Mr. Smith and Ms. Smith are in their mid 30s. The family is living in Langley BC,
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Question:
Given the family situations, their annual spending/budget for housing rental ($3,500/month), foods, car and etc. are total monthly cnd$6,000. The couple has free cash flows in hand is around Cnd$350,000 now, based on the bank's pre-approval, their maximum mortgage amount is Cnd$1.2Million;
Question: The bank can offer you the mortgage rate is 3%, and you understand that the inflation rate is close to 7%, the market risk free rate of return say GIC deposit rate is close to 2% . Given the market situations, your family members discuss with you the importance of the personal financial planning; Please list down your sharing with your family members. (Think critical and creatively and list in bulletin points/present your ideas.
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