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Describe what stage of life you think the Finn family is at and why you think so. Hint, look at the size of superannuation and their mortgage.
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Background
Below are details of the Finn family:
Assets: Liabilities:
Family home $290,000 Credit card debt $2,000
Car 35,000 Mortgage 15,000
Contents 50,000
Bank deposits 45,000
Debentures 75,000
Managed funds - balanced 40,000
Superannuation funds 420,000
Income:
Gross salaries of Mr and Mrs Finn are $50,000 (tax of $8,550) and $20,700 (tax of $2,205)
Expenditure:
$30,000 per annum - including $10,000 per annum mortgage repayments, and a commitment to repay the credit card debt over the next twelve months.
Required:
Describe what stage of life you think the Finn family is at and why you think so. Hint, look at the size of superannuation and their mortgage.
Go to www.comparefunds.com.au to access research on balanced funds. Compare the following two funds: Note, APIR codes are used to identify a fund within the industry.
Colonial First State (First Choice) Balanced (APIR: FSF0254AU)
Colonial First State Colliers Global Property Securities (APIR: FSF0666AU)
Answer the following questions:
3) Explain to Mr and Mrs Finn how these two funds differ, including the difference in management strategy?
4) Which fund has performed better over the 2015-2016 financial year?
5) How much income (as opposed to growth) did the funds produce during the 2015-2016 financial year?
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