Home Solutions 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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Below are details of the Finn family:
Family home $290,000 Credit card debt $2,000
Car 35,000 Mortgage 15,000
Bank deposits 45,000
Managed funds - balanced 40,000
Superannuation funds 420,000
Gross salaries of Mr and Mrs Finn are $50,000 (tax of $8,550) and $20,700 (tax of $2,205)
$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.
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?