Storyboard Tekst
- That was a great first date Emeka! I'd like to get to know more about your future goals.
- Sure thing Betty! I have 4 main future goals after graduating from Ivey.
- I plan to get my MBA from UofT after working for 4 years.
- UofT
- I would like to purchase a house, with a pool by when I'm 30 years old
- By 35, I would like to have two children
- Paradise
- Finally, I would like to retire by the age of 55
- Impressive Emeka! How are you going to financially plan to achieve these goals?
- Glad you asked Betty My financial plan to achieve these goals is as follows.
- Based on my research, I've broken down the costs of my goals.
- MBA-$80,000 House- $500,000 Kids- $244,000 each
- I plan to finance half the MBA cost using a student loan, and the other half using savings accumulated from working.
- Student loan at a fixed rate of 4%
- I plan to primarily finance the house through a mortgage, and finance the rest through savings my spouse and I will have built up
- Five Year Mortgage at 5.3%
- I plan to save for my future children through a balanced, income based portfolio & by putting away 15% of my annual income every year.
- Save 15% of yearly income & income focused investing
- In order to retire at 55, I intend to minimize expenses where possible throughout my adult life, as well as strictly adhere to my financial plan.
- Wise spending, efficient planning, & minimizing expenses
- That sounds very feasible and realistic! How will you take into account the "new normals" that our generation faces?
- Fantastic question Betty. I see two "new normals" impacting my financial plan & goals.
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