wrigley financial
TRANSCRIPT
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Jeremy and Gina Delgado-Pritchett
Contact us:800 W Campbell RdRichardson, ! "#080$"%-88&-%'''
Edward BowiePresident()t* &0&
(bo+ie+rigleynancial*com
Jerry Pearson.anaging Director and C/P
Jpearson+rigleynancial*com
Kim Buiead C/P
1bui+rigleynancial*com
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able o2 Contents
(ngagement etter33333333333333333333333333333***&
4tatement o2 /inancial Position*333333333333333333333*3**5
4tatement o2 6ncome and ()penses333333333333333333333*#
7sset iabilities and 9et Worth33333333333333333333*****3#
7nnual iing ()penses333*333333333**3333*3333333333**;
/inancial Ratios ()plained333333333333333333*33333333"
What is a C/P,,,,,,,,,3333333333333333333333333333*333$
6mportant /inancial Recommendations*3*333333333333333333$
4ources3333333333**333333333333333333333333**3***''
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Dear .r* .rs* Delgado-Pritchett:
his letter is to conrm the terms o2 our agreement in regards to the nancial
serices +e +ill proide you*
Engagement Objectives:
e that in2ormation, and ma?erecommendations to you based on our analysis* his reie+ +ill be in line +ith yournancial goals and our goal is to proide you +ith recommendations to help you2ulll those goals*
Engagement Activities:
he rst actiity has already been met, as +e had a meeting and you hae proidedus +ith your nancial records* 9e)t, +e +ill reie+ and analy>e the in2ormationyou=e proided to proide you +ith the best recommendations +e deem possible*During this process +e may contact you +ith @uestions regarding the accuracy o2the data and alidity o2 the assumptions used* 72ter +e hae concluded ourrecommendations, +e +ill all meet again to present to you our analysis and proideyou +ith our recommendations on ho+ to achiee the goals you had mentioned tous*
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ery truly yours,
6 hae read this engagement letter and agree to the in2ormation proided and theterms presented in the letter*
EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE FClient=s name FDate
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otal 7ssetsH #0I
otal iabilitesH '$I
9et WorthH &'I
his chart illustrates total assets, total liabilities and net +orth*
4tatement o2 6ncome and()penses
.r* .rs* Delgado-Pritchett4tatement o2 6ncome and ()penses 2or %0'5 and()pected 2or %0'#
&as' (n)ows
Jeremys 4alaryK$#,";0*
00
Ginas salaryK5',050*
00
DiidendL6nterest 6ncome K580*00
Tota* &as' (n)ows$1+,-".!/
!!
&as' Out)ows
0avingsDiidendL 6nterestReinestment K#;5*00
Jeremys 50'F? contributionsK&,;00*0
0
Ginas 50'F? contributionsK5,800*0
0Cash 4aings Contribution K",%00*0
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0
Jeremys Roth ContributionsK',550*0
0
Tota* 0avings$1,-!/!
!
2ebt Payments
.ortgage PaymentK%%,"#%*
00
6nninti oanK#,&";*0
0
Jeep oanK%,880*0
0
Marley Daidson oan
K%,#%0*0
0
NN 9ational CCK%,&50*0
0
4ears CCK&,;;0*0
0
Jeremys 4tudent oanK&,&;0*0
0
Tota* 2ebt Payment$"-.../!
!
3ivings E45enses
CableK',550*0
0
7larm 4ystem K;;0*00
6nternetK',800*0
0
GasK5,550*0
0
CellphoneK',;%0*0
0
Water K$;0*00
(ntertainmentK5,800*0
0Child Care
K';,800*00
Mome RepairsK%,500*0
0
GroceriesK;,000*0
0
Dining
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MobbiesK&,;00*0
0
Club DuesK',800*0
0
Dry Cleaning K',$%0*00
CharityK5,%00*0
0
andscapingK&,;00*0
0
.aidK5,800*0
0
Par?ing and olls K580*00
Tota* 3iving E45enses$-1"!/!
!
(nsurance Payments
i2e 6nsuranceK',550*0
0
7uto 6nsuranceK%,0';*0
0
Tota* (nsurance Payments $+-/!!
Ta4es otal a)es F/6C7 79D69C
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CableH %I7larm 4ystemH 'I6nternetH &I
GasH "I
CellphoneH %I
WaterH 'I
(ntertainmentH "I
Child CareH %#IMome RepairsH 5I
GroceriesH $I
Dining
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8ousing 7atio "+1/+
9
P66 '8$;
6nniti Payment 558 Jeep Payment %50
Marley Payment %'0NN 9ational Credit CardPayment '$#
4ears Credit Card Payment &0#
4tudent oan Payment %80
Joint .onthly 4alary ''500
Mousing Ratio % is a measurement o2 ho+ much monthly income is spent on housingand debt payments* Mousing ratio should be e@ual or less than &;I* our housingratio is &'*I, +hich is +ithin the recommended percentage*
Emergency Fund 7atio he (mergency /und Ratio is a measurement o2 ho+ long you can meet monthlynon- discretionary e)penses using current or li@uid assets* he goal 2or theemergency 2und is 2rom three to si) months* our (mergency /und Ratio is #*&;months, +hich meets this criteria*
2ebt toAssets 7atio
otal iabilities
&0%,5&"
+./1+9
otal 7ssets"$&,%
;"
he debt to asset ratio is indicator o2 nancial leerage* 6t represents the totalamount o2 debt to assets* he higher the ratio, the higher the leerage and nancialris? as +ell* our debt to asset ratio is &8*'&I* We +ould li?e this number to higherto sho+ more Qe)ibility and leerage*
'* 7 certied nancial planner FC/P is a pro2essional certied by the C/P Noard o2 4tandards and has a duciary responsibility* 7 C/P has duciary responsibility,+hich is e)tremely important* With duciary responsibility, a C/P must act in good2aith and put the best interest o2 the client aboe his or her o+n* o obtain the C/Pdesignation you must complete college or uniersity-leel course+or? through aprogram registered +ith C/P Noard and hae bachelor=s degree*
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application 2or rene+al* he 2ee structures are 2ee only, 2ee based, commission onlyand 2ee-oOset*
Nased on the charts aboe renancing your home to a '# year home loan +ith &*&I interest rate saes K50,000* his is including the K&,#00 renancing costs thatcan be rolled into the loan* 7nother option is to renance to the &0 year loan butma?e e)tra principal payments to pay it oO early*
&*
Without po+er payments, interest you pay oer all your loans +ill be $'%&%*0"*
Mo+eer, +ith po+er payments, this interest +ill be $'0;50;*#/
it'out Power
Payments
it' Power Payments
PayoO ime '8 years ' month 7ug
%0&&
$ years " months /eb
%0%# otal paid $ 5%#"8$*0" $ 50885&*#
otal 6nterest $ '%&%*0" $ '0;50;*#
4o, you saed K';$5#*#" and time reduction 8 years ; months o2 payoO time*
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5* he split limit policy o2 K#0?LK'00?LK#0? is Part 7 o2 the personal auto policy*K#0? is the minimum liability 2or each inBured person per accident, up to K'00? o2bodily inBury per accident and K#0? is 2or property damage per accident* he K#00deductible is the amount that you +ould be responsible 2or +hen an accident
occurs* 6ncreasing the deductible +ill lo+er the premium* With a net +orth o2 closeto hal2 a million dollars +e +ould adise you to raise the limits to lo+er your ris?*7nother option is buy umbrella insurance* 7 K' million umbrella insurance can bebought 2or about K&00-K500 2or a yr*
#* he /D6C is the /ederal Deposit 6nsurance Corporation* (ach depositor is insuredup to at least K%#0,000 per insured ban?* 4ince you are receiing a K800,000settlement +e recommend you spread the settlement oer 2our insured ban?s*Deposit the limit o2 K%#0,000 in three o2 the ban?s and the remaining K#0,000 inanother ban?* his secured you against loss due to a ban? 2ailure*
;* ou +ill need K#,"#8,'%%*0; in todays dollars to maintain your current li2estyle*
his is K'$,'$#,%%0*;' in 2uture dollars* ou +ill need to sae aggressiely to meetthese goals*
Fina* 7ecommendations
Ase Po+erpay to pay oO debts and increases net +orth* his +ill help moe to+ardsa higher debts to assets ratio*
Renance your home mortgage to '# year mortgage to sae signicantly* hesesaings can be put to+ard retirements*
Reduce maid, dining out and entertainment e)pense* 4aings in these ?ey +illreduce liing e)penses as a +hole*
Purchase a K' million umbrella policy to reduce ris? and liability to personal assets*
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0ources
http:LL+++*>illo+*comLmortgage-calculatorLrenance-calculatorL
http:LL+++*ban?rate*comLicEidhomeEsmart-spendingEEglobalna
http://www.zillow.com/mortgage-calculator/refinance-calculator/http://www.bankrate.com/?ic_id=home_smart-spending__globalnavhttp://www.bankrate.com/?ic_id=home_smart-spending__globalnavhttp://www.zillow.com/mortgage-calculator/refinance-calculator/