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Assess shelly and alan current financial situation

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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 Financial Planner has met with the couple and collected the following information: Description Assets Liabilities Income Expenses/Payments Annual Earnings $145,000 Shelly $85M + Alan $60M *assume an income tax rate of 30% Home $550,000 Mortgage $350,000 $1,840/mo Heat/Hydro/Taxes $700/mo Cars (2) $35,000 Car loan $15,000 $450/mo Savings Account $2,500 (joint) Shelly's RRSP $25,000 (contributing $2,000/yr) Alan's RRSP $40,000 (contributing $4,000/yr) Group life insurance policies $145,000 Shelly $85M, Alan $60M (spouse is beneficiary for both) Credit card Low interest rate credit card (12%) with a limit of $12,000) $5,000 owing Minimum payment is 5% / mo General Expenses Groceries/ Drug Store $600/mo Children's activities, travel clothing $8,000/yr.

Question #1 Assess Shelly and Alan's current financial situation using all applicable financial formulas and ratios, the complete a SWOT analysis to determine their financial strengths, weaknesses, opportunities, and threats.

Reference no: EM132866241

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