Greg and Debra Quilici own a four bedroom home in an affluent neighborhood just north of San Francisco, California. Greg is a partner in crime in the family owned commercial painting business. Debra now sash home with their child, Brady, who is age 5. Until recently, the Quilicis have felt very leisurely with their financial position.
After visiting Lawrence Krause, a family financial planner, the duet became concerned that they were spending too a great deal and non put profuse funds aside for two their childs future gentility needs and their own retirement. Greg earns $85,000 per year, but with the rising costs of education, their bygone contribution efforts have left them short of their financial goals.
To fancy the amount of bullion the Quilicis need to begin putting aside for future security some general information was obtained by their financial planner. The couple felt that the amount of money they shortly contribute to their Koegh plan would be sufficient for their retirement needs. What they had not accounted for was Bradys education.
Greg is an alumni of Stanford University, a private school with an extremely high cultivation of approximately $20,000 per year. Debra graduated from the University of North Carolina at Chapel Hill. The education expense there is scarcely $2,500 per year.
When Brady turns 18, the couple wishes to send him to each of these exceptional universities. They have a slight preference for the much more local Stanford University. The problem, however, is that with the rate at which tuition is increase the Quilicis are not sure they can raise enough money.
To assist in the calculations, assume the tuition at both universities will increase at an annual rate of 5%. Living expenses are currently estimated at $6,000 per year at both schools. This expense is expected to grow at only 3% per year. Further assume the Quilicis can deposit their money into a growth oriented mutual fund at Neuberger & Berman Management, Inc.,...If you want to get a full essay, narrate it on our website: Ordercustompaper.com
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