Australian citizen and working in Grand DesignsPty Limited company on the profile of Architect and his current economic condition or financialhealth is better. Salary of Jake is worth of $140,000 per annum excluding the superannuation andthe excluded amount will be return to him after retirement. Saving of Jake per month is worth of$2500, value of his house and motor vehicle is worth of $850,000 and $40,000 respectively.Along with this his home contents of approximately worth of $75,000. The superannuationamount of the Jake is also high and due to which he has two superannuation accounts in theBank. The taxable amount of the client is worth of $492,500 which is lower as compare to hisbalance like $532,500.Apart from this, after the retirement he will get huge amount and in shortit can be said that economic condition of Jake is healthier and strong.Potential issuesThe issues and problems of the Jake are for the future that after age of retirement howmuch fund he will require for spending further life. Other issue is related to avenue of investmentthat which one will be beneficial like insurance, shares or any other. Moreover, he needs to keepsome fund for the superannuation or not etc. Apart from this, main concern of the Jake is forneed of money as well as selection of fruitful investment avenue. Another issue is regarding tosalary that employer of Jake allow his to sacrifice salary. ObjectivesKey objective related to non financial of Jake for short term (8 years) is to take selfretirement at the age of 63 years instead of 65 years. Medium term goal of the client is toimprove the money of share portfolio from $40,000 to $100,000 within upcoming 5 years.Moreover, he needs to build swimming pool, raise fund for holiday, estate planning as well asget the appropriate insurance. Second last and last options and objectives having the higherpriority as compare to others. Risk ProfileThe Jake having time frame to raise the amount of shares portfolio within 5 years inwhich he has risk of 1 year. It may be possible that balanced amount can be delay for 1 year in1
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