THE MURPHY CASE Background Information. Client's Goals & Objectives You are an experienced personal financial planner working in Oshawa, Ontario. On November 15, 2023, you met with your new clients, Gail and Harold Murphy. Gail and Harold have been married for 9 years and have a 7-year-old daughter named Sara. Harold is age 45 and Sara is 40 years old. Gail is pregnant again and the Murphy's are expecting their second child in 4 months. REQUIRED: Using the information included in this case, describe five (5) of the client's goals and objectives. Divide their goals into short-term and long-term goals. Financial Management The Murphy's currently rent a small two-bedroom apartment for $2,500 per month. Harold works as a manager for an air conditioning manufacturer and earns $85,000 gross annual income ($62,500 after payroll deductions of CPP, El & tax). Gail works as a writer/editor for a local newspaper and earns $45,000 gross annual income ($34,500 after payroll deductions 6035 TI

Background Information. Client's Goals \& Objectives. You are an experienced personal financial planner working in Oshawa, Ontario. On November 15,2023 , you met with ysur new clients, Gail and Harold Murphy. Gail and Harold have been married for 9 years and have a 7-year-old daughter named Sara. Harold is age 45 and Sara is 40 years old. Gail is pregnant again and the Murphy's are expecting their second child in 4 months. REQUIRED: Using the information included in this case, describe five (5) of the client's goals and objectives. Divide their goals into short-term and long-term goals. Einancial Management The Murphy's currently rent a small two-bedroom apartment for $2,500 per month. Harold works as a manager for an air conditioning manufacturer and earns $85,000 gross annual income ( $62,500 after payroll deductions of CPP, EI \& tax). Gail works as a writer/editor for a local newspaper and earns $45,000 gross annual income ($34,500 after payroll deductions The Murphy Family Current list of Assets, Liabilities. Income \& Expenses The Murphy's would like to move into a large home within one year as their family is growing and in need of additional living space. The Murphy's would like to purchase a house, but they are not sure if they have enough money for a down payment. They are looking at houses that cost $500,000. They would also consider renting a bigger place (say a small house) if they can not afford to purchase one at this time. REQUIRED: a. Use the information above to prepare a current Net Worth Statement (on October 31, 2023) and a current Cash Flow Statement (for the month of October 2023) for the Murphy's. Your personal financial statements for the clients should be presented in the same format as discussed in class. b. How much money will your clients need as a downpayment on a house in order to obtain a "conventional mortgage